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

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

ACCOR North America Exercises Purchase Option on Six Phoenix-Area Hotels Gregg Toon, Treasurer of ACCOR North America, has exercised a purchase option on six Phoenix-area hotels currently leased and operated by Motel 6. The sale is the Arizona portion of a broader disposition by the Herrick Company including 38 similar hotel properties in California, Illinois, Indiana, New Mexico, New York and Oregon, 23 retail bank branches in Indiana and Kentucky, 27 distribution centers, a corporate headquarters in Illinois and an 181k ft2 hospital in Indiana. The sale price for this portfolio is reported by the Herrick Company to be in excess of $550m, of which the Maricopa county portion accounts for roughly $35.28m. View article…

Sutter’s Mill Specialties Leases 47,000-SF Liberty Tech Center Sutter’s Mill Specialties, Inc. signed a lease for the entire 46,725-square-foot Liberty Tech Center at 921 S. Park Ln. in Tempe, AZ. Sutter’s Mill has been in Tempe for the past 22 years, and wanted to stay in the area. The company had been in a 30,000-square-foot facility on Fairmont. The tenant is currently remodeling its new space, and will move in when the TI’s are completed around November 1st on a 10-year lease. View article…

Highland Plaza Tutor Time Sells for $2.2M Guadalupe Ventures LLC sold the 9,981-square-foot Highland Plaza Tutor Time for $2.25 million, or about $225 per square foot, from Highland Plaza LLC. The property is located at 3901 E. Guadalupe Rd. in Gilbert, AZ. The investment property is currently occupied by Tutor Time on a triple-net lease for the next 10 years. View article…

SunGard expands Scottsdale data center SunGard Availability Services is expanding data center space at its Scottsdale location as demand for its services continues to grow. Wayne, Pa-based SunGard added 7,400 square feet to its raised-floor space, expanding on what was 16,000 square feet of space at the Scottsdale location. The complex has 100,000 square feet in total, with much dedicated to backup power and office space, officials said. View article…

Land Buy Makes Way for Estrella Logistics Center Project Jones Lang LaSalle reports it has brokered a 38-acre land sale in this city’s southwest valley that will facilitate the start of construction of approximately 600,000 square feet of spec industrial. The buyers of the site, located at the northeast corner of 63rd Avenue and Sherman Way here, are a joint venture of Seefried Industrial Properties of Atlanta and USAA Real Estate Co. of San Antonio. View article…

Chandler getting 2nd KatyBug Faye Boutique A women’s boutique, KatyBug Faye Boutique and Trunk Show, will open a second shop, in Casa Paloma, at 56th Street and Ray Road. Doors open at 10 a.m. on Friday, and the first 50 shoppers will receive a $10 gift card to use that day. Throughout the weekend, the boutique, 7131 W. Ray Road, Suite 39, in Chandler, will offer raffle giveaways and special promotions. View article…

Flashback Antiques to take over Gallery 225 site in Gilbert The space that used to be Gallery 225 in the Downtown Gilbert Heritage District likely will become an antiques store called Flashback Antiques. At the end of July, Mary Ellen Fresquez, who owns the building space, closed the fine art and craft gallery she operated for less than three years because it wasn’t economically viable. View article…

HOUSING:
Home Prices Up Yearly, Inventory Down Nearly 30%: RE/MAX Home prices skimmed close to the bottom during July this year but climbed 6.3 percent year-over-year by August, according to RE/MAX. The real estate company revealed in its latest National Housing Report that median home prices ticked up from last year over the last seven straight months. View article…

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