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Daily News for Commercial Real Estate & Business – October 18, 2012

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

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PHOENIX INVESTOR ADDS TO PORTFOLIO WITH P.V. OFFICE PROJECT . . . PAYS ALMOST $27 MILLION Paradise Village Corporate Center Limited Partnership, formed by Daryl Burton of Presson Corp. in Phoenix, paid $26.985 million ($135.98 per foot) to acquire a 198,452-square-foot office project located at 4835 E. Cactus Road in Phoenix. The seller was CMLT 2008-LS-1 East Cactus Road LLC, a company managed by LNR Partners LLC in Miami, Fla. View article…

Val Vista Gardens Trades for $7.9M Mesa Housing Investors LLC sold the Val Vista Gardens at 3443 E. University Dr. in Mesa, AZ to Green Leaf Partners for $7.9 million, or about $82,000 per unit. Val Vista Gardens is a 96-unit boutique apartment community built in 1986. About 30 percent of the unit’s interiors were renovated in January 2011. The property includes two studios, 47 two-bedroom, and 47 one-bedroom apartments, totaling 82,616 square feet. The property was approximately 95 percent occupied at the time of sale. View article…

Scottsdale Medical Bldg Sells for $3.3M A Florida investor purchased the 11,083-square-foot medical office building at 2629 N. Scottsdale Rd. in Scottsdale, AZ from Arrowhead Health Office Properties LLC for $3.3 million, or about $298 per square foot. The property was constructed in 1975 and a 15-year, triple-net sale/leaseback deal commenced upon closing of the seven-month escrow period. The tenant is doing business as Arrowhead Health Family Practice. View article…

Phoenix Suns bulldozing old hotels next to US Airways Center The Phoenix Suns are demolishing two early 20th century brick motel buildings the team owns just west of US Airways Center in downtown Phoenix. Demolition crews were at work Wednesday morning tearing down the St. James and Madison Hotel buildings. Work crews said the demolition should be nearly complete today. View article…

Gilbert razes iconic Higley store Higley’s iconic store, once its post office and Gilbert’s oldest building, is no more. Early Monday, the town razed the two-story adobe-brick structure — built sometime between 1904-1910 — to make way for a modernized intersection at Higley and Williams Field roads and bring long-sought relief to some of the traffic problems in that area. View article…

Apollo Group gives more details on University of Phoenix campus closings Apollo Group Inc. (Nasdaq:APOL) isn’t ready to share publicly the addresses of the 115 campuses and learning centers that will be closing until all impacted students are notified. “We’re in the process of communicating with students,” said Alex Clark, spokesman for Apollo. View article…

Investors Stocking Up on Grocery-Anchored Centers Again After sales plummeted earlier this year, investors are once more slowly warming up to grocery-anchored shopping centers. Two major portfolio of properties changed hands this past week. Sales totals of neighborhood / community shopping centers topped $1.2 billion in every quarter of 2011, and surpassed $2 billion in each the third and fourth quarter of that year. Then sales of this type retail center plummeted to $600 million in the first quarter. View article…

HOUSING:
Valley fourth-cheapest place to buy a home Phoenix is now the fourth-most affordable city in the nation when it comes to buying a home, a study said. Economist Jim Rounds with Elliott D. Pollack and Company in Scottsdale said Valley homes remain affordable even though home prices have jumped by almost 30 percent in the past year, but he sees something on the horizon that causes him concern. View article…

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