Daily News – October 9, 2009

Here are the news stories you might find interesting today:

Foreclosure Initiated on 439 Units

TUCSON-Two multifamily assets originally acquired for condo conversions by the investor, are now headed to a year-end trustee sale.

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Retailers see sales begin to recover in Sept.

The nation’s stores saw their first sales gain in 14 months in September, a sign of life from shoppers that fuels some hope for the holiday shopping season.

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Big-box retail accounts for half of Phoenix-area vacancies

Cutbacks and closings by big-box stores such as Circuit City, Mervyn’s, Bashas’ and Costco Home have hit Phoenix retail real estate hard accounting for more about half of all vacancies at the end of the third quarter.

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Retail roundup: Many chains exceed September expectations

Target, Macy’s and a number of other major retailers with Phoenix-area stores beat analysts’ expectations last month, and a few were even in positive sales territory. (TGT) (KSS) (M) (AEO) (DDS) (GPS) (LTD)

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Metro light rail riders set record

The Metro light rail system had a record number of riders in September.

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APS lands $3.3 million in stimulus funds for Flagstaff project

Arizona Public Service Co. will receive a $3.3 million federal stimulus grant to study how high concentrations of rooftop solar systems will work in Flagstaff.

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Aloft hotel opens near Phoenix airport

Commonwealth Hotels Inc. has opened the 143-room aloft Hotel Phoenix Airport.

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Phoenix, not on bullet-train map, wants onboard

A typical high-speed train, common in Europe and Asia, would get you from downtown Phoenix to the heart of Los Angeles in just over two hours.

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South Gilbert on track for large-scale nursing home

South Gilbert is closer to getting its first large-scale nursing home after the planning commission unanimously approved a use permit for the facility on Wednesday. Lindsay Square Care Center will be built on almost four acres of land northeast of Williams Field and Lindsay roads if a design review board approves plans next week, said consultant Greg Davis.

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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.