Daily News for Commercial Real Estate & Business – August 26, 2011

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

HSL PROPERTIES ADDS TO APARTMENT HOLDINGS . . . PAYS $25.5 MILLION FOR 271 UNITS HSL Encantada Apartments LLC, a company formed by HSL Properties Inc. in Tucson (Humberto Lopez, principal), paid $25.5 million ($94,096 per unit) to buy the 271-unit Encantada apartments at 10741 W. El Cortez Place in Peoria. The seller was Redus Arizona LLC, a company formed by Wells Fargo Bank. View article...

VENTURE BUILDING 224 UPSCALE APARTMENTS AT DC RANCH IN SCOTTSDALE HCW LLC in Branson, Mo. (Rick Huffman, Sam Cantanese, managers) and Deco Communities LLC in Scottsdale (Rob Lyles, Patricia Watts, Dan Richards, principals) are teaming up to build a 224-unit apartment complex within the DC Ranch community in Scottsdale. DCR Land LLC, the HCW/Deco venture, paid just over $5.448 million to acquire the 9.82-acre site. The seller was Enterprise Bank & Trust. View article...

Phoenix apartment complex sells for $42 million Papago Multi Venture LLC has purchased the Residences of FortyTwo 25, an apartment complex at 4225 E. McDowell Road in Phoenix, for $42 million. The 375-unit complex was built in 2009 by San Antonio-based Embrey Partners Ltd. and equity partner the Tuckerman Group in Chicago. They were the sellers. View article...

Transwestern lands big leases with Apria Healthcare, DirecTV Transwestern announced two large leases in the Phoenix area, one to Apria Healthcare Inc. and the other to DirecTV. Apria is leasing about 20,200 square feet at Papago Spectrum, 1225 W. Washington St. in Tempe. Apria will use the space for an expansion of its administrative support team. There was no word on how many more employees will be hired. View article...

CIGNA Readies for 95,000-SF Development Clarius Partners LLC is ready to begin clean-up and construction of an infill parcel of land that was once the site of a failed residential project. The Chicago-based developer is ready to clean up and commence construction on a 95,000-square-foot LEED-certified building for Cigna Medical Group, the group practice division of Cigna HealthCare of Arizona. View article...

DT Welcomes Power-One and DIRTT! The Discovery Triangle continues to build its community of green companies. Two new arrivals to our region are Power-One, based in Camarillo, Calif., and DIRTT Environmental Solutions of Calgary, Alberta. Power-One is known for making the inverters that convert solar and wind energy into raw electricity. The company formally opened a site in a 120,000-square-foot property near 32nd Street and University Drive with the goal of hiring 350 people. View article...

Buckeye, water district seek motorsports complex developer Buckeye and its local water conservation district are working to transform 60 acres of floodplain south of downtown into a motorsports complex for BMX, ATV and motorcycle riding and racing. While the project is not funded, the Town Council recently agreed to lease 34 acres of land for $1 per year for two years to help lure investors. View article...

Payless, Stride Rite to close 475 stores The parent company of Payless and Stride Rite shoe stores is planning to close 475 of its more than 4,000 stores and will consider putting itself up for sale, the company announced Wednesday. Collective Brands Inc. operates 54 Payless ShoeSource stores in the Phoenix area, in addition to four Stride Rite stores. View article...

Alliance pushing for rail system in West The Golden Triangle is a vision of a high-speed rail system that moves passengers at 150 to 220 miles per hour between major stops in Phoenix, Los Angeles and Las Vegas. The vision expands beyond the triangle to a route between Las Vegas and Salt Lake City and routes branching from Salt Lake City east to Denver and west to Reno. The dream of the Western High-Speed Rail Alliance came about after a map created by the federal government showing high-speed rail routes left out the Southwest and Rocky Mountain region. View article...

List of FDIC's 'problem banks' shrinks for first time in 5 years The number of institutions on Federal Deposit Insurance Corp.'s "Problem List" fell for the first time in nearly five years. The number of problem institutions declined from 888 to 865 in the second-quarter, according to government data. 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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