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

I’m going to be out of town starting tomorrow and will pick the daily news back up on Monday, August 13. I hope you have a great weekend and next week!

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

To view this weeks Costar Watchlist, click here…

To view the 2Q12 CPI Office Report, click here…

To view the 2Q12 CPI Retail Report, click here…

JPMorgan Sells 576-Unit Andante Ina move considered part of a marketplace trend,Waterton Associates LLC acquired the 576-unit Andante from JPMorgan Real Estate (operating under the entity name Andante Acquisition Corp.) for $61.3 million. The commercial real estate transaction is a value-add play, with the Chicago buyer planning upgrades to the multifamily property. View article…

Cassidy Turley Completes Sale of Chandler Industrial Park for $3.35M & 3.66 Acres of Industrial Land in Phoenix for $589,000 Dalfen America, an investor from Westmount, Quebec, purchased Warner Commerce Park, a 85,985-square-foot multi-building industrial property at 455-495 E. Warner Rd in Chandler. Pete Klees, Paul Boyle and Rick Danis with Cassidy Turley BRE Commercial negotiated the $3.35 million sale. The property was REO and the seller was US Bank. The sale included two manufacturing/distribution buildings, a 50,436-square-foot building at 455 E. Warner and a 35,551-square-foot building at 495 E. Warner. The 455 building was over 50 percent occupied at the time of sale. View article…

Tempe City Council to vote on apartments near Tempe Town Lake The Tempe City Council is expected to vote next week on a development proposal for a five-story apartment complex across the street from the Tempe Center for the Arts and Town Lake. Argo at Town Lake would be built on 5.72 acres on the south side of Rio Salado Parkway just east of Hardy Drive. The complex is planned as a mixed-use development with 328 apartment units and commercial space. View article…

Portillo’s details Arizona expansion plans Portillo’s, a much-loved Chicago-area restaurant that specializes in Italian beef and hot dogs, is moving ahead with plans to open its first Arizona locations in Scottsdale and Tempe. View article…

The Venue Scottsdale revamped with more space, new look The Venue Scottsdale is getting a new look and an additional 8,000 square feet, which is set to debut in first-quarter 2013. “The renovation process going on here at The Venue has been kind of a long one,” said David Twigger, director of sales and marketing for the business. View article…

Construction spending reaches 2.5-year high Construction spending in both the residential and commercial markets nationwide climbed 7 percent year-over-year in June, hitting a 2.5-year high for the recession-battered industry. View article…

June unemployment rate rises in Phoenix, across Arizona June unemployment rates in Phoenix and Arizona rose from May to June, but still are lower than a year earlier. The Phoenix unemployment rate rose to 7.5 percent in June from 7.1 percent in May. The rate is still down significantly from 9.1 percent in June 2011, according to the latest non-seasonally adjusted U.S. Bureau of Labor Statistics data released today. View article…

CMBS Market Active, But Volume Still Dashes Hopes CMBS lenders are putting together new deals, but issuance for the full year 2012 will likely once again fall below expectations. Year-to-date, the U.S. commercial real estate market saw $22.5 billion in new CMBS issuance, according to Commercial Mortgage Alert, an industry newsletter. View article…

Geithner Says 2-3 Years Of Creative Housing Needed Treasury Secretary Timothy F. Geithner said two to three years of “aggressive, creative” programs are needed to help the U.S. recover from its housing crisis. “We’re going to keep at this as long as necessary,” Geithner said at an event in Los Angeles today. “We think there’s a very good case for people deeply under water, experiencing hardship, to modify their mortgages by reducing principal.” 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:
Bella Vista Retail Center (SOLD) Investment, multi-tenant retail center. For a brochure, click here…

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…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ (SOLD) – Former Corporate HQ for TDC in Tempe, AZ For Sale. 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…

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.