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Commercial Real Estate & Business News – March 15, 2013

Here are the news articles you might find interesting today for commercial real estate and business:

To read the March/April 2013 Commercial Investment magazine, click here…

Top Ten Misconceptions about 1031 Exchanges – Dave Tornell at IPX 1031 “Like-kind” means I must exchange the same type of property, such as an apartment building, for another apartment building. No! Like-kind is an unfortunate misnomer within the context of real property. View article…

Government of Singapore Takes Over La Quinta Resort GIC Real Estate, the real estate division of the Government of Singapore Investment Corp., has purchased the 796-room La Quinta Resort & Club here, along with two other resorts managed by the Waldorf Astoria Hotels & Resorts brand of Hilton Worldwide, for an undisclosed amount. The other two properties include the 740-room Arizona Biltmore Resort and Spa in Phoenix and the 780-room Grand Wailea Resort in Maui, Hawaii. View article…

SENIOR HOUSING COMPLEX PLANNED IN TEMPE WILL INCLUDE GROUND FLOOR RETAIL After its successful development of the Encore on Farmer senior housing complex in Tempe, a joint venture formed by Urban Development Partners in Tempe and PacifiCap Development in Portland, Ore. plans to build another rental community next door. The venture partners intend to develop a 30-unit multi-family project in a four story structure at 615 S. Farmer Avenue. There will be about 2,000 sq. ft. of retail space on the ground floor of the development, which is being called Residences on Farmer. View article…

MC CLARK-WAYLAND TO DEVELOP 202 APARTMENT UNITS IN NORTH PHOENIX MC Clark-Wayland in Scottsdale plans to build 202 apartments just north of Jomax Road along North Valley Parkway at Norterra Parkway in Phoenix. The multi-family project is being developed by MCCW Builders LLC (Jim Sweet, principal), which was formed by MC Cos. (Ken McElroy, Ross McCallister, principals) and Clark-Wayland Construction (Jere Clark, principal), both Scottsdale-based firms. Records show MCCW Builders LLC paid $1.615 million to acquire the 9.466-acre site in north Phoenix. View article…

Indigo Condos Sells for $4.2M Goodman Real Estate, Inc. acquired the Indigo Condominiums at 16160 S. 50th St. in Phoenix, AZ for $4.2 million from Sabal Financial Group LP. The deal consisted of 13 existing units built in 2007 and 78 additional lots that Goodman Real Estate plans to develop. View article…

Legacy Village at Gilbert Town Center Sells for $15.7M Beecroft Management purchased the Legacy Village at Gilbert Town Center located at 351 E. Civic Center Dr. in Gilbert, AZ from Legacy Partners Commercial, Inc. for $15.65 million, or about $106,000 per unit. The 147-unit multifamily community totals 134,217 square feet and was built it 1963 in the Chandler submarket. It includes 43 one-bedroom, 80 two-bedroom, and 24 three-bedroom units. View article…

Air Transport Components Signs 10+Year, 62,413 SF Lease in Gilbert A Tempe-based company signed a 123-month lease for a 62,413 SF manufacturing facility at 900 N. Fiesta Blvd., in Gilbert. Air Transport Components is consolidating from two facilities totaling 53,000 SF and expanding at the same time. The new facility has excess land to accommodate growth of approximately 30,000 SF in the future. LGE Design Build acquired the property and served as its developer. View article…

Coconut’s Fish Cafe expanding from Hawaii into Scottsdale A popular Hawaiian restaurant is opening a new location in Scottsdale next month. Coconut’s Fish Cafe will open its Scottsdale eatery on April 4 at Scottsdale Road and Frank Lloyd Wright Blvd. It is Coconut’s first location on the U.S. mainland. View article…

Canadian firm setting up shop in Arizona; bringing up to 100 jobs Another Canadian company is setting up shop in Arizona and bringing up to 100 high-paying jobs to the area along with it. On April 1, Calgary, Alberta-based Elrus Aggregate Systems – an international supplier of heavy-duty mining equipment – is opening up its first U.S. headquarters in Eloy, a small, rural city located smack in the middle of Tucson and Phoenix…View article…

Phoenix Just Might Be Serious About Building ‘The Pin’ Last week, the City of Phoenix issued a broad request for proposals soliciting “Entertainment and Tourism Attractions” for the downtown area. After months of unofficial support for a massive honey-dipper shaped observation tower that’s been floated by developer Novawest and BIG, the international design firm headed by Danish architect Bjarke Ingles, Phoenix is signaling its willingness to take this idea seriously. View article…

Economist: Valley commercial real estate recovery years away During the boom times just a few years ago, new malls and office buildings were popping up almost daily across the Valley before the recession left many of them empty. The Valley’s home sales have recovered nicely from rock bottom but it’s a different story when it comes to office and retail space. Economist Rick Merritt with Elliott D. Pollack and Company said almost 25 percent of Phoenix’s commercial real estate is empty. “A 12 percent vacancy rate could be considered normal,” he said. “It’s going to take three to four more years to get back to that number from where we are now.” View article…

Census: Phoenix-area population tops 4.3 million, moves up metro rankings Newly released population data show the Phoenix metro area’s population surpassed 4.3 million last year. The Valley is the 13th largest metropolitan area in the U.S., according to these new numbers from the U.S. Census Bureau. View article…

HOUSING:
Could ZyTech’s Buy Signal a Homebuilding Increase? At first blush, ZyTech Building Systems’recent $5.5 million buy of 19,000 square feet on 27 acres might seem like a straight industrial deal. ZyTech, a Canadian manufacturer and distributor of roof trusses, lumber and floor and wall systems for the homebuilding industry (as well as for multifamily and large commercial projects) acquired the former site of Shuck & Sons Construction Co., a construction framer that was a casualty of the recent downturn. View article…

Arizona foreclosure rate continues to drop The number of Arizona homeowners losing their home to repossession or who are in some stage of the foreclosure process continues to drop. New data released by foreclosure-tracking form RealtyTrac shows nearly 4,0 homes were either taken by lenders or received notices of foreclosure last month. That’s a 29 percent drop from January and a 56 percent drop from February 2012. View article…