Here are the news stories you might find interesting today:
Trends from the most recent Commercial Investment Real Estate magazine from the CCIM Institute.
Lenders, Investors Square Off
In recent weeks, investors have been returning to the stock market in droves as heavy losses in equity and corporate bonds during the fall of 2008 and early 2009 dissipate. At the same time, some are turning to weakness in the real estate investment world to make their fortunes. These investors continue to target distressed notes and high-yield portions of mortgage-backed securities.
But opportunistic real estate buyers have been running into roadblocks coming from two of the least expected sources – lenders and existing debt holders. As it turns out, some lenders and debt investors are not only unwilling to sell their secured real estate-backed loans, but their unsecured loans as well.
Restaurants line up for first Taste Chandler
|More than two dozen restaurants will participate in the first annual Taste Chandler’s Culinary Festival 2009.
Arizona sales tax revenue down 18%
|Sales tax revenue in Arizona continues to lag.
Phoenix drops larger percentage of jobs than any other U.S. city
|A larger percentage of jobs disappeared in Phoenix over the past year than any other major city in the country.
East Valley Tribune parent Freedom files Chapter 11
|Freedom Communications Inc., parent company of the East Valley Tribune, filed for Chapter 11 bankruptcy Tuesday, becoming the latest publisher to rework its debt as it struggles to survive in this recession-fueled advertising drought.
Stratford Co. invests $75M at Vistancia
|The Stratford Co. of Dallas signed a deal Monday to invest $75 million in the partially completed Vistancia master-planned community in north Peoria.
Mesquite Corporate Center sold for $10M
|Mesquite Partners I LLC paid $10 million for the Mesquite Corporate Center in Scottsdale. The transaction, one of the largest commercial sales this year, was announced by CB Richard Ellis Tuesday.
Pacifica Acquires 143,000-SF Building
|PHOENIX-The buyer pays close to $19 million for the class A, office building of which University of Phoenix is the main tenant.
Workers, vendors: Mesa business fleeced us
|The site of a former auto dealership at Broadway and Alma School roads in Mesa was to be transformed into an indoor-outdoor auction house and flea market.
My Sister’s Closet moving in Chandler
|An upscale resale entrepreneur has big plans for Chandler. Eco-Chic Consignments CEO Ann Siner plans to move her 3-year-old women’s designer duds resale store My Sister’s Closet from Las Tiendas Village, at Alma School and Queen Creek roads, to bigger digs at Fulton Promenade, Alma School and Chandler Heights roads.
OK sought for 160-foot building in Chandler
|The New York-based Rockefeller Group Development Corp., developers of Manhattan’s Rockefeller Center, is asking Chandler’s permission to build a hotel, conference center and office park on Loop 101 more than 100 feet taller than what’s currently allowed.
Scenarios outlined for Superstition Vistas
|State and local leaders who are attempting to guide future development on one of the largest swaths of land in the nation say that an amendment in the state constitutionis needed to ensure that the 275-square-mile Superstition Vistas isn’t built up in a piecemeal and scattered fashion.
Planned layoffs, actual job cuts declining
|Announced layoffs and actual job losses declined in August, a sign the job market may be improving.
Commercial Real Estate’s $1 Trillion Time Bomb
According to analysts at Deutsche Bank AG, as property value declines and scarce credit continue to drive commercial property developers and investors into default, total lifetime losses on banks’ $1 trillion “core” commercial-mortgage holdings, or those backed by income-producing properties, would reach between 11.6% and 15.3%, or $115 billion and $150 billion.
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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