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Daily News for Commercial Real Estate & Business – December 9, 2011

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

VENTAS CLOSES ON 297,370 SQ. FT. OF MEDICAL OFFICES IN PORTFOLIO DEAL WITH UNIVERSAL HEALTH Companies formed by Ventas Healthcare Properties Inc. in Chicago, Ill. paid a combined $47.25 million to acquire 297,370 sq. ft. of medical office space and a parking garage in Phoenix. The acquisitions represent the first closings of a portfolio of 8 medical office properties located in the Valley and one medical office in Globe and one in Fontana, Calif. The remaining property sales are expected to close nest week. The sellers in 10 separate sales are ventures formed by Universal Health Realty Income Trust of King of Prussia, Penn. View article…

MITEK INDUSTRIES EXPANDING TO 260,000-SQUARE-FOOT BUILD-TO-SUIT PROJECT IN TOLLESON MiTek Industries Inc. of Chesterfield, Mo. (Eugene Toombs, CEO) is planning to expand and relocate a manufacturing operation in Phoenix to a 260,000-square-foot build-to-suit facility in Tolleson. MiTek, the world’s largest supplier of engineered products and services for the building components industry, plans to more than double its existing operation from 114,000 sq. ft. it now leases in a 276,176-square-foot building at 212 S. 37th Avenue. The build-to-suit project is targeted for a portion of a 149-acre parcel at the northwest corner of 75th Avenue and Buckeye Road. View article…

TRAMMELL CROW CO. ASSEMBLING LAND IN AVONDALE FOR 1 MILLION-SQUARE-FOOT PROJECT A company formed by Trammell Crow Co. in Phoenix is assembling 56.1 acres in Avondale to develop a 1 million-square-foot distribution project being called Coldwater Depot. The planned industrial development will be built at the northwest corner of 127th Avenue and Van Buren Street. Trammell Crow Co., a subsidiary of CB Richard Ellis, has acquired one of two parcels that comprise the site. View article…

Plan for large seniors center in south Gilbert unveiled A large senior-living community planned in south Gilbert would provide independent- and assisted-living, memory-care and hospice services for 300 to 500 people, according to plans unveiled Wednesday before the Planning Commission. Val Vista Country Square would include 65 buildings on 45 acres on Val Vista Drive south of Riggs Road. View article…

Scottsdale infill projects to begin in 2012 Scottsdale residents are expected to get their first glimpse next year of construction resulting from the city’s controversial downtown infill-incentive district and plan. Construction on the first phase of Blue Sky, Gray Development Group’s apartment complex near the northeastern corner of Scottsdale and Camelback Roads, is to begin late in the second quarter. It will include more than 700 units, three buildings and a maximum building height of 128 feet. View article…

ASU: Economic recovery several years away Next year will be a little better, but a full economic recovery for both the nation and Arizona is at least a few years away. That’s according to economists who spoke today at the 48th Annual Economic Forecast Luncheon co-sponsored by Arizona State University’s W.P. Carey School of Business and JPMorgan Chase & Co. at the Phoenix Convention Center. View article…

HOUSING:
November housing stats for Phoenix show improvement
November housing statistics in the Phoenix area were fairly unremarkable, given the fact that sales are normally down during the holiday season and there’s no compelling factor for dramatic market changes last month. There are some positive metrics, however. View article…

Phoenix foreclosure rate drops below U.S. average Foreclosure rates in the Phoenix area are down from a year ago, according to new information provided by CoreLogic, a national real estate research firm. Of existing mortgages, 3.41 percent were in foreclosure in September 2011 as compared with 4.4 percent a year earlier. That means that Phoenix has dropped below the national foreclosure rate of 3.48 percent. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 10.5% Cap Rate!
Investment, multi-tenant retail center. For a brochure, click here…

5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale. For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.