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Commercial Real Estate & Business News – November 30, 2012

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

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

To view the 4Q12 Apartment Report by Marcus & Millichap, click here…

Inland Buys 80,000-SF Retail Center Inland Diversified Real Estate Trust Inc., headquartered in Oak Brook, IL, continued adding to its portfolio with the acquisition of The Corner, an 80,155-square-foot shopping center that has Nordstrom Rack as its anchor. The Chicago-area REIT paid $29.5 million for the retail center, the third phase of the sprawling Oracle-Wetmore retail development. View article…

MYSTERIOUS COSTA RICAN INVESTORS MAKE FIRST REAL ESTATE INVESTMENT IN VALLEY New World Real Estate Investment I LLC in San Jose, Costa Rica paid $12.2 million ($161.55 per foot) to purchase a 75,518-square-foot office project located in the Deer Valley area of north Phoenix. The seller in the cash transaction was M-Edison Co. LLC/M-Whispering Wind LLC, both companies formed by The Mack Co. in Phoenix (Ralph Henig, principal). View article…

VEDURA RESIDENTIAL NABS SECOND VALLEY LOCATION FOR NEW APARTMENT PROJECT Vedura Residential in Scottsdale (Bruce Hart, Paul Fannin, Jason O’Clair, principals) plans to develop a 163-unit apartment complex just west of the northwest corner of Pecos and Dobson roads in Chandler. Vedura Chandler Manager LLC (a Vedura entity) paid just over $1.777 million to buy the 6.2-acre site. The seller was Westco Development Group LLC in Scottsdale (Ted Sarhangian, manager). View article…

Estrella Town Center Sells for $1.8M A private investor sold the Estrella Town Center to Spim LLLP for $1.83 million, or about $136 per square foot. The building is located at 7710 W. Lower Buckeye Rd. in Phoenix, AZ. This multi-tenant retail center was built in 2006 and was about 60 percent occupied at the time of sale. View article…

Two Tempe Apartment Complexes Noticed For Trustees Sale, 239 Units / $8.3M+ Debt An entity formed by Pacific Western Bank has recorded two notices of trustee sale on apartment complexes just east of the ASU Tempe campus- near Rural & Lemon. Trustee sale auction is set for 2/27/13 @ 10am for both properties. View article…

Humberto Lopez Sells The Montana Apartments to Aion Partners Omar Mireles, Vice-President of HSL Properties as signatory, and Humberto Lopez as that firm’s principal, have completed the sale of The Montana Apartments to Aion Partners of New York for $11.5m or $92,741.93 per door. Aion paid $3,009,000 in cash for the property and secured $8.5m new multifamily portfolio debt issued by CBRE Capital Markets, maturing December 1st, 2022 and assigned to Freddic Mac at origination. View article…

Phoenix holding meeting on future of westside Phoenix Mayor Greg Stanton and city council members are holding a town hall meeting on the future of west Phoenix. “We’re going to be talking about the extension of the light rail, we’re going to talk about the Maryvale Core Plan, we’re going to talk about partnerships with Mexico to attract businesses here,” said Councilman Michael Nowakowski. View article…

How the fiscal cliff could decimate Arizona’s real estate sector The nerves of Arizona real estate professionals have been fraying a little more with every passing week as lawmakers in Washington attempt to reach a middle ground by year’s end to avoid the so-called fiscal cliff, which is widely feared will throw the nation’s still-fragile economy back into recession. In a state where the local economy has traditionally been extremely reliant on real estate, Arizona’s rapid recovery of its housing market will almost certainly relapse should the nation drop off the fiscal cliff, Elliott Pollack, an economist and CEO of Scottsdale-based Elliott D. Pollack & Co., told me this week. View article…

Tension in Navajo Nation over proposed Grand Canyon tourist attraction Ty Tsosie was taught by his Navajo elders that when he needed spiritual reflection, he could go to the confluence of the Colorado and Little Colorado rivers, a sacred place to the tribe. “If you feel good about something, if you feel down about something, you go out there and pray,” Tsosie said. But he fears that in the not-too-distant future he could be sharing that sacred place on the eastern rim of the Grand Canyon with camera-toting tourists. View article…

Fourth Quarter Retail Investment Sales Volume Promises a Spectacular End to the Year The fourth quarter of 2012 is shaping up to be an extremely strong period for retail investment sales, with overall transaction volume looking to overtake last year’s levels by a mile. In October, sales of significant retail properties rose 10 percent year-over-year, to $4 billion, according to Real Capital Analytics (RCA), a New York City-based research firm. Year-to-date, retail investment sales volume is up 7 percent compared to 2011, at $38.4 billion. View article…