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Daily News for Commercial Real Estate & Business – April 2, 2012

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

Class A Bear Canyon Apartments Acquired From Lender for $23M HSL Properties acquired the 238-unit class A Bear Canyon Apartments from lender Arbor Bear Canyon Holdingsthrough an REO offering. The locally based buyer paid $23 million for the 95% occupied multifamily property. HSL Properties is the most recent owner of the property, which had a fairly active CRE trading history in its 15 years of existence. View article…

PHOENIX OFFICE BUILDING SELLS FOR $4.1M A 42,000-square-foot office building in Phoenix has sold to McCarthy/MRL Properties Arizona, LLC for $4,125,000. The building is located at 6225 N. 24th Street. The building is part of a larger office complex that contains 82,000 square feet. Its owners include DLR Group and Baird, Williams & Greer. McCarthy plans to occupy a portion of the building, which will bring it to full capacity. View article…

California Investors Pays $1.9M for Phoenix Retail Cefalu Partners Livermore purchased the retail building at 1970 W. Glendale Ave. in Phoenix, AZ from Gary Demera for $1.93 million, or about $619 per square foot. The building was constructed in 2008 and was occupied by Chase Bank at the time of sale. View article…

Glendale apartment complex sells for $2.35M Norwood Village LLC, a Wisconsin company, has purchased the Norwood Village apartments for $2.35 million. The 115-unit property is located at 6738 N. 45th Ave. in Glendale. It was built in 1971. The seller was TriTex Real Estate Advisors II Inc. in Atlanta. View article…

Building’s shell in north Scottsdale to be resurrected as church A Northeast Valley Episcopal church plans to resurrect the shell of an unfinished office building in north Scottsdale and transform it into a house of worship. If all goes well, the Episcopal Church of the Nativity will hold services by Christmas in its new church at 22405 N. Miller Road, which is southeast of the former Rawhide theme park. A monument to the recession, the foundation and walls of the 24,500-square-foot two-story building have been an eyesore in the Sonoran Hills neighborhood. View article…

Downtown Scottsdale beach club plan advances Developer Shawn Yari moved one step closer this week toward developing his beach club in downtown Scottsdale’s entertainment district. The Planning Commission voted Wednesday to recommend City Council approval of two applications to develop Scottsdale Retail Plaza on the block that now houses Myst nightclub on Shoeman Lane and Suede restaurant/bar at Indian Plaza. View article…

Retail Construction Starts to Stay at Record Lows until Debt Maturities are Resolved The recent opening of Taubman Centers’ new mall in Salt Lake City might have marked a nice symbolic moment for the retail real estate industry, but it’s not about to usher in a new era of construction abandon. In spite of a slight rebound in retail real estate fundamentals, U.S. developers still feel skittish about investing in new construction projects, forecasts from several different research sources show. View article…

HOUSING:
Southeast Valley housing market shows signs of hope The bad news: housing prices as a whole in 2011 declined in 25 of the 29 communities in Maricopa County, and in the Southeast Valley, Mesa, Chandler and Gilbert are among those 25. The good news: new-house prices in that time were up in seven of the 15 communities that added new homes, View article…

Scottsdale’s median house price falls 5 percent in 2011 The Northeast Valley housing market continued to decline in 2011 from the previous year with Scottsdale’s median price of $356,000 falling 5 percent. Carefree was the only one of six northeast communities that showed an increase, with the median price of $591,000 up 3.4 percent, according to data analyzed by The Arizona Republic from the Information Market. View article…

Valley home values: West Valley real estate rallying After another year of a faltering real-estate market, West Valley home values appear to have turned a corner in the last six months. Some Realtors are waiting to see if the surge is sustainable but others say it shows promise barring a double-dip recession or another financial shock to the nation. View article…

NAR: Investor Purchases Increased, Advises Limiting REO Bulk Sales For 2011, investment purchases increased significantly, according to data from the National Association of Realtors(NAR), and with more individual investors absorbing REOproperties, the organization also thinks it is time to limit bulk REO sales to large institutions. View article…

Forecasting Home Price Recovery: Turnover Rate as a Powerful Indicator Home prices in many areas are already rebounding from the bottom of the market, according to the MarchHomeValueForecast.com update from Pro Teck Valuation Services. This month, the company explores the turnover rate, which is the number of non-distressed sales divided by the total housing stock in a particular market. Pro Teck says this calculation is one of the most powerful and, yet, simplest leading indicators of the future direction of home prices. View article…

CURRENT FOR SALE OPPORTUNITIES:
Bella Vista Retail Center – Investment, multi-tenant retail center. For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…

5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale/Lease. 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…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale. For a brochure, click here…

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

2 Acres of Land – Owner/User opportunity to purchase 2 acres of land off of I-10 & 40th Street. For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise. 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.