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Commercial Real Estate & Business News – November 1, 2012

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

To view the November 2012 Commercial Property Executive magazine, click here…

To view this weeks Costar Watchlist, click here…

Bell 28 Office Park Sold Out of CMBS REO for $6.725m Neil McKenna, Vice President of CWCapital Asset Management as special servicer for a Wells Fargo Bank-administered commercial mortgage backed security, has completed the sale of the Bell 28 Office Park for $6.725m or $61.73 per ft2. John Solberg and Dan Keefe of Onward Investors paid cash for the 109,820 ft2 class B office complex. The two building complex was previously acquired by Ashton Capital Corp on February 22nd, 2006 for $20.13m or $183.30 per ft2. Ashton paid $4.445 in cash and secured an additional $15.675m in financing with PNC Bank. View article…

Orbital Sciences Bldg Sells in Chandler for $19.5M Gilbane Development Company sold the single-tenant office building at 3377 S. price Rd. in Chandler, AZ to The Paramount Group for $19.5 million, or approximately $234 per square foot. The three-story building delivered in 2009 in Maricopa County. It totals 83,183 square feet and is fully occupied by Orbital Sciences Corporation. View article…

North Phoenix industrial space sells for $19 million Intravest Development LLC, a newly-formed real estate firm based in Glendale, recently snagged its first commercial asset with the $19 million sale and leaseback of a large industrial building in north Phoenix. The acquisition of the 145,000-square-foot industrial space, located near the Interstate 17 and Greenway Road, was partially financed by Johnson Bank, according to a recent company statement. View article…

Broadstone on Twelfth Sells for $60K Per Unit Alliance Residential Company and AEW Capital Management LP sold the Broadstone on Twelfth located at 1212 Bethany Home Rd. in Phoenix, AZ to Gelt, Inc. for $9.05 million, or approximately $60,000 per unit. The 150-unit apartment complex was 92 percent occupied at the time of sale. The buyer plans to remodel all the units, which is expected to take about six months to complete. The $10 million project will also include upgrades to the facade and common areas, as well as the installation of a security fence around the property. View article…

Bruegger’s Bagels opens in Phoenix, plans for local bakeries Bagel lovers in north Phoenix have a new place to grab breakfast this week as Bruegger’s Bagels opened its third Phoenix-area location. The new 2,400-square-foot bakery and restaurant is at 6819 N. 16th St. in the Squaw Peak Plaza. It will be owned and operated by Sun Pacific Restaurants LLC. View article…

UA Center for Integrative Medicine opens in downtown Phoenix Downtown Phoenix residents and professionals now have one of latest concepts in health care delivery at their doorstep. The Arizona Center for Integrative Medicine founded by Dr. Andrew Weil at the University of Arizona in 1994 has opened its first facility in Downtown Phoenix to serve individuals wanting both traditional and alternative forms of medical treatment in one place. View article…

HOUSING:
Phoenix-area Home Prices Stable Supply Going Up; Investor Presence Going Down Phoenix-area home prices stabilized from August to September, but we’re now seeing some other types of movement in the market. A new report from the W. P. Carey School of Business at Arizona State University shows the following numbers for Maricopa and Pinal counties, as of September:

  • The median single-family home price stayed at $150,000 from August to September, but prices are expected to start rising again this fall.
  • The overall supply of houses for sale in the market is finally going up – already 24 percent over just the past three months.
  • Big investors are showing less interest in the market, as the bargains here become tougher to find and some other cities’ housing markets become more attractive. View article…

Completed Foreclosures Down 31% from Year Ago, but Remain High Completed foreclosures continued their descent into September, falling 31 percent from a year ago, according to data from CoreLogic. The analytics company reported the number of homes lost to foreclosure in September dropped to 57,000. The decline is a steep drop from 83,000 in September 2011, and a decrease from the upwardly revised 59,000 in August. View article…

Inventory of New Homes Down to Lowest Level in Nearly 50 Years The U.S. housing market “has entered a sustainable period of improving conditions,” Pro Teck Valuations CEOTom O’Grady says in the company’s most recent Home Value Forecast. Pointing to “very low mortgage rates, stable to rising home prices, declining unemployment, declining housing inventories and a strong rental market,” O’Grady says housing is in a good position to continue growth. Those positive trends should lead to growth in the overall economy, he adds. View article…

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