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Daily News for Commercial Real Estate & Business – October 10, 2012

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

Boulevard at Surprise Point Purchased by Cire Partners of La Jolla for $17.5M The Boulevard at Surprise Pointe, formerly known as “Shoppes at Surprise” is the 35-acre retail portion of “Surprise Pointe” a 290-acre master-planned commercial business park. This acquisition comprises a 141,507 SF Lifestyle Retail Center built in 2008 and six vacant land parcels totaling 9.07 acres. The acquired portion sums to 29.82 acres zoned PAD and is planned for 201,223 SF of retail. Cire Partners has acquired all of the project except “Lot 7” a 1.32 AC vacant lot planned for “TCF BANK” PAD and “Lot 12” a 55K SF bowling alley “Uptown Alley” on 5.54 AC. View article…

KB Homes Purchases 56 Finished Lots in Cooley Station at $58,300 Per Lot Entities formed by Irvine, CA-based Dolphin Partners and local Quantum Capital sold a total of 56 finished lots in Cooley Station for $3,264,800. The transaction was split in two sales:

  • 15 Lots for $874,500
  • 41 Lots for $2,390,300

KB Homes acquired the lots per a prior purchase agreement dated July 26th, 2012 and requested to transfer home plans at the City of Gilbert… View article…

Restoration Hardware to open new Scottsdale store Restoration Hardware has announced plans to opens its new home-furnishings store Nov. 9 at the Scottsdale Quarter. The Gallery at Scottsdale Quarter is similar to Restoration Hardware’s design galleries in San Francisco, Los Angeles, Houston and East Hampton, N.Y. It is on three levels with 30,000 square feet of space at the southwest edge of Scottsdale Quarter at Butherus Drive and Scottsdale Road. View article…

370-unit apartments proposed at major Arcadia intersection Developers are hoping to add a luxury apartment complex with as many as 370 units to the southwestern corner of Camelback Road and 44th Street. Kevin Ransil, Arizona regional partner for JLB Partners, says the Residences at Camelback will complement the Arcadia area offering a needed high-quality housing alternative that is close to amenities at a “dynamic and vibrant” intersection. View article…

Market Trend: Phoenix’s Office Vacancy Decreases to 20.1% The Phoenix Office market ended the third quarter 2012 with a vacancy rate of 20.1%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 440,359 square feet in the third quarter. That compares to positive 840,772 square feet in the second quarter 2012. Vacant sublease space decreased in the quarter, ending the quarter at 1,088,435 square feet. View article…

Passenger traffic, cargo flat at Phoenix Sky Harbor Airport Passenger traffic and freight volumes remain flat at Phoenix Sky Harbor International Airport – indicators of a tepid economy both in Arizona and nationwide. More than 103,000 fewer passengers have flown through Sky Harbor so far this year compared with 2011, according to August airport numbers released today by the city of Phoenix. View article…

Cash America buying 34 new stores in US Less than two weeks after announcing plans to slash its operations in Mexico, Cash America is adding new pawn shops in the U.S. The Fort Worth, Texas, company said Tuesday that it has signed two deals for 34 locations, in Tennessee, North Carolina, Kentucky and Arizona, for $68 million to $72 million. View article…

HOUSING:
Is the Industry Seeing Sunlight Break Through the Shadows? The shadow inventory that previously darkened industry outlook is beginning to fade. In fact, we may soon begin to see the sunlight on the horizon. In July shadow inventory – unlisted homes that are seriously delinquent, in foreclosure, or held as REOs – declined 10.2 percent year-over-year, falling to 2.3 million homes, according to CoreLogic’s Shadow Inventory Report released Tuesday. View article…

Arizona seeing far fewer homes in ‘shadow inventory’ Arizona posted the biggest drop in seriously delinquent home mortgages — which is the primary driver of shadow, or pending, inventory — of any other state in the nation this summer, according to a report released Tuesday by CoreLogic. View article…

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