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Commercial Real Estate & Business News – March 6, 2013

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

To view the March 2013 Scotsman Guide commercial magazine, click here…

Investor Buys Office, Land in Chandler for $5.8M Armstrong Development sold Portico Place in Chandler, AZ to Irgens Development for $5,798,085. The sale consisted of a 41,009-square-foot, two-story office building that was built in 2009 at 2121 W. Chandler Blvd. and a 3.2-acre, fully-improved pad site at 2195 W. Chandler Blvd. The office building was approximately 65 percent occupied at the time of sale. View article…

Fajitas Restaurant Sold for $1.3M A private investor has purchased the Fajitas Restaurant building at 9841 N. Black Canyon Hwy in Phoenix, AZ for $1,316,000, or approximately $169 per square foot. The 7,796-square-foot, single-story retail building was built in 1982 on 1.3 acres in the N. Phoenix / I-17 Corridor Retail submarket of Maricopa County. It was fully leased at the time of sale. View article…

California Capital Pays $4M for Villa de Sonora California Capital Real Estate Advisors, Inc. purchased the Villa de Sonora apartments at 5704 W. Thomas Rd. in Phoenix, AZ from Haskell Value Real Estate Investor for more than $4 million, or about $26,000 per unit. The 105,000-square-foot, 156-unit multifamily complex was constructed in 1986 in the Northwest Phoenix submarket. The property was 81 percent occupied at time of sale. View article…

14211 W Bell Ground Lease Sells for $3.3M Bay-area based developer and landlord Barry Swenson Builder has acquired the leased-fee interest in 14211 W. Bell Rd. in Surprise, AZ for $3.32 million. The property is ground leased to Comerica Bank, occupying a 4,400-square-foot retail building on the 1.63-acre site. The transaction closed at a land value of $46.76 per square foot, but was income driven by Comerica’s triple-net lease with a primary term running through 2028. View article…

Phoenix Office Bldg Sells for $1.3M Faisal & Najla K. Saigh purchased the office building at 14848-14850 N. Cave Creek Rd. in Phoenix, AZ for $1.345 million, or about $69 per square foot, from G.M. Worsley, Inc. The single-story, 19,363-square-foot office building was constructed in 1985 on two-tenths of an acre in the Paradise Valley submarket of Maricopa County. The property was about 38 percent occupied at the time of purchase, having long some tenants recently. View article…

Florence votes to seize land in $500M copper mine fight More arrows are flying from both sides in the fight over a proposed $500 million copper mining project in the little town of Florence southeast of Phoenix. The Florence Town Council voted Monday to try to seize land owned by Curis Resources Inc. and use the land slated for copper mining instead for a new water treatment plans. View article…

USAA to expand campus, hire 1,000 in Phoenix USAA, a financial services and insurance provider to military service members and their families, plans on hiring as many as 1,000 new workers and will add 380,000 square feet to its north Phoenix campus. View article…

VELOCITY RETAIL GROUP ANNOUNCES BABY TOWN AS A NEW TENANT TO GILBERT, ARIZONA Velocity Retail Group’s Judi Butterworth recently negotiated a 28,000 square foot lease with Baby Town, LLC for the Crossroads Towne Center at the southeast corner of the Loop 202 and Gilbert Road in Gilbert, Arizona. View article…

Medical Real Estate Firm Eyes Telemedicine as Opportunity From a darkened control room that looks like something out of a movie thriller, radiologists work round the clock to read CT scans, MRI and ultrasounds. But the physicians at the Imaging Advantage (IA) “reading center” aren’t only reading images from local Arizona patients; they are interacting with clients from across the United States. View article…