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Daily News for Commercial Real Estate & Business – August 13, 2012

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

To view the Mid-year 2012 Commercial Real Estate Investment Outlook, click here…

To view the Tucson Mid-year 2012 Big Box Retail Report by CBRE, click here…

INVESTOR DROPS $61.3 MILLION FOR 576 APARTMENT UNITS IN SOUTH VALLEY A company formed by Waterton & Associates in Chicago (David Schwartz, pres.) paid $61.3 million ($106,424 per unit) to acquire the 576-unit Andante apartments at 15801 S. 48th Street in Phoenix. The seller was Andante Acquisition Corp., a company formed by J.P. Morgan Investment Management of New York City, N.Y. View article…

INDUSTRIAL INCOME TRUST KEEPS ROLLING . . . SPENDS $90+ MILLION FOR INDUSTRIAL PROJECT A company formed by Industrial Income Trust (IIT) in Denver, Colo. (Dwight Merriman, CEO) paid $90.286+ million ($71.25 per foot) to purchase a 1.267 million-square-foot industrial distribution building at 800 N. 75th Avenue in Phoenix. The seller in the cash transaction was Falcon 7X Inc., a company formed by Buzz Oates Enterprises Arizona in Phoenix (Doug Barkdull, principal). View article…

$170M Salt River entertainment project will include Butterfly Wonderland attraction Northern Gateway LLC will break ground next week on a $170 million, 522,000-square-foot entertainment district. It will include attractions, restaurants and retail developments on the Salt River Pima-Maricopa Indian Community in Scottsdale. The first phase of the project will be an attraction called Butterfly World, which will feature an indoor rainforest environment with a 10,000-square-foot butterfly atrium. View article…

Work to begin in downtown Mesa on senior apartment complex It has been almost a quarter-century since downtown Mesa saw a large, privately financed construction project. That’s two wars in Iraq, one in Afghanistan. Four presidents. At least three recessions. The dot-com boom. The housing bubble. The fall of the Berlin Wall, and then of the Soviet Union. It’s been that long since private money paid for construction in the heart of a city that added, by official census numbers, more than 150,000 people over that span of time. View article…

Silver Creek Sells for $7 Million Pacific Transwest Real Estate, a developer based in California, has purchased the 174-unit Silver Creek Apartments at 10851 N. 43rd Ave. in Phoenix, AZ for $7 million, or about $40,000 per unit. The 137,400-square-foot, 18-building multifamily complex was built in 1984 on five acres in the Northwest Phoenix submarket of Maricopa County. View article…

Whitestone REIT Acquires 126,000-SF Paradise Plaza A little more than 48 hours after Whitestone REIT executives announced the intention to acquire retail properties in the Phoenix market, the Houston-based company closed on 125,898-square-foot Paradise Plaza. The purchase price was $16.3 million, or $129 per square foot. According to a press release describing the transaction, the purchase price for the asset at 4848 E. Cactus Rd. was a 30% discount to estimated replacement cost. The acquisition involved assumption of a $9.1 million mortgage loan, with the balance paid in cash. View article…

Seniors Housing Portfolio Attracts $70M Loan from Prudential Mortgage Capital Lending is available for the right kind of properties, and a five-property portfolio owned by CNL Healthcare Trust Inc. and Sunrise Senior Living Inc. clearly fit the bill for Prudential Mortgage Capital Co. The mortgage lender provided the joint venture partners with a $70 million loan to finance the group of seniors housing communities. View article…

Phoenix, Scottsdale seek grants to buy state trust lands Phoenix and Scottsdale intend to add large tracts of state trust land to their desert preserves later this year with $20 million in grants from a state conservation fund. Scottsdale applied for its share of the Growing Smarter fund to buy 6,400 acres of trust land in far north Scottsdale appraised at $88.2 million. It would expand the city’s McDowell Sonoran Preserve by 30 percent to 27,800 acres. View article…

City closer to Waterfront apartment-plan OK The $54 million final phases of the Scottsdale Waterfront moved another step toward final city approval Wednesday and the developer is ready to start construction as soon as possible. The Planning Commission unanimously voted to recommend Development Review Board and City Council approval of the site plan for Broadstone at Waterfront, which will include 259 apartment units and 10,000 square feet of retail-restaurant space. View article…

Businesses booted at Gilbert’s SanTan mall SanTan Village mall in Gilbert is evicting 30 businesses from its second-story offices after a California-based property-management company appears to have failed to pay nearly $500,000 in rent owed to mall operator Westcor. Alaris Business Centers abruptly shuttered its executive office suites at SanTan Village and CityNorth in Phoenix last week when a Maricopa County Superior Court judge ordered the company to pay back rent, interest and attorney’s fees to Westcor. View article…

Togo’s Gilbert launch marks second attempt at AZ market A popular West Coast sandwich franchise has made Gilbert the launch pad for its second attempt at building a customer base in Arizona after its first Valley restaurants closed shop a few years ago. Togo’s sells sandwiches and salads in more than 200 locations in California and in a handful of stores in Oregon and Nevada. View article…

Family loses 120-year claim to land near Tempe In 1892, 20 years before Arizona became a state, a pioneer family settled a dusty patch of desert along the Salt River near what is now Tempe Beach Park. Through the decades, that land passed from one generation down to the next. View article…

Seven Arizona cities now among the 100 largest in the US The Great Recession slowed down population growth in Arizona, but the state is still adding people faster than almost every other state. In fact, Arizona now has seven of the 100 largest cities in the U.S. View article…

Phoenix, Scottsdale among top 15 US event destinations Two Arizona cities made Cvent Inc.’s Top 50 Meeting Destinations list for 2012. Phoenix cracked the top 10 at No. 7 and Scottsdale ranked No. 12. View article…

HOUSING:
Phoenix, Mesa have nearly the lowest property taxes in the US Metro Phoenix may have weathered the worst of the housing crash, but regardless of the market’s erratic behavior, homeowners in two local cities have among the smallest property tax obligations in the nation. View article…

Phoenix-area Home Prices Begin to Stabilize Short Supply, Investors Still Driving the Market The huge price increases we’ve seen in the Phoenix-area housing market over the past several months are now slowing down. A new report from the W. P. Carey School of Business at Arizona State University breaks down the numbers for Maricopa and Pinal counties, as of June. The median single-family home price only went up 2 percent from May 2012 to June 2012, but it’s still up more than 29 percent from last June. The amount of single-family-home sales activity went down about 16 percent from last June, largely due to the limited supply of homes for sale. The foreclosure rate is dropping, with no “shadow inventory” in sight. View article…

Phoenix-area home values up 29 percent from a year ago The huge gains in Phoenix-area home values over the past few months have started to mellow this summer, according to the latest housing report released Thursday by Arizona State University’s W.P. Carey School of Business. View article…

Freddie Mac: Shadow Inventory Unlikely to Bring Down Prices Freddie Mac isn’t afraid of shadows. The GSE released its U.S. Economic and Housing Market Outlook for August on Wednesday, examining recent trends in home price indices and speculating on the impact of shadow inventory on home prices. View article…

Check out the Market Reports section of my webpage! The market reports that I review on a regular basis will be archived here. I would like to know your feedback after looking at the page. Send feedback by click here…

CURRENT FOR SALE OPPORTUNITIES:
Former SunTykes Property in Tempe Arizona – Owner/User Opportunity. For more information, click here…

Freestanding Auto in Mesa, Arizona – Owner/User Opportunity. For more information, click here…

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

1 Industrial Condos in Bahia Business Park (UNIT 104-SOLD – 105 Still available) Owner/User opportunity to purchase 1 industrial condos. For more information, 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…

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.