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Daily News for Commercial Real Estate & Business – January 6, 2012

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

To view the January 2012 commercial edition of Scotsman Guide, click here.

Cassidy Turley Completes Sale of Retail/Office Plaza in Gilbert – Higley Village Cassidy Turley BRE Commercial, a leading commercial real estate services provider in the U.S., announced they completed the sale of Higley Village, a 44,484-square-foot mixed-use plaza at the southeast corner of Higley and Queen Creek Roads. Jorde Hacienda, Inc., a Queen Creek-based private investor, purchased the property for $3.75 million from Meridian Bank. Built in 2007, Higley Village includes 22,527 square feet of retail space in three buildings at 3303, 3321 and 3373 E. Queen Creek Rd., 21,957 square feet of office space in three buildings at 3271, 3341 and 3369 E. Queen Creek Rd., a 3.53-acre parcel of at the corner that is planned for gas/convenience/fast foot and a .70-acre pad that is planned for a two-story, 33,061-square-foot office building. The existing retail buildings were 31 percent occupied and the existing office buildings were 80 percent occupied at the time of sale. The owner plans to stabilize and hold the property. View article…

Eco-friendly resort, housing project takes shape in Scottsdale A new eco-friendly resort and housing community is in the works for a 218-acre piece of property in North Scottsdale. To be called The Reserve, the property is located next to the McDowell Sonoran Preserve. View article…

2 big Gilbert subdivision plans approved by planning panel Three more large-scale residential communities came before the Gilbert Planning Commission on Wednesday, potentially bringing hundreds of new homes to the town’s largely undeveloped southern half. The commission first reviewed a plan for the Bridges East, part of a 469-acre master-planned community near Recker and Ocotillo roads that includes single-family homes, apartments and an elementary school. View article…

Scottsdale moves forward with desert center plans The posh Phoenix suburb of Scottsdale is moving forward with plans to build a $74 million desert nature center despite criticism over the price tag and its planned location inside a pristine desert preserve. The Arizona Republic reports that city officials have been refining plans for the center in hopes that it becomes a major tourist attraction. Central to those plans is a possible vote next year that would ask city residents to approve bonds – and a property-tax increase to pay for them – to finance close to $50 million of the center’s cost. The other $24 million for the center would come from private sources. View article…

A Strong Holiday Shopping Season Bodes Well for 2012 The 2011 holiday shopping season turned out to be relatively strong for U.S. retailers, promising a stable year ahead. Same-store sales for U.S. chains posted an increase of more than 3 percent during the November/December period, a performance comparable to 1994. At the same time, much of the shopping took place during periods of extreme promotions such as Black Friday and the retailers that posted the strongest gains were also the ones offering the most aggressive discounts, signaling consumers’ continued insistence on getting value for their money. View article…

Phoenix foreclosure rate continues to fall Foreclosure rates in the Phoenix area continue to move lower, according to new data from CoreLogic, a national real estate research firm. Of existing mortgages, 3.36 percent were in foreclosure in October 2011 as compared with 4.4 percent a year earlier. Phoenix remains below the national foreclosure rate of 3.51 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.