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Daily News for Commercial Real Estate & Business – September 24, 2012

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

VEDURA RESIDENTIAL DEVELOPING APARTMENTS AT CENTRAL AND HIGHLAND Vedura Residential in Scottsdale (Bruce Hart, Paul Fannin, principals) is working on plans to develop a multi-family apartment complex at the southwest corner of Central and Highland avenues in Phoenix. The property is across the street from the Brophy College Preparatory campus and the St. Francis Xavier church and grade school. The 4.23-acre apartment site is owned by Central Highland L.P., a limited partnership formed by Sunbelt Holdings Inc. in Scottsdale (John Graham, pres.). View article…

P.B. BELL DEVELOPING 194-UNIT APARTMENT COMPLEX IN CHANDLER A company formed by P.B. Bell Cos. in Scottsdale (Phil Bell, Chapin Bell, principals) plans to develop a 194-unit apartment complex at the southeast corner of Dobson and Germann roads in Chandler. Stonefield Luxury Apartment Investors LLC (the P.B. Bell entity) paid $2.2 million in cash for the 10.8-acre site. The seller was FNBN Dobson & Germann LLC, a company formed by Sorenson Group Management LLC in Salt Lake City, Utah (James Sorenson, principal). View article…

D.R. Horton Purchases Distressed Lots and Spec in Hurley Ranch for $2.15M D.R. Horton purchased 70 Finished Lots measuring 45′ x 110′ plus an additional 5 speculative homes for $2,150,000. Two of the seventy lots are at foundation, though the buyer indicated that these improvements would be demolished. The five speculative homes were built between 2007 to 2008 and average 2,100 SF. No value per front foot is provided given the inclusion of improved speculative homes. View article…

Fresh to Phoenix, Gehan Homes Buys 49 Lots in Vistancia for $3.969M or $81K/Lot Randy Hearne (CFO) represented Stratford Land in the sale of 49 partially improved lots within Vistancia to Texas-based Gehan Homes for $3.969M or $1,350 per front foot. The sale is per a prior purchase agreement between the buyer and seller dated 7/11/12. The lots are within the Vistancia Village A Parcel G2 subdivision, which is planned for a total of 101 lots on 35.12 acres, a density of 2.87 lots per acre. View article…

Scuba store and training center comes to Peoria A new scuba retail and training center is hoping to make a splash in the Phoenix area. Scuba Pros of Arizona will open Sept. 22 at 9299 W. Olive Ave. Suite 816 in Peoria and will host a grand opening celebration from 10 a.m. to 6 p.m. View article…

Community colleges get $13.5M for Sun Corridor energy education project There are a lot of things the Sun Corridor needs, and an educated workforce is close — if not at the top — of that list. The Sun Corridor, for those uninitiated, is the amalgamation of the largest metro areas in the state. It runs from Nogales at the south end through Tucson and Phoenix to Prescott on the north end. View article…

Arizona to keep adding jobs for rest of decade State economists say Arizona will continue to add jobs for the balance of the decade. But for a lot of them, the main qualification may be the ability to say, “May I help you?” The projection comes from the state Department of Administration as it announced Arizona added about 9,000 private sector jobs between July and August. But that wasn’t enough to move the seasonally adjusted unemployment rate needle off of 8.3 percent. View article…

HOUSING:
Home Prices Continue Upward Trend in July: FNC The picture gets rosier for housing as home prices continue their climb back to the top. One recent price index puts the July increase for prices at 0.9 percent, with prices achieving their first sustained recovery on a year-over-year basis since the market went bust in 2007. View article…

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