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Daily News for Commercial Real Estate & Business – June 29, 2012

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:

NEVINS ADAMS SPENDS $35+ MILLION TO ACQUIRE 312-UNIT APARTMENT COMPLEX IN TUCSON A company formed by Nevins, Adams, Lewbel and Schell in Santa Barbara, Calif. (Henry Nevins, Mike Schell, principals) paid $35.02 million ($112,243 per unit) to buy the 312-unit Legends at LaPaloma apartments at 3750 E. Via Palomita in Tucson. The seller was a company managed by Eaton Vance Corp. in Boston, Mass. (NYSE:EV). View article…

ColRich Adds 225-Unit Park Meadows to Phx Portfolio Upside potential and an upscale location encouraged San Diego-based ColRich to acquire the 225-unit Park Meadow Apartments from Equity Residential. ColRich paid $20.8 million for ownership rights to the class B-plus complex, effectively beating out more than a dozen other bidders that were also interested in the multifamily property. View article…

BLACKSTONE AFFILIATE SPENDS $68.65 MILLION FOR VALLEY INDUSTRIAL PROJECTS An affiliate of The Blackstone Group in New York City, N.Y. (NYSE:BX) paid $68.65 million ($43.28 per foot) to buy 1.568 million sq. ft. of industrial space in nine properties in the Phoenix area. The acquisition is part of a $770 million portfolio deal involving 16.619 million sq. ft. of industrial space in 65 properties located throughout the United States. Records show the buyer of the Valley assets was BRE/DP AZ LLC, a company formed by IndCor Properties Inc. In Chicago, Ill. IndCor is a portfolio company owned by The Blackstone Group. View article…

DMB CLOSING LAND SALES TO SEVEN HOME BUILDERS . . . KICKING OFF FIRST PHASE AT EASTMARK In what is yet another positive sign for the Valley housing market, seven Phoenix-area builders have snatched up 709 lots in the first phase development of the Eastmark master-planned community in Mesa. The much anticipated grand opening of the 3,200-acre mixed-use community is now slated for mid-year 2013. The community, which is being developed by DMB Associates Inc. in Scottsdale, is located east of the Williams Gateway Airport. All of the Eastmark tract and an adjoining 1,800 acres was previously used by General Motors Corp. for automobile testing. An entity formed by DMB Associates paid $265 million to purchase the 3,200 acres from G.M. in December 2006. View article…

Scottsdale firm buys, markets Chandler warehouse A Scottsdale investment firm recently took over a Chandler warehouse for $7.6 million and now is seeking a new tenant to occupy the 164,000 square foot space within three months. The facility, located in the Westech Corporate Center near Arizona Avenue between Elliott and Warner roads, currently serves as a window and door manufacturing and distribution center for Milgard Manufacturing based in Tacoma, Wash…View article…

Metro Phoenix home prices continue to rise Metro Phoenix home prices continued to rapidly climb in May. The median sales price of a home in the region is up 32 percent from May 2011, according to the latest report from the W. P. Carey School of Business at Arizona State University. During last month alone, the cost to buy a Phoenix-area house climbed 7 percent to $147,000. The region’s home prices have rebounded back to early 2003 levels. View article…

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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.