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Daily News for Commercial Real Estate & Business – October 5, 2012

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

INVESTORS ACQUIRE DEER VALLEY FLEX PROJECT FOR $19+ MILLION Intravest 2851 Kathleen LLC in Glendale, a company formed by Valley investors Thomas Roskos, Jr. and Mason Cave paid $19.059 million ($185.04 per foot) to purchase a 102,996-square-foot flex-office project at 2851 W. Kathleen Road in Phoenix. The seller was JVK Holdings LLC in Phoenix (John Kucera, Vianne Kucera, principals). View article…

COLRICH SPENDS $27.2 MILLION FOR 310-UNIT AHWATUKEE APARTMENTS CH Ahwatukee Fairways Communities LLC, a company formed by ColRich in San Diego, Calif. (Danny Gabriel, principal), paid $27.2 million ($87,742 per unit) to buy the 310-unit Broadstone Ahwatukee Fairways apartments at 13220 S. 48th Street in the Ahwatukee area of Phoenix. The seller was Broadstone Fairway Crossings LLC, a venture formed by AEW Capital Management in Boston, Mass., and Alliance Residential Co. in Phoenix (Bruce Ward, Bob Hutt, Jay Hiemenz, et al., principals). View article…

$6M school for homeless breaks ground by airport Eighth-grade student Kassandra Ruiz can’t wait to use her school’s new gymnasium. It won’t just be a better place for sports teams and dance teams to practice: For the aspiring attorney, it’s a symbol of better things to come. “We actually know someone cares for us and is willing to take the time to help us be successful in life,” the 13-year-old said. View article…

Douglas Allred Co. expands speculative office project in Chandler San Diego-based Douglas Allred Co. recently broke ground on a speculative office building in the same Chandler development where construction of the new Infusionsoft facility is slated to wrap up by year-end, according to a statement this week by CBRE Inc. in Phoenix. The roughly 69,000-square-foot facility broke ground in August and is the latest addition to the Allred Park Place project in the Price Road Corridor, which has become a hub for technology firms such as Intel Corp. and eBay. View article…

Pep Boys to open first Phoenix-area Speed Shop concept Auto parts retailer Pep Boys will open its first Phoenix-area Speed Shop this weekend, a store-within-a-store concept that caters to auto enthusiasts. The store will open at 10 a.m. Oct. 6 inside the Pep Boys Supercenter in north Phoenix at 2754 E. Bell Road. View article…

Gilbert Planning Commission says no to McDonald’s Amid resolute opposition from neighbors, the Gilbert Planning Commission on Wednesday blocked plans for a 24-hour McDonald’s drive-through restaurant in south Gilbert, citing concerns over traffic safety and noise pollution. A similarly controversial banquet hall in the north part of town, however, won approval after a lengthy debate and numerous speeches. View article…

Construction employment in Phoenix hits 4-year high Metro Phoenix’s construction industry reached a milestone in August. Adding the third-highest number of new jobs of any metropolitan area in the nation, the region pushed the size of its local workforce to a four-year high, according to an analysis released Thursday by the Associated General Contractors of America. View article…

HOUSING:
Phoenix home foreclosure rate falls, but totals remain high Although the Phoenix-area foreclosure rate has been consistently falling in recent months, the Valley still has some of the highest foreclosure totals in the country. The latest housing report released Thursday by CoreLogic Inc. finds that Phoenix’s foreclosure rate — meaning the percentage of homes undergoing some stage of the foreclosure process out of all mortgaged homes within a designated area — was 2 percent in August. View article…

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