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Daily News for Commercial Real Estate & Business – September 26, 2011

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

ORANGE TREE GOLF CLUB ACQUIRED BY INVESTMENT GROUP FOR $4.7 MILLION A company formed by a group of investors, including Shelby Futch and Gordon Petrie of Scottsdale Golf Group Inc. in Mesa, paid $4.7 million to purchase the Orange Tree Golf Club at 10601 N. 56th Street in Phoenix. The seller was Shell-Orange Tree LLC in Northbrook, Ill. (Sheldon Ginsburg, manager). View article…

WEIDNER NEARS 5,000 APARTMENTS IN PHOENIX AREA WITH PURCHASE OF 298-UNIT PROJECT A company formed by Weidner Apartment Homes in Kirkland, Wash. (Dean Weidner, principal) paid $22.65 million ($75,923 per unit) to acquire the 298-unit Hampton Square apartments located at 7205 W. McDowell Road in Phoenix. The seller was Hampton Square LLC, a company formed by developer Charles Heers of Inland Empire Builders in Las Vegas, Nev. View article…

ARTIS SPENDING $75 MILLION FOR PHOENIX OFFICE . . . PAYS $21.4 MILLION FOR SCOTTSDALE PROJECT A company formed by Artis REIT in Winnipeg, Manitoba, Canada (TSX:AX.UN, Armin Martens, CEO) is paying $75 million ($356.80 per foot) to acquire a office building under construction in Phoenix, and a limited partnership formed by the real estate investment trust paid $21.4 million ($216.64 per foot) to buy a flex building in Scottsdale. In a deal set to close first quarter 2012, Artis REIT is buying a office building in the Deer Valley area of Phoenix that will be leased for 20 years by the Federal Government through the General Services Administration (GSA). View article…

Peoria apartment complex sells for $25.5M HSL Properties has purchased Encantada Apartments, 10741 W. El Cortez Place in Peoria, for $25.5 million. Encantada, a 271-unit community built in 2009, offers one-, two- and three-bedroom apartments. The property features apartment homes with in-home washers and dryers, Energy Star appliances, walk-in closets, Roman soaking tubs, 9-foot ceilings and private patios. View article…

Peoria apartments sell for $8.1 million Monterey Pines Apartments LLC of Scottsdale purchased the Suntree apartment community in Peoria for $8.1 million. The property, located at 8650 W. Peoria Ave., has 216 units and was built in 1984. The seller was Jodi Sheahan, as court appointed receiver for certain assets of Suntree Apartments LLC. View article…

American Realty Capital Healthcare Trust Acquires Medical Portfolio for $61M American Realty Capital Healthcare Trust, a New York-based property investment trust, acquired three medical office properties located in Phoenix, AZ, Carson City, NV, and Las Vegas. This portfolio was purchased from The Cirrus Group LLC for $60.9 million, or about $788 per square foot. The portfolio will be used as an investment. The seller is a developer which typically sells its medical properties to institutional investors after the properties are stabilized. This portfolio was approximately 92% leased at the time of sale. View article…

$109 million cancer center in Gilbert opens Monday The Banner MD Anderson Cancer Center opens in Gilbert on Monday, less than two years after its 2009 groundbreaking. The $109 million center, owned and operated by Banner Health, will feature the comprehensive, interdisciplinary approach to cancer treatment for which Houston-based MD Anderson is renowned. View article…

MCCCD yields $21.5 mil library in south Phoenix South Phoenix residents have been asking the city to build a library for many years. And now the community has one. Residents on Saturday will celebrate the completion of the 35,000-square-foot South Mountain Community Library, which glistens with a copper glow at dawn and twilight. View article…

Cubs plan includes radical Riverview Park overhaul Mesa is planning to make the Chicago Cubs baseball stadium and neighboring Riverview Park a dazzling new gateway to the city. The first conceptual drawings of the complex at Dobson Road and Loop 202 are out as city staffers wrap up a series of agreements with the team in hopes of bringing them to the City Council on Monday. A great deal remains to be nailed down. But staffers are adamant that the final product will be something special. View article…

Total Wine and More opens first Scottsdale store Total Wine and More opened its first Scottsdale store Thursday southwest of Scottsdale Road and Shea Boulevard. The 16,000-square-foot store at 10320 N. Scottsdale Road will carry a wide variety of wine, liquor and beer. View article…

Icon brings hip, funky gift items to Mill Avenue Although Shane Henson and Charles Goffnet created Icon, it’s difficult for even them to come up with a simple description of their eclectic shop on Mill Avenue. “We didn’t want to say it’s a boutique because men will think it’s just for women,” he said. “And it’s not a gift shop because people will come in and find something for themselves and not necessarily to give it to someone else. We’ll see.” View article…

Development-impact fees could plummet by 80% in Glendale Glendale officials say a state law that takes effect in January will strain its ability to build roads, parks and libraries to accommodate growth. Sen. Russell Pearce, R-Mesa, was the primary sponsor of Senate Bill 1525, which restricted how cities assess development-impact fees and what types of projects the money can fund. The measure was approved by Republican members of the West Valley delegation and opposed by the area’s Democrats. View article…

Bank of America selling $880M in commercial mortgages Bank of America (NYSE: BAC) has agreed to sell roughly $880 million worth of commercial mortgages at a discount of 20 percent to 25 percent off the face value. The Wall Street Journal, citing a person familiar with the deal, reported that a venture of Square Mile Management, Investco Lt., and a fund managed by Canyon Capital Realty Advisors LLC is buying the mortgage portfolio. View article…

Phoenix better for home buyers than renters Fletcher Wilcox of Grand Canyon Title Agency Inc. produced an interesting report today about whether it’s more economical to own or rent homes in Maricopa and Pinal counties. He used a ratio of median purchase price to median annual rent. The lower the ratio, the better it would be to own. The higher the ratio, the better it is to rent. Ratios of 15 or lower favor owning. From 16-20, it’s a toss-up; and anything over 20 means renting is the way to go. View article…

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