Daily News – October 26, 2009

Here are the news stories you might find interesting today regarding commercial real estate and business:

To listen to a quick podcast of Jay Butler, professor of real estate at the WP Carey School of Business, click here. He discusses the Phoenix real estate market. This is a quick listen, about 15 minutes.

Email me if you would like a copy of the webinar that I attended titled “Real Estate Capital Markets: Fairy tales, Myths, Legends, and Realities.” This was put on by Stephen Black, Senior Fellow of the Urban Land Institute for clients of First American Title Insurance Company. On slides 51-54 I found very interesting. They focus on the math of how TALF can work and the implied values.

Mesa – Valley builders Lennar Arizona Inc. in Tempe (Alan Jones, pres.) and Richmond American Homes of Arizona Inc. in Phoenix (Todd Demarets, div. pres.) plan to build 80 homes within the Keighley Place subdivision in Mesa. The community is located at the northeast corner of Ray and Mountain roads in Mesa. Lennar paid $3.632 million to acquire the 80 finished lots.

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Gilbert – Irgens Health Care Facilities Group plans to develop a 48,000-square-foot medical office project adjacent south to the Mercy Gilbert Medical Center in Gilbert. The 4.8-acre site is located about a half mile south of the Santan Freeway (Loop 202) at the southeast corner of Val Vista Drive and Mercy Road. Construction set to begin in December, with opening anticipated in September 2010. The development, called Mercy Medical Commons, is being designed by Architectural Nexus Inc. in Tempe.

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AZ TechCelerator in Surprise finalizes first tenants

Two information technology startups received Surprise City Council approval Thursday night to become the first tenants of the AZ TechCelerator.

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W Scottsdale beats foreclosure

The developers of the W Scottsdale Hotel said Friday they have resolved the issues surrounding their construction loan, and the property is no longer in foreclosure.

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Biltmore Fashion Park gets decked out for holidays

Crews are preparing the Biltmore Fashion Park for the holidays this weekend and already have started putting up lights and decorations.

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City council members annoyed by lack of communication from developers

Some Valley city council members are frustrated with the lack of updates they are getting from real estate developers regarding projects tabled by the market crash and recession.

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Urban Grocery readies for debut in downtown Phoenix

The long-awaited Urban Grocery and Wine Bar is opening next week in downtown Phoenix.

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Goodyear Bashas’ store reopens

A Bashas’ store in Goodyear reopened this weekend, the result of a renegotiated lease with property owner Westcor.

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Home sales rise in September, beating forecast\

Home resales in September clocked the largest monthly increase in 26 years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.

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7 Banks, 1 Credit Union Fail on Oct. 23

2009 Tally Now Stands at 124 Failed Institutions
Seven banks and one credit union failed on Friday, Oct. 23, raising to 124 the number of 2009’s failed institutions. So far this year, 106 banks and 18 credit unions have been closed, acquired or placed into conservatorship. Here is a rundown of the latest failures:

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Planners foresee $500 billion in new development for Gilbert

Some of Gilbert’s most prominent land owners, developers, business leaders and community organizers came together Thursday to share their vision of the town’s economic future.

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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

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