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Commercial Real Estate & Business News – May 1, 2013

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

Local Investor Moves Retail Markets Joseph Cattaneo, principal of A & C Properties, has acquired and disposed of 131,384 ft2 of retail property for a total Sales Volume of $36.42m in the last month. The flurry of activity began with Mr. Cattaneo’s sale of the Kierland Village Center – an 115,938 ft2 neighborhood shopping center at the southeast corner of 64th Street and Greenway Road in Scottsdale. The center sits on 13.43 acres, was completed in 2001 and is comprised of 55,082 ft2 anchor space occupied by Safeway, 30,070 ft2 multi-tenant inline space, a 15,242 ft2freestanding drug store and three retail pads totaling 15,553 ft2. View article…

Mesa Retail Bldg Sells for $1M Dickinson-Phoenix II LLC sold the retail building at 932 W. Southern Ave. in Mesa, AZ for $1.07 million, or about $122 per square foot, to Dominion Properties. The 8,800-square-foot retail building was completed in 1982 and sits on three-quarters of an acre in the Red Mountain / Mesa Retail submarket of Maricopa County. The property was 76 percent occupied at the time of sale. View article…

GDC/RE Negotiates Sale of Fry’s Marketplace Shadow-anchored Riggs Marketplace GDC/RE has announced the sale of Fry’sMarketplace shadow-anchored Riggs Marketplace at the southwest corner ofMcQueen Road and Riggs Road in Chandler. The Buyer, Kierland Village Center,LLC (A&C Properties, Joe Cattaneo, principal) purchased the asset from 436Sterling LLC (Murray & Gaunt Partners, member) for $5,050,000. The projectwas 100 percent leased at the time of sale. View article…

Historic Family Holdings at Higley and the 202 Sells for ~$6.38m An entity formed by the Taddei Family of Hunter Contracting, sold a roughly 40-acre parcel in Gilbert after taking possession of it prior to 1997. Warner Gabel III of Gabel Investments in Scottsdale acquired the parcel for $6,383,381 or $160,105 per acre. View article…

Former Del Webb CEO’s estate buys 15,000 acres in Prescott via Chapter 11 sale The estate of former Del Webb Corp. CEO and Greyhound Corp. president Robert K. Swanson has purchased 15,000 acres of land in Prescott via Chapter 11 bankruptcy proceedings involving Granite Dells Ranch Holdings LLC. View article…

Red Lion Hotels expands into Phoenix market with Tempe hotel Spokane, Wash.-based Red Lion Hotels Corp. will roar into the Phoenix market next month with the signing of a new franchise agreement with the owners of a Tempe hotel. The Hampton Inn & Suites Phoenix/Tempe-ASU at 1429 N. Scottsdale Road will convert to a Red Lion by the end of May, becoming the first Red Lion in the Phoenix market. View article…

Former Gilbert potato barn will become new church First it was a barn for storing potatoes, then it morphed into a home furnishings showroom and now, after an extensive face-lift, it will now house churchgoers. That’s the new plan for an old 22,094-square-foot structure in Gilbert, which was purchased earlier this month by Destiny Christian Church, through its entity Generations Church Inc., for $1.1 million, according to a statement Tuesday by Cassidy Turley’s Phoenix office. View article…

Institutional Office Activity Cools in Q1 Leasing activity in the office market here slowed during the first quarter, with net absorption of institutional-grade office space at 76,000 square feet after totaling more than 1.1 million square feet in the last three months of 2012, according to a report from Colliers International. Still, despite the drop-off in the first few months of the year, net absorption is expected to accelerate in the coming quarters. View article…

Light at end of tunnel’ for Loop 303 work in the W. Valley West Valley motorists can expect to have clear sailing on a six-lane, 16-mile stretch of Loop 303 freeway from Grand Avenue to the Interstate 10 interchange by fall 2014. View article…

Gilbert, Queen Creek councils favor 2 of 7 rail corridors The town councils in Gilbert and Queen Queen last week endorsed two of the seven corridors for adoption when county and state planners ultimately design a passenger-rail corridor between Phoenix and Tucson. Seven routes can be viewed on a map at azdot.gov/passengerrail/. View article…

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