Daily News for Commercial Real Estate & Business – April 5, 2010

Here are the news stories you might find interesting today regarding commercial real estate and business:

SOUTHWEST VALUE PARTNERS VENTURE SPENDS $27.65 MILLION FOR 4,508 ACRES AT MERRILL RANCH Pinal County - Companies formed by Southwest Value Partners in San Diego, Calif. (Robert Sarver, Mark Schlossberg, partners). paid just over $27.65 million to buy 4,508 acres in a planned community in the Florence area of Pinal County called Merrill Ranch. The seller was a consortium of lenders, including Merchants and Farmers Bank in Greene County, Ala. View article...

RICHMOND AMERICAN PAYS $8.96 MILLION FOR 112 LOTS AT MORRISON RANCH IN GILBERT Gilbert - Richmond American Homes of Arizona Inc. in Phoenix (Todd Demarets, div. pres.) paid $8.96 million to acquire 112 finished lots within the Morrison Ranch community in Gilbert. That project is located at the southwest corner of Recker Road and Morrison Ranch Parkway. The seller was Stark Lake View Land Corp. in St. Francis, Wis. (Brian Stark, pres.). View article...

Skincare Company Inks Deal for 216,845 SF PHOENIX-philosophy, Inc., a local skincare and beauty company, has leased 216,845 square feet at 6913 West Buckeye Rd. in the Buckeye Logistics Center to expand its distribution capabilities. View article...

Mesa Walgreens Sells for $1.9 Million The Walgreens at 755 E. Main St. in Mesa, AZ sold for $1.9 million, or $122 per square foot, in a sale between private investors. The 15,525-square-foot retail building was built in 1995. Walgreens occupies the single tenant property and has five years remaining on a 20-year lease. At the time of sale, the Cap rate was 12.61 percent. View article...

Cedar Court Apts. Sells for $4.6 Million Private investors acquired the Cedar Court Apartments at 5215 W. Peoria Ave. in Glendale, AZ, from WH Pingree Co. for $4.6 million, or about $39,655 per unit. The multifamily complex has a square footage of 77,408 and a total of 116 units. There are 80 one-bedroom units and 36 two-bedroom units. At the time of sale, the occupancy was at 83 percent and sold at a capitalization rate of 9.06 percent. View article...

Chandler possible site for online university The owners of an online university are trying to create a new for-profit school in Chandler that also would offer classes online and may eventually hold classes in person. Camelback Education Group is trying to raise money from private investors for the venture, which it is calling Chandler University. If successful, organizers will not reveal amounts of money they receive from individuals because they plan to register the private placement with the U.S. Securities and Exchange Commission. View article...

KRAUS-ANDERSON COMPLETES 1ST BUREAU OF INDIAN AFFAIRS PROJECT IN S. ARIZONA SELLS, ARIZ. - Kraus-Anderson Construction Co. has completed the $2.5 million San Simon Elementary School renovation/upgrade project near Sells, west of Tucson. The 38,867-square-foot San Simon School serves American Indian students from kindergarten through 8th grade in the Indian Oasis-Baboquivari Unified District. Construction on the project began on December 14, 2009. View article...

Remnant opens health facility in Chandler Remnant Health Center opened a 3,400 square-foot facility thisweek in Chandler that specializes in wellness and health prevention using a combination of traditional and natural medicine. View article...

Valle del Sol opens Avondale behavioral-health office The non-profit Valle del Sol has opened its first West Valley office in Avondale to provide adults behavioral-health services. The Maricopa County organization held a grand opening last week, though the Avondale office has been open since February at 10320 W. McDowell Road. View article...

16-story court-tower effort on schedule, under budget Construction crews are close to topping out the 16-story court tower near First Avenue and Madison Street in downtown Phoenix. Despite all the politicking and failed legal fights over the project, drywall is going up and the last steel beam is scheduled to be placed later this month. View article...

Payday loan lenders seek late compromise Unable to keep payday loans legal in Arizona, lenders are making a last-ditch plea to get lawmakers to approve an alternate plan to keep them in business beyond June 30. Legislation set for debate Wednesday would alter existing laws on consumer loans to let lenders charge an origination fee of up to 7.5 percent for loans up to $1,000. That is 2.5 points higher than current law. View article...

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

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