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Commercial Real Estate & Business News – May 2, 2013

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

Cole Buys Walgreens for $3.9M Cole Capital Partners acquired the Walgreens at 1315 E. Chandler Blvd. in Phoenix, AZ from Bradner Smith & Company for $3.9 million, or about $258 per square foot. The 15,120-square-foot retail building was constructed in 2001 on two acres in Maricopa County. Walgreens occupies the property on a double-net lease. No financing was obtained in this all-cash sale. View article…

Ryland Homes Buys 7.2 Acres in Gilbert Ryland Homes of Arizona, Inc. acquired 7.1 acres in Gilbert, AZ, where it plans to construct 107 single family homes. Communities Southwest sold the vacant land known as Cooley Station for approximately $5.62 million, or $779,000 per acre. The 107 parcels are located north of Loop 202 and south of E. Warner Rd. View article…

SW Valley Industrial Construction Spikes Since 2010, the Southwest Valley submarket of Phoenix has seen record industrial-distribution absorption, which has been the driver of the local industrial markets, Don MacWilliam, SVP specializing in industrial distribution space in the Southwest Valley for Colliers International, tells GlobeSt.com. View article…

3 tenants sign for research lab near Gateway Airport After months of negotiations, Southeast Valley officials have secured three tenants for AZLabs, the former Air Force Research Laboratory turned economic driver near Phoenix-Mesa Gateway Airport. The three lessees – one from academia and two Department of Defense contractors – will occupy about 4,500 square feet at the facility. View article…

Land purchase may jump-start Buckeye development A private foundation and a Scottsdale developer spent nearly $10 million to purchase 630 acres to expand a stalled master-planned community in Buckeye. Jeff Garrett of Garrett Development said he expects the land to be developed in as soon as two years. It is on both sides of Arizona 85 south of Interstate 10. The highway bisects the second and third phases of Westpark, where building halted during the economic downtown. View article…

Phoenix plans to smooth road for infill projects Phoenix officials plan to upgrade the city’s permit system and overhaul portions of its zoning ordinances, which could help the city bolster infill development. In addition, the City Council last week approved the creation of an advisory group that will create a pilot program to offer “relief and incentive for infill development,” city officials said. View article…

Downtown Phoenix METRO Light-Rail Activity The Downtown Phoenix Partnership has released a new collateral piece that illustrates commuter activity at the eight METRO light rail stops in and around the city’s urban core. The information represents total boardings in 2012 along the line from McDowell Road & Central Avenue on the north to the stop located near Chase Field at Third and Jefferson streets. The totals were taken from Valley Metro ridership reports that can be found on their website at valleymetro.org. View article…

Census: Retail trade the biggest job sector in Arizona Maricopa County ranks second in the nation for the number of real estate businesses, ninth among counties with the most residential construction and seventh for full-service restaurants, according to data released today by the U.S. Census Bureau. View article…

Local First Arizona expands in Tucson with radio deal Local First Arizona has partnered with Good News Radio Broadcasting in Tucson to bolster and further spread its “buy local” message to southern Arizona. GNRB has signed on as a Sustaining Member with Local First. View article…

Rising home prices worry Phoenix economist The Valley’s home market continues to recover from the housing crash five years ago, but a local economist sees some danger signs on the horizon. Local home prices rose by more than 30 percent last year but economist Jim Rounds with Elliott D. Pollack and Company said if this continued it could lead to another housing bubble. View article…

New Listing:
FOR SALE: Single Tenant Net Leased Investment in Glendale, AZ Here is an opportunity for an investor looking for a single-tenant, net-leased (STNL) property in Glendale, AZ. List Price: $750,000 / Cap Rate: 7.8% / Built in 1974 For more info, click here…