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Daily News for Commercial Real Estate & Business – October 10, 2011

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

SUNCHASE HOLDINGS ASSEMBLING SITE AT 64TH AND MCDOWELL THAT WAS FORMER AUTOPLEX Companies formed by SunChase Holdings Inc. in Scottsdale (Bill Pope, principal) have quietly been assembling land in southwest Scottsdale that was previously occupied by multiple automobile dealerships. Although representatives of SunChase Holdings are declining to comment on the property acquisitions, sources say the company is hopeful to eventually redevelop the 28-acre site. The tract, located at the northeast corner of McDowell Road and 64th Street, is likely to be developed as a mixed-use project. Some familiar with the site say it would be good for luxury apartments, commercial and possibly medical use. “It is the largest property on McDowell Road,” says Jim Mullin, director of economic vitality for the City of Scottsdale. View article…

EL DORADO HOLDINGS ENTITY RAMPING UP MULTI-FAMILY HOLDINGS . . . ACQUIRES 180 UNITS A company formed by El Dorado Holdings Inc. in Phoenix (Mike Ingram, chairman) paid $10.5 million ($58,333 per unit) to purchase the 180-unit Paradise Foothills apartments at 12231 N. 19th Street in Phoenix. The seller was a company formed by the Registered Holders of Wachovia Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2007-C30. View article…

AEW CAPITAL/SENIOR LIFESTYLE BUYS ASSISTED LIVING PROJECT IN SUN CITY FOR $21 MILLION A venture formed by AEW Capital Management L.P. in Boston, Mass. and Senior Lifestyle Corp. in Chicago, Ill. paid $21 million ($152,174 per unit) to acquire the 133-unit The Woodmark at Sun City assisted living facility at 17207 N. Boswell Boulevard in Sun City. The seller was The Woodmark at Sun City LLC, a company formed by Woodmark Retirement Corp. in Bellevue, Wash. (Herb Gilbo, pres.). Records show SHI Sun City LLC (the AEW Capital entity) was the buyer of the Sun City project. The Woodmark at Sun City was one of two assisted living properties that the AEW/Senior Lifestyle venture purchased from Woodmark Retirement Corp. View article…

Mixed-use project coming to Arcadia Residents of the Arcadia area in east Phoenix are welcoming changes to a planned development that many hope will bring a stronger identity to their neighborhood. The area, a collection of well-established neighborhoods nestled south of Camelback Mountain and east of the Scottsdale border, is set to become home to a major retail, restaurant and office project that could become a focal point for the area. The plan calls for open space surrounded by 11 buildings – a bank, retail, restaurants, outdoor dinning, and offices – spanning 146,000 square feet on the southwestern corner of 48th Street and Indian School Road. View article…

Rush is on to build 3,500 apartments in Scottsdale Alliance Residential Co. wants to build 264 apartments and retail at the northwestern corner of Scottsdale Road and Lincoln Drive. The mixed-use project would replace vacant, two-story office buildings on 7.5 acres in Scottsdale. The property borders a planned Ritz-Carlton resort in Paradise Valley. Phoenix-based Alliance submitted its development plans for the property last week. No date has been set for a Scottsdale Planning Commission hearing on rezoning the site from a commercial-office category to a planned unit development. View article…

Cave Creek Town Council OKs development agreement Cave Creek Town Council approved an agreement Monday that will help a stalled housing development. The agreement between the town and VRE Carefree LLC. will extend the company’s building permits for the Village at Surrey Hills, a 79-unit condominium project on an 11-acre lot at 36600 N. Cave Creek Road. View article…

Industrial: Q3 Strong, “S” World Bandied About Q3 figures presented by Colliers International’s Research and Forecast Report show the industrial real estate sector in continued growth mode. With zero new space being delivered during the past quarter, combined with 1.6 million square feet absorbed and a vacancy of just above 14%, a single phrase is starting to be heard again: Speculative development. There is good reason for this. View article…

HOUSING:
Phoenix-area real estate collapse echoed troubles
A look at metro Phoenix’s foreclosure crisis over the past five years shows an economic crash moving through time and space. The collapse started in new-housing areas on the fringes and then swept inward, hitting more established areas as the unemployment rate climbed. Now, as the stock market struggles and speculation swirls about another recession, foreclosures are flaring in the Valley’s luxury-home neighborhoods. View article…

Home prices still tumbling in the West Valley An Arizona Republic analysis shows that the housing market in Maricopa County continues to struggle. Only five ZIP codes in the Valley saw increases in overall median home prices from 2010 to 2011. There were glimmers of good news in areas of the Valley, from increases in home prices in Carefree to a dip in foreclosure resales in other pockets. View article…

Scottsdale-area home prices edge up in 3 areas Scottsdale-area housing prices have continued to slide lower this year, but the far-northern region of the city and Carefree showed some healthy gains from a year ago. It is the first time in four years that any of the Northeast Valley ZIP codes have shown any year-over-year price increases. Median-home prices in Carefree through Aug. 31 were up 9.4 percent over 2010 and jumped 12.7 percent in the 85262 ZIP code northeast of Pima and Jomax roads. Rio Verde’s prices edged up 1.6 percent. View article…

SAMPLE OPPORTUNITIES:
5051 E Thomas Road
– Former Dentist Office For Sale/Lease (Price Just Reduced) For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor (New to market) 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.