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Commercial Real Estate & Business News – October 29, 2012

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

Market Trend: Phoenix’s Retail Vacancy Decreases to 11.8% The Phoenix retail market did not experience much change in market conditions in the third quarter 2012. The vacancy rate went from 11.9% in the previous quarter to 11.8% in the current quarter. Net absorption was positive 139,307 square feet, and vacant sublease space increased by 24,993 square feet. In second quarter 2012, net absorption was positive 381,353 square feet. View article…

WENTWORTH LOOKING TO DEVELOP 1+ MILLION SQ. FT. OF INDUSTRIAL SPACE ON 80-ACRE SITE A company formed by Wentworth Property Co. in Phoenix (James Wentworth, Sr., James Wentworth, Jr., principals) is working to obtain zoning approval to develop more than 1 million sq. ft. of industrial space in multiple warehouse structures in the southwest Phoenix area. Wentworth is under contract to acquire the 80-acre site in a $10+ million deal that is contingent on zoning approval. The property is within the I-10 Corridor at the northwest corner of 59th Avenue and Van Buren Street. View article…

MULLER CO. IN JEOPARDY OF LOSING OFFICE COMPLEX NEAR SKY HARBOR TO FORECLOSURE A venture formed by The Muller Co. in Laguna Hills, Calif. (Jon Muller, Steve Muller, principals) is facing foreclosure on a 272,728-square-foot office project located east of Phoenix Sky Harbor International Airport and just north of Interstate 10 and west of the Hohokam Expressway (State Route 143) in Phoenix. The property is collateral on a loan with an original balance of $40 million. The loan was issued to Muller-Hohokam LLC (the Muller Co. entity). The development, called Sky Harbor Towers, is comprised of three buildings at 4605, 4615 and 4635 E. Elwood Street. View article…

Vantage Mobility International debuts Mobility Center in Phoenix Vantage Mobility International Inc. this week debuted its renovated Mobility Center and now is looking to hire six new employees in sales, administration and service. VMI converts and sells Honda, Toyota, Dodge and Chrysler minivans for use by those with mobility impairments. Its 8,000-square-foot Phoenix operation now includes a showroom featuring its wheelchair-accessible vans and mobility accessories. View article…

Banner breaks ground on 4 health-care clinics in East Valley Banner Health Group officially broke ground on four 21,000-square-feet East Valley health centers in Chandler, Gilbert, Mesa and Queen Creek Thursday. “We want to offer care for the whole family in one center,” said Becky Kuhn, president for Banner Arizona East Region. The centers will have primary care doctors, as well as onsite imaging and laboratory services. Extended morning and evening hours, as well as Saturday mornings, will give families extra options, Kuhn said. The total cost for the four centers is $45.2 million. They are expected to open in the spring and summer 2013. View article…

NextCare acquires 2 locations Mesa-based NextCare Urgent Care acquired two new locations this month – one in Arizona and one in Texas – bringing the total number of clinics NextCare operates across the country to 69. View article…

Feds to propose 3rd Arizona solar zone’ The Bureau of Land Management is set to identify a third parcel of land in Arizona on Friday as a potential site for development of utility-scale solar-power projects. If approved, the 2,550-acre Agua Caliente site in Yuma County, north of Interstate 8 near Dateland, would join two other Arizona zones, in Brenda and Gillespie. View article…

Q3 GDP: U.S. economy picks up U.S. economic growth picked up in the third quarter, boosted by stronger consumer spending, an improving housing sector and increased defense spending. Gross domestic product, the broadest measure of the nation’s economic health, grew at an annual rate of 2% from July to September, the Commerce Department said Friday, faster than the 1.3% rate in the second quarter. View article…

HOUSING:
Phoenix-area homeowners see market on the rebound For the past five years, tens of thousands of homeowners have been frozen in place, unable to sell their homes for a profit. Now, there are signs a thaw is under way. Sales by owners who are not facing foreclosure or a distressed sale are on the increase again, a trend that real-estate analysts and agents say points to a fuller housing-market recovery eagerly awaited but still in the early stages. View article…

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