Here are the news stories you might find interesting today regarding commercial real estate and business:
To view this week’s Costar Watch List, click here. This week: With bank regulators getting ready to push banks to restructure troubled CRE loans and billions in debt coming up for refinancing, property owners are starting to look for deals; in our lead story, we look at how hotel operators are viewing the opportunities.
TAMCO Buys Phoenix Industrial Bldg. for $1.8M
| TAMCO USA Inc acquired the industrial building at 4777 N. 44th Ave. in Phoenix from South 40 Development for $1.8 million, or $90 per square-foot. The 20,000-square-foot industrial building was constructed in 2008 in the Grand Avenue Industrial submarket… |
Arizona leads nation in construction jobs lost
| Arizona continues to post record job losses in the construction sector, according to data released Wednesday by Associated General Contractors of America. |
Valley shows gain in financial confidence index
| Phoenicians are gradually gaining confidence in their financial security, despite a tough business climate and high unemployment figures here. |
Macerich lowers outlook, plans stock offering
| The parent company of Valley mall operator Westcor has lowered its earnings forecast for this year and is making a move to sell additional stock. (MAC) |
Geithner says main TARP programs will be shut down
Treasury Secretary Timothy Geithner says most of the important programs in the Troubled Asset Relief Program will be closed down. Instead, the Barack Obama administration will initiate “more targeted programs” in areas where credit needs support, Geithner said. He said the administration has not decided whether to continue TARP past its expiration at year’s end.
Sedona’s Picazzo’s Gourmet Pizza looking to expand
Sedona’s Picazzo’s Gourmet Pizza & Salads has opened its eighth Arizona restaurant at 11340 W, Bell Road in Surprise and is looking at opening additional locations in metro Phoenix.
Office vacancies continue to plague West Valley
Vacant office buildings continue to dot the West Valley, largely speculative buildings that opened as financial markets tanked. The region has the highest office vacancy rate in the Phoenix metro area, where the average vacancy rate was 24.2 percent at the end of the third quarter.
ASU’s Tempe campus now nation’s largest
Arizona State University’s Tempe campus has regained its position as the largest in the nation with an enrollment of 55,592, the university reported Tuesday.
Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.