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Daily News for Commercial Real Estate & Business – October 19, 2012

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

Archway Holdings buys Glendale medical offices for $20M Arrowhead Health Center, formerly known as Arrowhead Orchards, has been sold to Archway Holdings Corp. for $20 million. Beverly Hills, Calif.-based Archway purchased the 103,216-square-foot, two-building complex from Ventas Real Estate Investment Trust as it looked to expand its portfolio in Arizona. View article…

Lincoln Property Sells 82,000-SF Industrial Property Lincoln Property Co., operating under the joint venture entity name of Columbia Arizona Washington IV Industrial LLC, sold an 82,368-square-foot industrial property. Boston-basedCabot Properties Inc., operating under the name Cabot III-AZW02 LLC, paid $5.8 million for the property, which is 100% leased to Flexpak Corp. The industrial property at 3720 W. Washington St. was built in 1996. View article…

Best Western Metro Center Inn Trades for $4.2M A private investor has purchased the 147-room Best Western Metro Center Inn at 8101 N. Black Canyon Hwy in Phoenix, AZ for $4.15 million, or approximately $28,000 per room. The property was built in 1986, and lies in the Northwest Phoenix submarket of Maricopa County. The property includes an outdoor swimming pool, spa and 4,000 square feet of meeting space. View article…

Summit Hotel Properties REIT Purchases Hyatt Portfolio The Summit Hotel Properties REIT has purchased a Hyatt Group portfolio of eight Hyatt branded hotels for $87,400,000. The eight properties consist of 1,043 keys in five states, including two in Maricopa County. The two Arizona properties are 127 keys each, and located in Old Town Scottsdale and North Phoenix. View article…

Tempe Industrial Sells for $1.8M Private investors have purchased the industrial building at 941 S. Park Ln. in Tempe, AZ from Morrison Products, Inc. for $1.83 million, or about $48 per square foot. The 33,000-square-foot Northwest Industrial property was constructed in 1977. The buyer is owner of McCardon and other technology companies, as well as Angel-Entrepreneurs for youth business education. They will owner-occupy the warehouse property. View article…

SUNRISE LUXURY LIVING TO DEVELOP 392-UNIT APARTMENT COMPLEX IN CHANDLER Sunrise Luxury Living in Houston, Tex. (Jim Hinton, man. principal) has agreed to buy a 22.3-acre parcel in Chandler to develop a 392-unit apartment project called The Enclave. The multi-family site is at the southeast corner of Arizona Avenue and Chandler Heights Road. Sunrise Luxury Living is purchasing the property from Sedona 43 LLC in Phoenix (Wayne Howard,Michael Lieb, principals). The $3.98 million deal is scheduled to close this week. The seller acquired the Chandler land in July 2010 for $1.45 million. View article…

Big Lots continues Arizona expansion with more stores slated Closeout retailer Big Lots opened its 23rd store in the Phoenix area today. The new store is at 4727 E. Bell Road in Phoenix. As part of the opening, Big Lots donated $2,500 to Whispering Wind Academy in Phoenix. View article…

One-quarter of Phoenix office space empty; picture better for industrial, retail One-quarter of the office space in the Phoenix metro area is vacant as stagnant job growth slows the improvement of the commercial real estate market and the overall economy. The Valley’s office vacancy rate came in at 24.9 percent for the third quarter, according to a new report by the CBRE Inc. real estate firm. View article…

Phoenix tops 200,000 health care jobs The Phoenix metro area has more than 200,000 health care jobs, ranking it 15th in the country. However, the average pay for those jobs barely cracks the top 40. New research from On Numbers finds the Phoenix area had 202,118 jobs in the health care field as of 2010, the most recent year for which data is available. Only 14 metro areas had more. View article…

ADOT holding public meeting about possible Phoenix to Las Vegas interstate The Arizona Department of Transportation is asking for the public’s opinion on a possible interstate that would make it easier for Valley residents to travel to Sin City. On Tuesday, October 23 a public meeting will take place to discuss a proposed Interstate-11 that would connect Phoenix and Las Vegas. View article…

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