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Daily News for Commercial Real Estate & Business – March 16, 2012

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

AIMCO MAKES 1st VALLEY APARTMENT PURCHASE SINCE 1998 . . . PAYS $68.75 MILLION FOR SAN MELIA In a deal that marks the company’s first multi-family investment in the Valley in more than 13 years, a company formed by AIMCO in Denver, Colo. (Terry Considine, CEO) paid $68.75 million ($140,881 per unit) to acquire the 488-unit San Melia apartments at 14435 S. 48th Street in Phoenix. The seller was an affiliate of Investment Property Associates in Grand Haven, Mich. (Robert Diamond, manager). Records show AIMCO San Melia LLC purchased the property from IPA Phoenix Ahwatukee LLC. The buyer acquired the multi-family project with down payment of just under $36.667 million and by assuming a loan with an original principal balance of $30 million. View article…

BUTTE TO DEVELOP 222-UNIT UPSCALE APARTMENT COMPLEX IN CHANDLER Butte Cos. in Scottsdale (Ed Lewis, principal) plans to develop a 222-unit, luxury apartment community in Chandler. Butte has agreed to pay almost $3 million to purchase the 10.97-acre site, which is at the southwest corner of McClintock Drive and Erie Street. The seller is Sooner Land of Chandler LLC in Oklahoma City, Okl. (Bob Stearns, Robert Collett, John Collett, principals). View article…

ALLRED ADDING 62.7 ACRES TO PRICE CORRIDOR HOLDINGS . . . TO DEVELOP BUSINESS PARK The Douglas Allred Co. in San Diego (Douglas Allred, David Allred, principals) is buying 62.7 acres at the southern entrance of the Price Road Corridor in Chandler. Allred has agreed to acquire the land from the Harold Kuiper Trust in Buckeye (Harold Kuiper, Darrel Kuiper, co-trustees) for about $9.5 million. View article…

Bechtel Leases Space At The Alter Group’s Corridors – Phoenix Bechtel Communications, Inc. has leased 18,116 SF of office space at Corridors/2075 in The Alter Group’s 80-acre Corridors Phoenix business park in Phoenix, AZ. Michael J. Alter, President of the Chicago-based national corporate real estate development firm, announced the transaction. Bechtel is vacating its current space at 5651 West Talavi Boulevard in Glendale, AZ, and relocating into two different locations, including the office space at Corridors – Phoenix. View article…

Sears to close 62 more stores Sears Holding Corp. has announced that it plans to close 62 more stores in the first half of 2012. In a filing with the Securities and Exchange Commission, the struggling retailer said it will shut 43 of its Hometown Stores, 10 of its hardware stores and all nine of its Great Indoors stores. View article…

Ahwatukee Chamber is moving to larger home this week The Ahwatukee Foothills Chamber of Commerce is moving into its new home this week. President/CEO Anne Gill said the new location, at 4435 E Chandler Blvd., Suite 140, is bigger and will offer better exposure for the chamber to its members and visitors. The chamber shared its Ray Road location with Keller Williams Commercial, Connecting to Serve, and Comprehensive Property Inspections. “The (new) space will allow the chamber to have its own identity, which I think is critical for the community,” Gill said. View article…

KID TO KID EXPANDS WITH VELOCITY IN ARIZONA Kid to Kid, a national children’s clothing retailer, has hired Velocity Retail Group to lead their expansion throughout Arizona. Kid to Kid is the ultimate recycler as they buy and sell the best things that kids outgrow. View article…

COMMERCIAL PROPERTIES INCORPORATED HONORED WITH 2011 COSTAR POWER BROKER AWARD Commercial Properties Incorporated has been selected by CoStar Group (NASDAQ: CSGP), commercial real estate’s leading independent research firm, to receive a CoStar Power Broker Award. In addition, 4 of their brokers, Leroy Breinholt, Darin Edwards, Cal Johnson, and Eric Jones also won individual awards as Top Industrial Leasing Brokers. This annual award recognizes the “best of the best” in commercial real estate brokerage by highlighting the U.S. firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases for the entire year of 2011 in their respective markets. View article…

Apple could put $304M campus in Phoenix if Austin doesn’t approve incentives Phoenix has a shot at a huge 3,600-worker campus for Apple Inc. if Austin does not approve an $8.6 million incentive package for the technology giant. Arizona Commerce Authority spokeswoman Kristen Hellmer said the state economic development group has been talks with Apple. She declined to comment further. View article…

HOUSING:
Arizona No. 3 in foreclosures over past year, but rate drops New CoreLogic data shows Arizona had the third most home foreclosures among states in the past 12 months. The number was 65,000 between January of 2011 and the same month this year — the same as Michigan. View article…

Foreclosure Inventory Down From a Year Ago, Up From Previous Month While foreclosure inventory showed a year-over-year decline for January 2012, REO inventory held by servicers grew faster in January than the pace at whichREO properties sold, according to CoreLogic’s National Foreclosure Report for January 2012 released Thursday. View article…

CURRENT OPPORTUNITIES:
Bella Vista Retail Center – Investment, multi-tenant retail center. For a brochure, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…

Former TDC Corp HQ – 6515 S Rural Road, Tempe, AZ – Former Corporate HQ for TDC in Tempe, AZ For Sale. For more information, click here…

5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale. For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. 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…

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.