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Daily News for Commercial Real Estate & Business – July 20, 2012

The Baby Reesa Benefit Golf Tournament is July 27 For more info, click here…

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

To view the Corfac International July 2012 Newsletter, click here…

To view the Mulitfamily Market Overview July 2012 by Cushman & Wakefield, click here…

ACACIA SPENDS $28 MILLION FOR 341 APARTMENT UNITS IN GILBERT PROJECT A company formed by investor Wes Clelland of Acacia Capital Corp. in Phoenix paid $28 million ($82,111 per unit) to buy the 341-unit Vista Montana apartments located at 3225 E. Baseline Road in Gilbert. The seller was VM Associates Limited Partnership in Scottsdale (Arthur Powell, principal). View article…

GODADDY.COM FOUNDER BOLSTERS REAL ESTATE HOLDINGS . . . PAYS $36+ MILLION FOR RETAIL PLAZA A company formed by Scottsdale-based GoDaddy.com founder Bob Parsons paid $36.885 million ($257.67 per foot) to acquire a 147,084-square-foot retail plaza in north Scottsdale. Records show Scottsdale Grayhawk Center LLC (Parson’s entity) paid cash to buy the Bashas’ and Walgreen Drug-anchored plaza, which is located at the southeast corner of Scottsdale Road and Grayhawk Drive. The seller was Pederson/MNG Grayhawk Plaza Associates, a venture formed by Pederson Group Inc. in Phoenix (Jeff Manelis, pres.). With the acquisition from Pederson Group, companies formed by Parsons have invested almost $85 million in cash to purchase roughly 300,000 sq. ft. of retail and office space, the real estate that houses the Harley Davidson of Scottsdale AZ motorcycle dealership, land to expand the Harley dealership and the nearby Go AZ Motorcycle multi-brand dealership that Parson also owns in Scottsdale, and a parcel in Goodyear that was once planned for another Harley Davidson dealership. View article…

Colliers International Completes $2.28 Million Sale of a Property Occupied by Circle K Gas & Convenience Store in Phoenix Colliers International has completed the $2,285,000 sale of a single-tenant, NNN leased retail property occupied by a Circle K Gas & Convenience store in Phoenix, Ariz. Built in 1987, the property totals 3,078 square feet and is located at 1901 West Cactus Road. View article…

Cassidy Turley Completes $11.4 Million Sale of Stellar Business Park in Chandler An entity of Kootenay Holdings, Vancouver, British Columbia, purchased Stellar Business Park, a 135,477-square-foot multi-tenant flex industrial property at 4230-4260 W. Chandler Blvd. Executive Vice Presidents Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley BRE Commercial negotiated the $11.42 million ($84.29 per SF) sale on behalf of the owner, GID Investments of Boston, MA. View article…

CONSOLIDATED GRAIN & BARGE COMPANY LEASES MORE THAN 155,000 SQ. FT IN SOUTHWEST PHOENIX Consolidated Grain & Barge Co. (CGB) of Covington, LA has leased 155,794 square feet of industrial space for a new facility in Southwest Phoenix. A leader in the grain and transportation industries, CGB has leased space for a new operation at 2225 S. 75th Ave. This brings the Durango Commerce Center industrial project, which is owned by Clarion Partners, to 96 percent occupancy. View article…

Mr. Scrib’s Pizza expanding to Arizona from Michigan After 51 years in business, Mr. Scrib’s Pizza is branching out from West Michigan for the first time and opening up shop in the Phoenix area. The chain’s first Phoenix location opened Monday to little fanfare, but that was on purpose. View article…

Eatery, bar adds neo-Asian twist to central Phoenix Chef Johnny Chu was expected to open his much-anticipated central Phoenix restaurant, SoChu House Neo Asian and Martini Bar, Thursday. The Hong Kong-born chef first introduced the Valley to inspired small-plate dishes at his popular Sens Asian Tapas and Sake Bar in downtown Phoenix. View article…

After 17 years, Chandler barber relocating from struggling mall After 17 years of cutting hair at the struggling East Valley Mall in Chandler, Papa Joe’s Barber Shop is moving across the street to the Palm Court plaza, according to owner Giuseppe Lazzara, better known as “Papa Joe.” Unlike many moves, which may take months or even years of planning, Lazzara discovered that he needed to relocate from his shop at the northwestern corner of Arizona Avenue and Warner Road only a few weeks ago when his friend, Christopher Petitta, came in for a haircut. View article…

Cadillac Ranch owner raising capital for new restaurant concepts The owner of Cadillac Ranch in Tempe, Chris Osborn, is working to raise capital for two new restaurant concepts in the Phoenix area. Osborn is in negotiations for two locations in the Arcadia area of east Phoenix and Chandler. He opened Cadillac Ranch at the Tempe Marketplace shopping center when it opened in 2007. View article…

How Scottsdale Quarter is trying to redefine what a mall is For generations it’s been an American right of passage for teenagers to gain some measure of independence by hanging out at the mall without their parents. Now, one Scottsdale mall is trying to create a whole new family experience at their shopping center to compete with the growing popularity of online shopping. View article…

Market Trend: Phoenix’s Industrial Vacancy Decreases to 13.1% The Phoenix Industrial market ended the second quarter 2012 with a vacancy rate of 13.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 2,599,206 square feet in the second quarter. Vacant sublease space increased in the quarter, ending the quarter at 2,087,585 square feet. Rental rates ended the second quarter at $6.19, an increase over the previous quarter. View article…

Arizona unemployment rate unchanged at 8.2% Arizona’s unemployment rate remained unchanged in June at 8.2 percent even as the state reported a loss of more than 39,000 jobs, primarily in the government sectors. View article…

Net Lease Cap Rates Continue Falling In spite of predictions to the contrary, average cap rates for net leased retail properties compressed another 25 basis points from the first to the second quarter of 2012, according to a new report from The Boulder Group, a Northbrook, Ill.-based firm specializing in the single tenant net leased sector. Retail was the most favored asset class among net lease investors, while cap rates on office properties rose 25 basis points and on industrial properties six basis points, to above 8 percent. View article…

Median Price for Existing Home at Highest Level Since 2008 The median price of an existing single family home rose in June to the highest level since almost four years, the fifth straight month-month gain, the National Association of Realtors (NAR) reported Thursday. The median price was up 7.9 percent from June 2011. 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 (IN ESCROW-ACCEPTING BACK UP OFFERS) 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 (IN ESCROW-ACCEPTING BACK UP OFFERS) – 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.