Here are the news stories you might find interesting today:
Fed, Treasury fear mass commercial property foreclosures
The perilous state of many CMBS issues has Federal Reserve and Treasury officials searching for ways to prevent widespread foreclosures on commercial real estate mortgages. In some cases, lenders can keep a lid on distressed commercial property loans made directly to borrowers and held directly by the lender by extending the debt so long as the underlying properties generate sufficient cash flow to cover the debt service. But because of the way they are structured, it is extraordinarily difficult to do this with loans tied to CMBS issues.
SDI consolidates, moves jobs to Mesa
|Special Devices Inc., a California-based company that makes air bag igniters and other pyrotechnic devices, is consolidating its North American auto business in Mesa and relocating 250 positions here in the process.|
15-Day Escrow Precedes Falcon Glen Sale
|MESA, AZ-A California private capital buyer snags the 402-unit foreclosed complex from the lender for $14.2 million.|
Republic Services selling $500M in bonds
|Republic Services Inc. is selling $650 million in bonds and will use proceeds to repurchase other bonds coming due as well as reducing other debt and paying taxes related to the sale of certain assets. (RSG)|
Starbucks rolls out instant coffee nationally
|Starbucks Corp. said it’s rolling out its Via instant coffee product across the U.S. and Canada on Sept. 29. (SBUX)|
Wal-Mart pushes deeper into Amazon e-commerce territory
|Wal-Mart Stores Inc. on Monday launched a new e-commerce initiative, adding a million items to its online store through partnerships with outside vendors. (AMZN)|
Sprouts enters Austin market, more sites on drawing board
|Sprouts Farmers Market is opening its first stores in the Austin, Texas, area this weekend with at least 12 more on the drawing board in Texas, Colorado and California this year and into 2010.|
Survey: Retail theft skyrockets
|Twenty-two major retailers lost more than $6 billion to shoplifters and dishonest employees in 2008, according to a new survey.|
Pending U.S. home sales jump in July
|First-time buyers kept pending homes sales climbing for the sixth straight month, the National Association of Realtors said Tuesday.|
Each day I sort through various industry publications and local news sources and narrow down the top local articles that matter to commercial real estate owners and business owners.
Please feel free to contact me regarding these stories, the current market, distressed opportunities or your property.
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