Here are the news stories you might find interesting today:
Experts: Commercial real estate values must hit rock bottom
Property values will not hit bottom until 2011 or 2012, a speaker predicted at the ICSC Capital Markets Conference in New York City. Once that happens, banks and other lenders can reset rents and recovery will begin, executives said.
CoStar identifies more than 80,000 distressed commercial properties
A nationwide analysis by real estate data provider the CoStar Group paints a dark picture of distressed properties and loans in trouble. More than 80,000 distressed shopping centers, industrial and office properties were identified. Distressed properties were defined as those 60% or more vacant.
HSL Pays $40M for 592 Distressed Units
| PHOENIX-The Tucson, AZ buyer snags three area properties on which Wachovia NA foreclosed late last year. |
Hoteliers: Not Much Happens Without Capital
| PHOENIX-The lodging industry remains at a standstill until the financing markets unlock. |
Nest Haunted House reopens at new site in Avondale
| The Nest Haunted House opens Friday night, officially kicking off the Halloween season, and co-producer Glenn Rea already is planning next year’s event. |
Phoenix GDP dropped 1.1 percent in 2008
| The Phoenix metro area lost $1.9 billion from its gross domestic product last year, discounting inflation, according to new federal numbers. |
Phoenix Greyhound Park to close in December
| The Phoenix Greyhound Park will close at the end of the year. |
Hearing aid company exits bankruptcy, plans growth
| Hearing aid company Zounds Inc. has been purchased out of bankruptcy and will continue its growth plans, but at a more moderate pace. |
Floral industry brings competition to Chandler
| Armed with scissors, a set amount of material and a two-hour time limit, Philip Rice, like any designer, felt the pressure to make it work. |
Gateway to announce expansion details
| The Phoenix-Mesa Gateway Airport Authority plans a major announcement Monday about the expansion of the Charles L. William Passenger Terminal, according to Mesa officials. |
New York – Seeking distressed multifamily property or mortgage opportunities? Although this may be a viable time to make acquisitions, don’t expect any fire sales ala the early-1990s’ RTC yet. That seems to be the agreement of many speakers at the recent Distressed Real Estate Summit sponsored by Greenpearlevents.com.
Plans slowed for apartment development in Phoenix
If all had gone according to plan, Gray Development Group already would have won the city’s approval of its plans for more than 1,000 apartment units at 56th Street and Loop 101. Instead, Gray has been through just one of three steps toward approval. The reasons for the holdup are unclear, but they appear related to another matter involving Gray and Desert Ridge, a dispute over how to account for additional units.
Paradise Valley Mall retailers’ hopes rise as Costco opens
After various delays, the newest Costco in the Valley opened to much fanfare this past weekend, and officials at Paradise Valley Mall are expecting things to pick up as the holiday season approaches. Hundreds filled the store on opening weekend.
Chandler council approves 3 key development projects
Big smiles, handshakes and hugs marked the end of Thursday’s upbeat meeting of the Chandler City Council at which the approval of several key projects signaled a resurgence in the city’s development.
2050 vision for Valley: 400 miles of new highways
| To cope with Arizona’s anticipated population boom, planners have sketched out a far-reaching network of new freeways and highways. |
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.