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Commercial Real Estate & Business News – May 7, 2013

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

Cassidy Turley Completes $6.4 Million Land Sale Cassidy Turley, a leading commercial real estate provider in the U.S., has completed the sale of approximately 39 acres the primary entrance for the master planned community of Morrison Ranch. Higley & 202, LLC (Gabel Investments, Inc.) purchased the land for $6.38 million from Moat Limited Partnership. The sale transaction, from listing to closing, was completed in 45 days. View article…

BH Properties Scoops up Terrace Park Multi-family B.H. Properties LLC, Los Angeles, has purchased the 214-unit Terrace Park Apartments for $6.2 million. “The plan is to run the property in accordance with other BH-owned properties in Phoenix,” said Steve Jaffe, executive vice president and general counsel at BH Properties. View article…

Phoenix Public Market Cafe slated for Wednesday opening The Phoenix Public Market will open a full-time on-site cafe this week. Phoenix Public Market Cafe will serve breakfast, lunch and dinner daily from 7 a.m. to 10 p.m. It will open Wednesday in a remodeled space at 14 E. Pierce St. in downtown Phoenix. View article…

Joyride Taco House to open next to Postino East Popular downtown Gilbert Postino East WineCafe is set to welcome a new neighbor with some south of the border flair. Joyride Taco House is set to open June 3 on the north side of Postino’s Grainbelt building, and it will share some outdoor space with the wine bar. View article…

Johnny Was slates Scottsdale Fashion Square for new store California-based fashion wholesaler Johnny Was plans to open a new retail store – the company’s sixth – at Scottsdale Fashion Square this summer. The Scottsdale store will be the company’s first outside California. View article…

Mom’s Pantry food bank opens in NE Phoenix A new family-sponsored food bank celebrated its grand opening in northeast Phoenix on Sunday with a ribbon-cutting and public tours of its building. The ceremony introduced the community to Mom’s Pantry and its completely renovated 7,000-square-foot facility at 13440 N. Cave Creek Road. The non-profit food bank will begin providing food bags to needy families May 11. View article…

Light-rail construction ramps up under downtown Mesa Besides weaving through the traffic barriers and orange cones along Main Street, there aren’t many signs that construction on light rail has picked up in downtown Mesa. That’s because most of the work, starting this week through summer, will be taking place underground. “The critical part of a light part of a light rail project is working underground and getting the underground utilities managed,” said Susan Tierney, Valley Metro communications manager. View article…

HOUSING:
Arizona mortgage delinquencies drop more than 30 percent The number of Arizona homeowners who were more than 90 days late on their mortgage payments or in some stage of foreclosure in March plummeted by more than 30 percent year-over-year – by far the biggest drop in the nation, according to the latest mortgage report by Lender Processing Services (NYSE: LPS) on Monday. View article…

Phoenix-area home prices continue to surge Phoenix-area home prices are continuing to surge as buyers bid up homes because there isn’t enough supply to meet demand. A new report from Arizona State University’s business school shows the median price for an existing single-family home sold in metropolitan Phoenix climbed to $175,000 in March. That’s a nearly 30 percent increase from the $134,900 median price in March 2012. View article…