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

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

Bell West Ranch Sold for $4.3M Bell West Ranch in Surprise, AZ sold for $4.34 million, or about $127 per square foot, to Pacific West Land. The seller was Bell West Ranch Shops, LLC. The property consists of two retail buildings built in 2004. 16824 W. Bell Rd. is a 7,000-square-foot, single-tenant building occupied by O’Reilly Auto Parts. 16846 W. Bell Rd. is a 27,225-square-foot, multi-tenant retail building that is currently 87 percent occupied. View article…

California Investor Buys Chandler Office For $7.4M Mammoth Equities Property Management Group, Inc. sold the office building located at 1490 S. Price Rd. in Chandler, AZ to Global CRES for $7.4 million, or approximately $111 per square-foot. The property was sold through a Chapter 11 Bankruptcy. Built in 2008 and situated on a four-acre parcel, the 67,248-square-foot, multi-tenant building was 65 percent occupied at time of sale. View article…

Scottsdale Industrial Sells for $3.9M Kootenay Holdings Ltd. has purchased the industrial building at 8355 E. Butherus Dr. in Scottsdale, AZ from Butherus LLC for $3.9 million, or about $112 per square foot. The 34,921-square-foot Airpark Homecenter Phase II was constructed in 1997 in Maricopa County. The property was 92 percent occupied at the time of sale. View article…

Mesa Royale Sells for $9.7M Hamilton Zanze & Company acquired the Mesa Royale apartments at 1825 N. Stapley Dr. in Mesa, AZ for $9.725 million, or about $64,000 per unit. The transaction included assumed financing of $4.96 million. Built in 1985 and renovated in 2008, the property consists of 152 units totaling 116,940 square feet situated on 3.8 acres. View article…

Chandler parcel on edge of downtown raises revitalization hopes A 7-acre parcel on the southern edge of downtown Chandler has been put on the market, pleasing Chandler officials who say they have long wanted to spruce up that area. The site is south of Frye Road between Washington and Delaware, just south of the Municipal Court, which is on the northern side of Frye. It is earmarked for high-density residential, 18 to 40 units per acre, and the city would entertain proposals for higher density, said Teri Killgore, Chandler’s downtown redevelopment manager. View article…

Arizona to gain public company with Heckmann’s move to Scottsdale In the span of two days, Arizona appears to have lost one public company and gained another. Medicis Pharmaceutical Corp. (NYSE:MRX) announced Monday that it was being purchased by Montreal-based Valeant Pharmaceuticals International Inc. (NYSE:VRX) for $2.6 billion. That move is likely to result in local layoffs, and Medicis founder Jonah Shacknai could be on his way out the door. View article…

Westminster College gains approval for Mesa campus Fulton, Mo.-based Westminster College has received approval to begin operating in Arizona. The Arizona State Board for Private Secondary Education has granted a state license to the college to open a second campus in Mesa. This will allow Westminster College to begin recruiting students and advertising its programs, said Dr. Bob Seelinger, vice president and dean of the Mesa campus. View article…

Officials unveil signs to go on north Phoenix light-rail extension route Mayor Greg Stanton calls the revived 3.2-mile extension of Metro light rail into north Phoenix a sign of the rebounding economy. Now those driving along the route will have their own signs that change is coming. On Thursday, Stanton and other officials unveiled signs going up along North 19th Avenue to West Dunlap Avenue saying “Future Light Rail Route.” View article…

Phoenix falls out of Top 10 U.S. travel destinations For the first time since 2009, the Phoenix/Scottsdale area is not among the top 10 U.S. destinations in the Fall Travel Trends survey conducted by Travel Leaders Group. Only 7.7 percent of travel agents, agency owners and managers surveyed included Phoenix/Scottsdale on their top five list of destinations, placing the region in a tie for No. 19 with Miami/Miami Beach. View article…

HOUSING:
New home building in Valley shows signs of life’
New home builders are showing “signs of life” in Arizona, especially in the East Valley, one economic expert says. But it still may be a while before the state returns to “normal levels.” “Home building, similar to job growth, may be up somewhat, but continues to be far below normal,’ and therefore, the best observation we can make is that home construction is showing signs of life,” research professor Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at the W. P. Carey School of Business at Arizona State University, said. View article…

Phoenix home prices up 20 percent from year ago to lead nation Phoenix-area home prices in July were up 19.9 percent from a year earlier, easily the largest percentage gain among major U.S. cities, according to a CoreLogic report released today. Arizona was also the leader by far among the states in July home price gains, with a 16.6 percent increase from July 2011. View article…

July Home Prices See Biggest Yearly Increase Since 2006: CoreLogic Home prices in July saw the biggest nationwide year-over-year increase since August 2006, CoreLogic reported Tuesday. According to the company’s July Home Price Index (HPI), home prices-including distressed sales-increased year-over-year by 3.8 percent in July. On a month-over-month basis, prices increased 1.3 percent from June. View article…

Check out the Market Reports section of my webpage! The market reports that I review on a regular basis will be archived here. I would like to know your feedback after looking at the page. Send feedback by click here…

CURRENT FOR SALE OPPORTUNITIES:
Former SunTykes Property in Tempe Arizona (IN ESCROW) – Owner/User Opportunity. For more information, click here…

Freestanding Auto in Mesa, Arizona – Owner/User Opportunity. For more information, click here…

+/- 43,000 SF Leased Industrial Building in Southern Gardens – Single Tenant Investment opportunity. For more information, click here…

1 Industrial Condos in Bahia Business Park (UNIT 104-SOLD – 105 Still available) Owner/User opportunity to purchase 1 industrial condos. For more information, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…

6677 W Thunderbird – BANK OWNED – Grey shell office condo in Glendale. For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…

3.64 Acres of Land – BANK OWNED – Infill Development opportunity in Surprise. For a brochure, click here…

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.