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Commercial Real Estate & Business News – May 3, 2013

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

IO Factory — Formerly Le-Nature’s Bottling Plant — Sells for $72m IO, a manufacturer of data center modules, has purchased the manufacturing facility that has served as the company’s headquarters since January 1st, 2009. The seller was CBRE Global Investors and the sale price of $72M represents a Per Square Foot price of $135.63. View article…

Artis Buys Industrial, Office Properties In Denver, Phoenix Winnipeg, Manitoba-based Artis REIT has agreed to acquire an office/industrial building in Phoenix and a 50% interest in a multitenant Denver office building for a combined $68.8 million cash. The Canadian REIT will acquire 1700 Broadway, a 394,151-square-foot, 22-story office building located in Denver; and the ASM America headquarters building, a 130,282-square-foot Class A industrial/office building in the Southbank Business Park near Sky Harbor International Airport in Phoenix. View article…

SEATTLE INVESTOR PAYS $68.28 MILLION ($164,135 PER UNIT) FOR SCOTTSDALE APARTMENTS A company formed by Pillar Communities LLC in Seattle, Wa. (Jim Almon, principal) paid $68.28 million ($164,135 per unit) to purchase the 416-unitCrown Court apartments at 7900 E. Princess Drive in Scottsdale. The seller wasEQR-Fancap 2000A Limited Partnership, formed by Equity Residential Trust in Chicago, Ill. (NYSE:EQR, David Neithercut, CEO). View article…

Mark IV to Develop GM Innovation Center General Motors LLC has entered into an agreement with Newport Beach, CA-based Mark IV Capital Inc. for a 170,000-square-foot build-to-suit office building at the 40-acre Chandler Freeway Crossing. Upon completion, the project will house GM’s Information Technology Innovation Center, which was announced in early March 2013. View article…

Gringo-Star Street Bar bringing vintage video games, street art to downtown Tempe Vintage video games, street art and food truck-inspired grub will converge in a bar opening next week on Mill Avenue in Tempe. Gringo-Star Street Bar will open May 9 at the southeast corner of Fifth Street and Mill, on the ground floor underneath Hooters. View article…

RegionalCare to build 100-bed hospital in Arizona Brentwood-based RegionalCare Hospital Partners is set to break ground by year’s end on a 100-bed hospital in Sierra Vista, Ariz. The new hospital falls under the terms of a long-term lease the company signed Tuesday with Sierra Vista Regional Health Center, an 88-bed hospital. View article…

JCR Capital Closes $22M Loan on Retail-Office Portfolio JCR Capital announced the recent closing of a $22 million bridge loan on a portfolio of retail and office located around Phoenix. The transaction continues to strengthen JCR’s presence in middle-market bridge lending. View article…

$36M project would elevate Bell over Grand Ave. in Surprise Teams of transportation agencies at the state, county and municipal level work to untangle traffic tie-ups throughout the year. Sometimes the fix creates temporary headaches for motorists. In this case, the project could affect businesses for years. The crossroads of Grand Avenue and Bell Road. View article…

Market Trend: Phoenix’s Office Deliveries, Construction and Inventory During the first quarter 2013, no new space was completed in the Phoenix Office market area. This compares to four buildings totaling 234,079 square feet that were completed in the fourth quarter 2012, five buildings totaling 77,617 square feet completed in the third quarter 2012, and 160,738 square feet in three buildings completed in the second quarter 2012. View article…

Gilbert homeowners, builder reach compromise on development A homebuilder’s plans for 114 luxury homes in south Gilbert won a 6-0 recommendation from the Gilbert Planning Commission on Wednesday after a hard-fought compromise between the developer and a group of neighbors who had protested the proposed increase in density. Pennsylvania-based Toll Brothers recently purchased about 59 acres of surplus property from the Flood Control District of Maricopa County and is seeking a zoning change to accommodate nearly twice as many homes on the land as currently allowed. View article…

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