Here are the news stories you might find interesting today regarding commercial real estate and business:
Ron Brock, Sr. from Pierce-Eislen just put out a Distressed Loan Terminology FAQ for apartments. To download the information, click here. “The Elephant in the room is the over one billion dollars in post-mature Commercial Mortgage Backed loans, and more are coming.”
Report: Shopping center vacancy rate hits 17-year high
The vacancy rate at U.S. strip malls reached a 17-year high in the third quarter and mall vacancy was the highest in at least 10 years, according to real estate research firm Reis.
Read more
ASU-RSI: Phoenix Area Single-Family Market Improving — Not So in Townhouse/Condo Sector
Single-family home prices in the Phoenix metro market have finally stopped diving, but the townhouse/condominium segment of the market continues to sink, according to the latest ASU Repeat Sales Index (ASU-RSI). Finance professor Karl Guntermann, who compiles the index with research associate Adam Nowak, reports that home prices declined 28 percent in July compared to July 2008, continuing a welcome moderating trend that started a few months ago. But analysis of townhouse/condominium data — a new feature of the ASU-RSI — shows that drop prices in that sector is still gaining speed.
View article…
Phoenix Real Estate Outlook: Residential Recovering in 2010, but Commercial Continues to Slide
Forecasts by the Greater Phoenix Blue Chip real estate consensus panel show that perceptions of the metro real estate market continued to deteriorate in the third quarter of 2009. Projections for residential development are less optimistic than for second quarter, but even so, this sector is on its way to becoming a positive force in the economy. On the other hand, the commercial sector is sliding toward a hole.
View article…
‘Double bubble’ means more real estate trouble
That big whoosh you’re hearing is the air rushing out of a commercial real estate bubble. More than two years into the worst housing crisis in decades, commercial real estate is shaping up as the second half of what some are calling a “double bubble.” Owners of shopping malls, hotels, office space and apartment buildings – and the bankers who financed them – face a major crunch over the next two years as the mortgages on those properties start coming due.
Housing prices decline nationally
| After three straight monthly gains, a government measure of average U.S. housing prices showed a decline in August. |
Alliance Bank of Arizona lays off 18
| Eighteen employees at Alliance Bank of Arizona were laid off Thursday in a statewide cost-cutting move. |
First Tenant Signs at 113,000-SF Center
| TUCSON, AZ-Freight service provider Towne Air Freight signs a deal for 17,711 square feet at Rockefeller Group Distribution Center. |
Chang’s to Ramp Up Pei Wei Growth
| SCOTTSDALE, AZ-Expansion of the smaller, fast-casual concept will accelerate in 2011 in existing markets and Chicago, a new area for the chain. |
Microsoft’s first retail store opens in Scottsdale
Microsoft Corp. opened its first retail store on Thursday to hundreds of people who waited for as long as 12 hours to get freebies and to see if the place is as cool as it was hyped to be.
Mesa board OKs Gateway 202 Airpark plans
| The developer of a planned 230-acre project near Phoenix-Mesa Gateway Airport received a green light from Mesa officials Wednesday night for an urban center complete with offices, shops, homes and hotels. |
Phoenix Industrial Sells to User for $1.1M
| JMM Commercial LLC purchased the industrial building at 930 S. 67th Ave. in Phoenix from Wrightwood Capital for $1.17 million, or $77 per square foot. The buyer occupies the property, doing business as Arizona Discount Movers. The 15,255-square… |
Goodwill Bldg. in Mesa Sells for $2.4M
| Ethan Christopher LLC has purchased the retail building at 6225 E. Main St. in Mesa, AZ, from Michael A. Pollack Real Estate Investment for $2.4 million, or $53 per square foot. The 45,500-square-foot property is in the Main Street Plaza retail center… |
Bell Mar Plaza opening in Surprise attracts crowd
Opening weekend for Bell Mar Plaza in Surprise attracted sizable crowds at three newly opened eateries.
Mesa may use eminent domain on Country Club
The Mesa City Council decided this week to use eminent domain, if necessary, to buy a few small parcels for shelters and pullouts to accommodate buses on a new line along Country Club Drive.
Panel approves extension of Loop 202 through Ahwatukee
A Maricopa Association of Governments committee on Wednesday evening approved a controversial plan to extend Loop 202 for 22 miles through Ahwatukee Foothills and South Mountain Park, connecting Chandler to Laveen with an eight-lane freeway.
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.