Daily News – August 26, 2009

Here are the news stories you might find interesting today:

Valley’s commercial real-estate crisis to worsen

The Valley’s commercial real-estate crisis isn’t just about buildings, it’s about everything and everyone inside. The impact isn’t as easy to see as the fallout from the home-mortgage mess, with its sea of empty homes and for-sale signs, but it’s likely to become more noticeable to Valley consumers as the commercial crisis worsens this year, predicts Scottsdale consultant Robert Kline

Case-Shiller Index: Phoenix home prices rise

Annual home price declines in Phoenix continue to be among the worst in the nation, but home prices rose 1.1 percent in the second quarter.

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CB Richard Ellis restructures debt

CB Richard Ellis Group Inc. has reached an agreement to restructure $994 million in debt. (CBG)

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Balsillie: Still time for Coyotes move to Canada for 2009-10 season

Canadian billionaire Jim Balsillie reiterated his desire to buy the Phoenix Coyotes hockey team and move it to Hamilton, Ontario, this season, in a recent U.S. Bankruptcy Court filing.

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NHL makes its own bid for Phoenix Coyotes

The National Hockey League has submitted its own bid to buy the Phoenix Coyotes as the league tries to keep the hockey team in Arizona.

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1,183-Unit Portfolio in Trouble

PEORIA, AZ-KeyBank Holdings initiates foreclosure against four class A complexes, totaling 1,183 units, belonging to Gray Development.

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Business bankruptcies up 64%

More than 30,000 businesses filed for bankruptcy protection in the first half of 2009, a 64 percent increase from the same period a year earlier.

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Biomedical building earns gold LEED

Arizona Biomedical Collaborative No. 1 has received a gold certification from the U.S. Green Building Council’s Leadership in Energy and Environmental Design program.

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Sonoma Bank closing doors Friday

Sonoma Bank has ceased lending and will close its doors Aug. 28, ending a nearly 17-year run in the Phoenix market.

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Each day I sort through various industry publications and local news sources and narrow down the top local articles that matter to commercial real estate owners and business owners.

Please feel free to contact me regarding these stories, the current market, distressed opportunities or your property.

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