Here are the news stories you might find interesting today:
Scorpion Bay Marina on track to grand opening
Gaylord flashes caution signs on Mesa project
Public REITs ready to dominate commercial property
With their ready access to equity and debt from the public capital markets, publicly traded REITs are in a uniquely strong position to buy assets from overleveraged private real estate funds. Just this month, REITs raised $2 billion of unsecured debt, and this year they have brought in billions in fresh equity from the public markets
Smaller banks face pressures on CRE loans
Regional and community banks — already hit hard by the collapse of the residential real estate market — are being threatened by bad commercial real estate loans. “Across the board, if you look at the fraction of loans that have stopped paying, you’ll see there’s a huge spike,” said Amiyatosh Purnanandam, finance professor at the University of Michigan’s Ross School of Business. The smaller banks are being especially hurt by construction loans
Arizona getting $34M for affordable housing
| Arizona is getting $34 million in federal stimulus money for affordable housing projects. |
New home sales jump in July
| Sales of new homes rose 9.6 percent from June to July, according to the U.S. Commerce Department, to an annual pace of 433,000. |
Pink Pony ends 61-year run
| Long-time Scottsdale restaurant The Pink Pony has closed its doors. |
Baer Brake Systems moving north
| Manufacturer Baer Brake Systems will move from its current location near 31st Avenue and Thomas Road in west Phoenix to a 60,300-square-foot industrial space at 2222 W. Peoria Ave. |
Report: 10,000 stores could close by year-end
| As many as 10,000 stores are expected to close by the end of this year, according to a retail report released Tuesday. |
Multivista covers all the angles on construction
| Multivista FS LLC has created an imaged-based construction tracking system that it believes could save millions of dollars for contractors and property owners. Several Phoenix public and private developers are taking advantage of the tracking technology, which can be accessed on the Internet. A number of federal construction jobs in other states also are using the system. |
McDowell Mountain Business Park Flex Sells
| Wright Brothers Investments II LLC sold 16601 N. 91st St. in Scottsdale, AZ, to Caliber Commercial. The 34,757-square-foot flex building was constructed in 2004 in the McDowell Mountain Business Park. It features 25,593 square feet of office space… |
Lease Cancellations: Bashas’ Lease Cancellations Surface
| On July 12, Bashas’ Inc. filed Chapter 11 with the District Court of Arizona. At the time of the filing, America’s 15th-largest privately held supermarket chain said it would close 10 stores by July 21. The company is now asking courts for permission… |
Arizona’s credit rating downgraded to negative
| A credit watch placed on Arizona because of its budget mess is going to cost taxpayers more money. |
High-tech Chandler leading economic recovery
| Intel is “making rumblings” about bringing new technologies from Oregon to Chandler. Orbital Sciences takes possession of its 82,000-square-foot expansion next week. The city issued 56 new housing permits in the last two weeks, and several significant solar companies are eyeing property. |
Target in upscale Chandler shopping center to close
The Target store on the northwestern corner of Alma School and Queen Creek roads is closing soon, leaving a large shopping center in an upscale part of Chandler with two vacant anchor spaces because the Bashas’ store in the same center is shutting down Oct. 10
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.
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