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Daily News for Commercial Real Estate & Business – September 27, 2012

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

Weidner Residential Purchases Dobson Towne Center In Chandler DOBSON TOWNE CENTER – W. Dean Weidner of Weidner Residential has purchased the Dobson Towne Center apartment complex located at 1817 N Dobson Road, or the Southeast corner of Dobson and Warner Roads. The 240-unit 2-story project consists of 19-buildings built in 2000 on 15.72 acres zoned with a custom PAD. The units are currently 92% occupied and Weidner is managing the property. View article…

Spectrum Group Gets $19.2M Discounted Mortgage Secured by Arizona Retail Center Spectrum Group Management L.L.C., based in New York, has acquired a $19.2 million discounted mortgage secured by a first mortgage of an 111,000-sq.-ft. retail center in Fountain Hills, Ariz. “This purchase is our latest in a string of successful off-market transactions,” said Peter Locke, a principal at Spectrum. “Investment opportunities such as non-performing loans and recapitalizations in the middle market real estate space will continue to provide an investment pipeline over the next two to three years.” View article…

Biltmore Fashion Park collective fully leased Biltmore Fashion Park’s local shopping collective is fully leased weeks ahead of its scheduled November opening. Fourteen new retailers have signed on to be part of the upscale shopping center’s Union area, which is comprised of locally owned shops. View article…

Vestar adds California shopping center to portfolio Vestar Development Co. has added a 475,000-square-foot upscale, open-air shopping center in Riverside, Calif. to its retail portfolio in a recent $84.8 million-cash deal with joint venture partner UBS Global Asset Management. View article…

California law firm specializing in personal injury sets up Phoenix office A California law firm that represents plaintiffs in medical negligence and personal injury cases as well as sexual abuse victims has opened a new office in Phoenix. Hodes Milman Liebeck Mosier LLP opened the office in downtown Phoenix. It is run by Phoenix managing partner Robert Mosier and attorney Robert Scott. View article…

HOUSING:
Arizona home prices not returning to peak until 2038 Arizona housing prices are not seen returning to their peak levels hit in about 2006 for another 26 years. CNNMoney reports Fiserv estimates it will be 2023 before the U.S. is caught up to those peak levels, but for Arizona it will be much longer. View article…

What Keeps Baby Boomers from Walking Away? As more and more baby boomers approach their golden years, many are finding themselves having to make a choice they never imagined: Whether or not to walk away from their mortgages. YouWalkAway.com released the results of a client survey, revealing that the looming prospect of a fixed income is driving many older struggling homeowners to strategically default while they still have something left. View article…

Radar Logic: Home Prices Hit Peak in July, Distressed Sales Plunge Home prices have hit their peak for the year, and the price increases seen earlier this year are slowing down, according to the latest data from Radar Logic. The firm’s composite price index posted a 1.3 percent price increase from June 19 to July 19. While the index is 3.8 percent higher than the same month last year, on a monthly basis, the increase is the smallest reported in the past three months. View article…

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