Here are the news stories you might find interesting today:
FedEx boost signals global recovery
Lessons of recession resonate with retailers
FORMER MORTGAGES LTD. HEADQUARTERS SOLD TO GROUP LED BY ARTE MORENO
Phoenix – The stock in a company that owns the former headquarter offices of Mortgages Ltd. has been sold to a group of Valley investors led by Los Angeles Angels baseball team owner Arte Moreno. Moreno, Andrew Cohen and Joseph Fitzgerald, both Phoenix businessmen, paid just over $11.63 million to purchase the stock in a company whose sole asset is a 102,134-square-foot office project located at 4455 E. Camelback Road. The five-building complex, called The Park, was more than 50 percent occupied at closing.
THE DUMP FURNITURE OUTLET LEASES TWO TEMPE LOCATIONS FOR NEW STORE & WAREHOUSE
Tempe – The Dump, a discount furniture store, has signed leases to occupy almost 229,000 sq. ft. in two locations in Tempe for a retail outlet and distribution center. The Dump, owned by Haynes Furniture Co. in Virginia Beach, Va. (Leonard Strelitz, pres.), has retail stores in Virginia, Texas, Pennsylvania and New Jersey. The Dump has signed a 10-year lease to occupy 103,909 sq. ft. in a building formerly occupied by Costco Home Store at the southeast corner of Priest Drive and Elliot Road.
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MDM Marketing Seals Deal at Phoenix Warehouse
| MDM Marketing Inc. purchased the industrial building at 1445 E. Hadley St. in Phoenix for $2.27 million, or $88 per square-foot. The 25,947-square-foot warehouse was built in 2003 near the Phoenix Sky Harbor International Airport and includes three… |
Commercial Real Estate Delinquency Rates Climb
Delinquency rates for commercial real estate loans continued to rise in the second quarter, the Mortgage Bankers Association (MBA) says in a new report.
The delinquency rate on loans held in commercial mortgage-backed securities (CMBS) and at least 30 days past due rose from 1.85% to 3.89% between the first and second quarters. Meanwhile, the delinquency rate on loans held or insured by Fannie Mae and at least 60 days past due rose from 0.34% to 0.51%, MBA notes
Chandler Walmart gets storewide upgrade
| Verna McKay of Chandler stopped by her neighborhood Walmart recently to check out the fresh produce and snag some grand-reopening freebies. |
Deloitte consumer spending index up
| More Americans are willing to loosen their purse strings a bit more, so long as there’s a good deal to be had. |
Mesa looks to stimulus funds for solar project
| The city of Mesa is partnering with SolFocus Inc. to build a concentrated solar power array with federal stimulus money. |
County ruling allows for some home building near Luke AFB
| Maricopa County officials are saying that a court ruling related to development near Luke Air Force Base allows for some housing developments to be built near the base. |
Metro light rail takes top honors
| The Metro light rail project received several accolades at Valley Forward Association’s Environmental Excellence Awards Saturday night, including the organization’s top award, the Crescordia. |
Sunwest to take over First State Bank in AZ
| The Federal Deposit Insurance Corporation (FDIC) has been appointed receiver of Flagstaff-based First State Bank, the Arizona Department of Financial Institutions announced on Friday. |
Chandler JCPenney to open doors in 2 weeks
| JCPenney is two weeks from opening its doors at the Gilbert-Chandler border, a project that managed to survive as its developer filed for bankruptcy protection. |
Ruling clears path for Chavez restaurant
| A Superior Court judge has issued an order that will allow the Julio Csar Chavez Campeones restaurant and entertainment center to proceed to an opening in mid-October. |
Worst year for commercial property since 1991 is expected
The U.S. economic downturn is likely to give commercial real estate its worst year in nearly two decades, according to recently released data. “There’s no real way to sugarcoat it,” said Dan Fasulo, managing director of Real Capital Analytics. “A slowdown of this magnitude certainly hasn’t occurred since I’ve been in the business.”