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Daily News for Commercial Real Estate & Business – June 25, 2012

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

Overwhelmed By Your Inbox? How many emails do you get a day? 50? 100? 200 or more? Like you, I learn about several topics and sign up for all sorts of items to receive updates via email. Today, I am receiving almost 300-350 emails a day! Sounds overwhelming, right? View article…

COLRICH & M.F. DAILY SPEND $41.45 MILLION FOR 449 APARTMENT UNITS FROM EQUITY RESIDENTIAL In two sales totaling $41.45 million, companies formed by Equity Residential Trust in Chicago, Ill. (NYSE: EQR) sold 449 apartments in properties in Gilbert and in Mesa. A company formed by Danny Gabriel of ColRich in San Diego, Calif. paid $20.8 million ($92,444 per unit) to buy the 225-unit Park Meadow apartments at 125 E. Guadalupe Road in Gilbert. The seller was EQR-Sombra 2008 Limited Partnership, the Equity Residential entity. View article…

VALLEY COMES FULL CIRCLE WITH PORTILLO’s . . . UNCLE SAM’s SITE TO BE FIRST LOCATION Some believe a city isn’t really a City until it has professional franchises in all four major sports – basketball, football, baseball and hockey. Anything less than that, just doesn’t cut the mustard. If that was the case, then Phoenix got on the map in 1998 with the expansion Arizona Diamondbacks of Major League Baseball playing its first season. That followed the Valley landing the Phoenix Coyotes in 1996 when the Winnipeg Jets of the National Hockey League defected from Canada. Add those two teams to the Phoenix Suns of the National Basketball Association and the Arizona Cardinals of the National Football League and we are talking Big League City. View article…

PROLOGIS DEVELOPING 700,000 SQ. FT. OF INDUSTRIAL SPACE . . . PAYS $13.2 MILLION FOR 280,450 SQ. FT. Living up to its billing as the the world’s largest industrial property real estate investment trust (REIT), ProLogis Inc. in Denver, Colo. (NYSE:PLD) is developing, buying and selling industrial buildings in the Phoenix area at a steady clip. The company intends to develop 707,000 sq. ft. of industrial space in two projects and ProLogis is in the process of buying 280,450 sq. ft. in two Valley properties. Last week, BREW reported ProLogis completing a $15.162+ million deal ($50.10 per foot) to sell a 302,640-square-foot distribution building at 9704 W. Roosevelt Road in Tolleson. One year ago, Prologis merged with AMB Property Corp., creating the world’s largest industrial REIT. View article…

FlexPrint plans move to Mesa, expanded workforce FlexPrint Inc. is moving its operations into a new headquarters in Mesa by the end of the year that could include hiring as many as 100 employees. The Tempe-based printer paid $2.4 million for a 40,000-square-foot building at the Red Mountain Business Center and is consolidating its Scottsdale and Tempe offices into one location. View article…

Angelo Gordon investing in City Square, US Bank Center improvements On my route to and from work every day, three upscale high-rises adjacent to the Hilton Garden Inn along Clarendon and Central avenues never fail to catch my eye. These office towers, at 3800, 3838 and 4000 N. Central Ave., and 156-room hotel are situated on a 16-acre property called City Square that has a more quaint feel than your average corporate center. View article…

Downtown Chandler area thrives with few retail vacancies Retail space is all but filled in downtown Chandler, where the vacancy rate is 0.9 percent. “I’ve got a list of folks we’re trying to help find locations right now, and we’re out of spaces. We need to get something built,” said Teri Killgore, the city’s downtown-redevelopment manager. The only vacant spaces are a former religious store and old houses being converted into retail space. View article…

Mirante: Commercial Real Estate Should be a Long-Term Play Arthur Mirante, principal and tri-state president of Avison Young, talks about how real estate has become an acceptable investment alternative within the wealth management universe, even though it does require a certain level of expertise to understand. The questions that face investors today are about how and where to invest. And Mirante advises that as long as buyers are ready to buy for the long term, real estate is one of the most attractive opportunities in the market. View article…

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.