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Daily News for Commercial Real Estate & Business – July 9, 2012

I hope you had a great Independence Day last week!

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

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

To view the July 2012 Scotman Guide commercial edition, click here…

To view the Costar Watchlist (7-5-12), click here…

Park Meadow Apartments Sold for $20.8M An affiliate of Equity Residential sold the 225-unit Park Meadow Apartments in Gilbert, AZ to CR Park Meadow Communities LLC for $20.8 million, or approximately $92,000 per unit. Located at 125 E. Guadalupe Rd., the gated community is situated on a 10.2-acre parcel. It was reported that the buyer will continue to upgrade the property in anticipation for the region’s future demand for multifamily housing. View article…

1,744 UNITS IN SIX VALLEY APARTMENT PROJECTS SOLD IN $179+ MILLION PORTFOLIO DEAL A joint venture formed by DRA Advisors LLC and The Milestone Group, both of New York City, N.Y., paid $179.25 million ($102,781 per unit) to buy 1,744 apartment units in six Valley projects. The sellers were companies formed by United Dominion Realty Trust in Richmond, Va. (NYSE:UDR). The sale of the Phoenix area assets was part of a 15-property portfolio deal involving 4,931 units located in the Valley, Jacksonville, Fla., Dallas, Tex. and Richmond, Va. The Valley assets were acquired with $125.5 million in loans from HSBC Realty Credit Corp. (USA) in New York City. With the sale, UDR has exited the Phoenix and Jacksonville markets. View article…

ATLANTA DEVELOPER SEEFRIED PROPERTIES DEVELOPING 592,000 SPEC DISTRIBUTION CENTER As an answer to the heavy demand for big box distribution space along the Interstate 10 corridor, Seefried Properties of Atlanta, Ga. (Ferdinand Seefried, principal) plans to build a 592,000-square-foot warehouse in Phoenix. The speculative distribution center will be built on a 38.4-acre parcel located at the northeast corner of 63rd Avenue and Sherman Way. That site is owned by Reliance Steel & Aluminum Co. of Los Angeles, Calif. Seefried Properties has agreed to buy the property in a $5 million deal set to close in August. View article…

TJ Maxx Distribution Facility Sells for $15.1M Industrial Income Trust, Inc. purchased the 302,640-square-foot industrial building located at 9704 W. Roosevelt St. in Tolleson, AZ from Prologis Logistics Services, Inc. for approximately $15.16 million, or about $50 per square foot, in an all-cash transaction. The Tolleson Distribution Center I was built in 1994 on 13.8 acres in the Tolleson Industrial submarket of Maricopa County. The property features 34 loading docks, 30-foot clear heights, and 2,000-amp heavy power. View article…

Angelo, Gordon use joint venture for $42.5M apartments New York-based Angelo, Gordon & Co. LP snatched up another piece of Arizona real estate last week with a joint-venture purchase of a northeast Phoenix apartment complex for $42.5 million. The private equity firm and hedge fund that co-owns some of the nation’s largest media companies, partnered with Slavin Multifamily Advisors LLC, a multifamily housing investment and management firm in Denver, to acquire the 412-unit Villa Salerno Apartments at the northeast corner of Tatum Boulevard and Bell Road, Slavin officials said in a statement. View article…

NALS West Acquires 312 Units for $35M An affiliate of Nevins Adams Lewbel Schell NALS West LLC acquired the high-end multifamily property Legends at La Paloma. The Santa Barbara, CA buyer paid $35.15 million to the seller, a fund managed by Eaton Vance Management of Boston, MA, for the 312-unit asset. View article…

Desert Ridge parcel to get 370 apartments One-half of a Desert Ridge parcel approved for 722 apartments was sold last week. Greystar Real Estate Partners of Charleston, S.C., paid $10.5 million for 13 acres in northeast Phoenix. The site is on the northern portion of the parcel at the northeast corner of 56th Street and Deer Valley Drive. View article…

Windgate residents aim to stop condo development Some residents of Windgate Ranch are trying to block development of a two-story condominium project they say would disrupt their neighborhood and block their McDowell Mountain views. Deco Communities wants to build 104 condos on a nearly 11-acre site that wraps around the Windgate Crossing shopping center northwest of Bell Road and Thompson Peak Parkway. View article…

Sprouts Farmers Market set to open first Ahwatukee location Sandy Blackwell of Ahwatukee Foothills is eager for the Sprouts Farmers Market to open on Ray Road at South 48th Street at 7 a.m. Aug. 22. “I try to primarily shop for organic fruits and vegetables, but I don’t love driving out to Whole Foods, and I can’t always make the Ahwatukee Farmers’ Market,” which runs only on Sunday mornings, she said. “Trying to find local produce and/or organic produce can be challenging.” View article…

Iconic Coco’s near Scottsdale Fashion Square closes One of Lisa Leathers-Cox’s childhood memories is going to the Coco’s Bakery Restaurant near Scottsdale Fashion Square on Sundays for a piece of pie. The restaurant opened in 1966, back when Fashion Square was a three-story, open-air structure anchored by one department store and a supermarket. Last week, the restaurant quietly closed with the expiration of its current lease. View article…

Phoenix assistance sought on 2 downtown office-retail complexes Two more retail-and-office high rises are planned for downtown Phoenix, including one for the Barron Colliers’ property near the $500million CityScape office-and-retail complex at First and Washington streets. The other proposed retail-and-office project is at Second Avenue and Monroe Street. The nine-member Phoenix City Council on Tuesday was expected to approve the tax-relief agreements for the developments. View article…

Cowboy Ciao Files for Bankruptcy On Friday, June 29, Peter Kasperski, owner of Cowboy Ciao in Old Town Scottsdale, filed Chapter 11 in U.S. Bankruptcy Court, District of Arizona. According to records, he owes $1.1 million to the Arizona Department of Revenue and $500,000 to the IRS. View article…

New Goodwill planned for Glendale would include career center Goodwill of Central Arizona plans to open a second thrift store in Glendale. The Planning Commission is expected to review the conditional-use permit at a future meeting, according to senior planner Karen Stovall. Goodwill would occupy an existing building at the northeastern corner of 59th Avenue and Camelback Road. View article…

Mesa groundbreaking next week for new Cubs complex It’s a day Mesa feared might never come. Three summers ago, the Chicago Cubs began making serious noise about moving their spring-training operations to greener financial pastures in Florida. As that prospect became more real, Mesa sought the Legislature’s help in financing a stadium and training facilities to replace Hohokam Stadium and Fitch Park — not because those parks were horrible, but largely because the Cubs wanted elbow room for an entertainment and retail complex. View article…

Tempe hotel construction is sign of hope for area Downtown Tempe businesses see construction of a Residence Inn by Marriott hotel as a sign that commerce in the Mill Avenue District is on the mend from a difficult economy. Nancy Hormann, president of the Downtown Tempe Community, which manages the Mill Avenue District for landowners, considers the new hotel that is under construction at Forest Avenue and Fifth Street a boost for downtown Tempe merchants. View article…

Baristas coffee stand opens in Fountain Hills Baristas Coffee Company Inc. has opened its first Valley location in Fountain Hills. The store is at 17257 E. Shea Blvd. Seattle-based Baristas was formed to create a national brand of drive-through espresso stands. View article…

Ambitious Southeast Valley projects KO’d by recession If the Great Recession had been averted, what might the Southeast Valley look like today? A Mesa resident could be waking up in his 19th-floor Fiesta Towers penthouse condo, and glancing across to a neighbor in an adjacent luxury building. Families could escape from the heat this weekend with a visit to Waveyard, an elaborate water park that once promised scuba diving and snorkeling in the middle of the desert. View article…

Retail real estate recovery taking hold-research firm Vacancy rates and rents at U.S. neighborhood shopping centers improved for the second quarter in a row, further evidence the sector is moving toward recovery after years of weakness, real estate research firm Reis said on Friday. View article…

United States Real Estate Market Ranked Most Transparent, Says Jones Lang LaSalle As the global commercial property market evolves, it is marked by two kinds of growth. First, the sources of investment capital grow in number around the world. Then comes growth in the number of destinations for such capital. View article…

Allegiance Staffing expands into Phoenix, could create 200 jobs Allegiance Staffing LLC opened its first Arizona office this week, and could create up to 200 new jobs in Phoenix. Allegiance focuses on providing staff for light industrial, warehouse and general labor companies, but also staffs workers for clerical, logistics and skilled trade positions. View article…

Job Growth Slowed, but Economists Say U.S. Not in Recession While still in positive territory, June marked another month of feeble gains in employment with the addition of 80,000 jobs, according to the Labor Department. This was followed by 77,000 jobs added in May and 68,000 in April. The second quarter growth marks a major slowdown compared to the first quarter when monthly job growth averaged 226,000 compared to 75,000 for this second quarter. View article…

3 Habitat LEED homes to be built in Tempe Starting this fall, Habitat for Humanity Central Arizona will build three houses in Tempe for low-income families. The Tempe City Council voted last week to sell two vacant lots, at 2227 E. Randall Drive and 1130 S. Stratton Lane, to Habitat, a Christian-based organization, for $10 each. 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…

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

NEW: 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…

2 Industrial Condos in Bahia Business Park (UNIT 104-IN ESCROW – 105 Still available) Owner/User opportunity to purchase 1 or both 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.