Daily News – October 2, 2009

Here are the news stories you might find interesting today:

To view the new Distressed Assets Investor Publication, click here. There are a couple good articles in this new publication. According to one of the articles, there is about $135 billion in commercial mortgages in default. There were references to “RTC 2.0.”

Hotels Have Few Bright Spots

PHOENIX-Lodging Conference recap: Some companies eye expansion even as capital remains in short supply.

Heitman Acquiring 49.9% Interest in Two Macerich Malls for $167.5M

Macerich (NYSE:MAC) and Chicago-based Heitman have entered into a joint venture on two of Macerich’s malls — Freehold Raceway Mall and Chandler Fashion Center. Under the terms of the deal, Macerich receives $167.5 million in net cash proceeds and Heitman…

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State predicts further job losses in 2010

Arizona will continue to lose jobs for probably another year, the state Department of Commerce predicted Thursday.

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No improvement seen for retail real estate

Store closings will continue to outpace openings and rents will persist in a downward spiral, driving some shopping centers into foreclosure as the Valley’s job market continues to shrink.

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Desert Schools opens new Walmart branch

Desert Schools Federal Credit Union on Saturday will open its latest branch inside a Glendale Walmart as it tries to diversify its client base and build business.

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Coyotes to stay put; Canadian’s bid tossed

Judge’s decision freezes out Jim Balsillie, gives the NHL a second shot at buying the Coyotes.

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Goodyear considers scaling down City Center project

Sagging property-tax collections mean Goodyear can’t afford a new city hall for several years, though a developer tried to convince city leaders to build it now. The first phase of the City Center project calls for a four-story, 109,000-square-foot city hall and a single-level, 30,000-square-foot library that Goodyear hoped to open as early as 2011. But falling property values will put the proposed city hall on hold with the opening delayed until fiscal 2016-17

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Economic outlook growing rosier

The recession is probably technically over, but Arizona’s oversupply of homes and commercial buildings, and its anemic population and job growth will slow its recovery, economists said Wednesday.

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