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Daily News for Commercial Real Estate & Business – March 30, 2012

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

NO. CALIF.-BASED FIRM ENTERS VALLEY MARKET . . . PAYS $121.77 MILLION FOR THREE RETAIL PLAZAS Companies formed by SyWest Development in San Rafael, Calif. (Bill Vierra, CEO) paid $121.77 million ($173.60 per foot average) to acquire 701,311 sq. ft. of retail space in three Valley shopping centers. The sellers in five separate transactions were companies formed by Donahue Schriber Realty Group L.P. in Costa Mesa, Calif. (Patrick Donahue, CEO). SyWest Development is a subsidiary of Syufy Enterprises, a privately-owned holding company which has an interest in real estate assets located in the western U.S. Most of the properties are retail holdings. SyWest assumed loans and paid cash to buy the centers. View article…

SECURITY PROPERTIES SNARES METROPOINTE APARTMENTS IN PHOENIX IN $44.25 MILLION DEAL SP Metropointe LLC, a company formed by Security Properties Inc. in Seattle, Wash. (John Orehek, CEO), paid $44.25 million ($108,456 per unit) to buy the 408-unit Metropointe apartments located at 7017 S. Priest Drive in Tempe. The seller was BC Metropointe LLC, a company formed by Trammell Crow Residential in Dallas, Tex. View article…

WEIDNER SPENDING $179,217 PER UNIT FOR DOWNTOWN LOFT PROJECT . . . THAT’s $59.5 MILLION In a deal set to close at press time, a company formed by Weidner Apartment Homes in Kirkland, Wash. (Dean Weidner, principal) was expected to pay $59.5 million ($179,217 per unit) to buy the 332-unit Alta Phoenix Lofts at 600 N. 4th Street in Phoenix. The seller is a company formed by Wood Partners in Marietta, Ga. (Leonard Wood, principal). View article…

TEQUA FESTIVAL MARKETPLACE SELLS FOR $4.1M Tequa Festival Marketplace, a 54,068-square-foot distressed neighborhood center near Sedona, has sold to Baceline Investments, LLC from a lender for $4.1 million. This represents only 20 percent of the center’s original loan, which was $20.3 million. Tequa is currently 34 percent leased. View article…

DOLLAR TREE LEASES 9,000 SF AT PRESCOTT VALLEY CROSSROADS Dollar Tree has signed a lease for 9,000 square feet at the Prescott Valley Crossroads Shopping Center. The property is located at 5990 East State Route 69 in Prescott Valley. Notable retailers at the center include Home Depot, Hobby Lobby and Sam’s Club. View article…

Opinion: Airpark’s bright future will lift Chandler with it Chandler Airpark is about to take off. Officials plan to make announcements about coming developments soon. They wouldn’t offer hints about aviation-related companies that may be on the way, but it’s good to see the land surrounding Chandler Municipal Airport getting positive attention again. An airport can be a major job and revenue generator. View article…

Best Buy plans to close 50 stores Best Buy announced Thursday it plans to close 50 big-box stores nationwide and open more of its smaller format stores. There is no word from the company yet if any of the 10 Phoenix-area Best Buy stores will close. Best Buy says the closings will happen in fiscal 2013. View article…

Signs point to WinCo Foods opening Mesa location WinCo Foods, an employee-owned retail grocer, is apparently opening one of its big-box, discount operations in the former Costco Wholesale Corp. outlet near Power Road and U.S. 60. WinCo has not formally announced its acquisition of the site, but the company’s application for a liquor license at the address was approved recently by the Mesa City Council, and a WinCo sign is on the property. View article…

Scottsdale sales-tax collections up 7.5% in ’11 Scottsdale’s economy rebounded in 2011 with healthy increases in spending for cars, construction and the vital tourism industry. Scottsdale’s sales-tax collections totaled about $133.8 million last year, up 7.5 percent from 2010, according to figures released by the city. View article…

Arizona adds 28,000 jobs in February Arizona’s economy added 27,900 jobs in February, with just over half of the job gains coming from the government sector, according to new job figures released today by the Arizona Department of Administration. The bulk of the private sector hiring came from the tourism sector and in administrative support positions. View article…

HOUSING:
CoreLogic: Arizona foreclosure picture brightens The number of home foreclosures in Arizona is falling, but the state is still ranked in the top five for the highest number of foreclosures in the past year, according to CoreLogic. The national real estate research firm found in its latest report that Arizona ranked fourth for home foreclosures with 62,607 completed between February of 2011 and the same month this year. View article…

CoreLogic: Number of Completed Foreclosures Down for February The number of completed foreclosures in February 2012 was down on a monthly basis and slightly on a year-over-year comparison, but overall, foreclosure inventory has decreased compared to a year ago, according to CoreLogic’s National Foreclosure report for February. View article…

CURRENT FOR SALE 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/Lease. 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…

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.