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Daily News for Commercial Real Estate & Business – November 11, 2011

Happy Veterans Day! Make sure you thank the men and women that have served our country!

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

MERITAGE HOMES SPENDING $20 MILLION FOR LOTS & LAND IN GILBERT TO BUILD 369 RESIDENCES Meritage Homes of Arizona Inc. in Scottsdale (Fred Hermann, div. pres.) plans to build 369 residences in two new communities in Gilbert. The company acquired 151 home sites at the southwest corner of Higley and Pecos roads and is under contract to buy a 88-acre parcel at the southwest corner of Lindsay and Williams Field roads where it will construct 218 residences. In the completed sale, Meritage paid $7.525 million to buy 151 platted and engineered lots from Gilbert-based Pecos and Higley 60 LLC (C. Dennis Barney, manager) and P&H Gilbert Holdings LLC (Christopher Hamm, manager). The deal had been in escrow for one year while the land was entitled. View article…

SCOTTSDALE INVESTORS SPEND $7.45 MILLION FOR 265 APARTMENTS IN MESA Sonoma Villas LLLP in Scottsdale, partnership formed by Cal DeSouza and Frank DeSouza of Mentor Properties Inc. in and Michael Christiansen of Renue Properties, both of Scottsdale, paid $7.45 million ($28,113 per unit) to acquire the 265-unit Asante Village apartments located at 1800 E. Covina Street in Mesa. The seller was TriTex Real Estate Advisors II Inc., a company formed by TriMont Real Estate Advisors Inc., an Atlanta, Ga.-based company serving as trustee for Fannie Mae. View article…

ARCHSTONE BUYING MULTI-FAMILY SITE WITHIN DC RANCH COMMUNITY . . . TO BUILD 224 UNITS Archstone in Englewood, Colo. (Scot Sellers, CEO) plans to develop a 224-unit, luxury apartment complex within the DC Ranch community in Scottsdale. Archstone DC Ranch LLC is buying the 9.82-acre site in a $8 million deal scheduled to close at press time. The seller is HCW LLC in Branson, Mo. (Rick Huffman, Sam Cantanese, managers) and Deco Communities LLC in Scottsdale (Rob Lyles, Patricia Watts, Dan Richards, principals). View article…

Wells Fargo sets up REIT finance group Wells Fargo & Co. has established a group to provide financial services to publicly traded real estate investment trusts involved in commercial properties. Rex Rudy, based in Charlotte and formerly managing director of real estate syndicated finance at Wells Fargo Securities, has been appointed head of the REIT Finance Group. His team comprises professionals from within Wells Fargo (NYSE:WFC) with extensive knowledge of the industry. View article…

Hardsale Communications opens Glendale office Hardsale Communications, a locally owned public relations and marketing firm based in Glendale, recently celebrated the opening of its new office at 19420 N. 59th Ave., Suite A-109, in the Citadelle office complex. The move to the new office space signals a leap in the firm’s growth. View article…

Gilbert plans $5 million reserve fund to lure businesses Gilbert officials plan to create a $5 million economic development reserve fund beginning next fiscal year, giving the town the financial power to offer incentives aimed at attracting new businesses. The economic development fund will be part of the town’s overall contingency appropriation, something the council discussed at length during a meeting Saturday before unanimously adopting the measure. View article…

Construction finished on court building in Phoenix Contractors who have spent more than two years constructing a $340 million court building in downtown Phoenix will turn over the 16-story tower on Friday to Maricopa County. The county can start moving furniture and other equipment into the building now that construction is complete. It’s scheduled to officially open on Feb. 14. View article…

Dental office renovates vacant building, ready for grand opening When Sunnyslope business Hatcher Dental began looking to expand late last year, owner Mannie Badyal only had to look across the street. The dental office, which had occupied a space at 502 W. Hatcher Road for about five years, will celebrate its move to a remodeled building at 421 W. Hatcher Road with a grand-opening ceremony at 8:30 a.m. Thursday. View article…

Scottsdale City Council approves bid for state trust land The Scottsdale City Council on Tuesday authorized the city to bid on 4,400 acres of state trust land for its McDowell Sonoran Preserve. The State Land Department has scheduled auctions in December. Here are highlights from the meeting. Scottsdale has identified two parcels to acquire for its McDowell Sonoran Preserve: 1,937 acres along 136th Street on both sides of Rio Verde Drive, appraised at $41 million; and 2,482 acres northeast of Dixileta Drive and Pima Road, valued at $45 million. The State Land Department has scheduled auctions on Dec. 7 and 14, respectively. View article…

Phoenix and Vegas: Where Are They Now? They’re about 300 miles apart, but in terms of the recovery they’re much farther away from each other. Throughout the downturn, Las Vegas and Phoenix were linked together as the poster children of distress. And while each market still presents its share of challenges, Phoenix has bounced back much more swiftly than its sandy brethren. “When you’re investing in Phoenix, you can price in some rent growth or at the least population growth,” says Ben Thypin, a senior market analyst for New York-based market research firm Real Capital Analytics (RCA). “Whereas in Vegas, the economic outlook is just so uncertain.” View article…

Phoenix down 25,000 manufacturiung jobs in four years Only 10 of the top 100 markets in the U.S. lost more manufacturing jobs over than past four years than Phoenix. According to new research from On Numbers, Phoenix shed 25,200 manufacturing jobs from September of 2007 to September of this year. View article…

Store Closings Likely to Top 5,000 in 2012 As the holiday shopping season draws near, the weaker retail chains will be facing their hour of reckoning, with their sales growth during the November/December period determining their ability to survive. And while most retailers have already closed their worst performing stores and made their operations as lean as possible over the past few years, the uncertain economic climate might lead to a substantial number of store closures in the first quarter of 2012. View article…

HOUSING:
Shadow Inventory Lurks Behind Recent Price Gains
Home prices rose 4 percent during the third quarter, according to the latest IAS360 House Price Index from Integrated Asset Services. The index also posted a 0.4 percent gain from the beginning of the year and a 0.6 percent gain from the third quarter of last year. View article…

Arizona No. 3 in home foreclosures, rate spikes 18% Arizona had the nation’s third-highest foreclosure rate in October, according to RealtyTrac, as one in every 259 housing units received a foreclosure filing in the month. Total foreclosure activity in Arizona increased nearly 18 percent from September to October, but was still down 36 percent from October 2010. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center –
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 (CALL FOR OFFERS-DEADLINE 12/1/2011) 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.