Here are the news stories you might find interesting today regarding commercial real estate and business:
To view this weeks, “The Watchlist,” by Costar, click here.
To view the April/May 2010 Chain Store Age magazine, click here.
3 new businesses moving into Park West Mall in Peoria Peoria’s Park West Mall, off Loop 101 and Northern Avenue, has announced three new tenants. The mall, which opened in December 2008, is at 65 percent occupancy. View article…
Mercado Del Rancho Sells for $4M ESI Ventures purchased Mercado Del Rancho in Scottsdale, AZ, from CWCapital for $4 million, or $56 per square foot. The three-story office building at 10301 N. 92nd St. totals 70,948 square feet and delivered in 1985. The buyer is going to keep the building as office and lease out the remaining available space. View article…
Gannett cuts force move of KPNX studio to Republic building Looking to cut expenses and streamline operations, Gannett Co. Inc. announced Wednesday it will consolidate KPNX-TV, NBC’s Phoenix affiliate, into its downtown office. The ground floor of the Republic Media building at 200 E. Van Buren St. will be reconfigured for a main studio for newscasts, local programming, interviews, an outdoor studio, a cooking set and two outdoor camera positions. View article…
Foreclosure notice hits Empirian on Central Empirian on Central, a 414-unit apartment complex located along the light rail line at 4140 N. Central Ave. in Phoenix, has been noticed for trustee sale. According to documents filed April 9 at the Maricopa County Recorder’s Office, two entities defaulted on a $39.5 million loan that was obtained in November 2005 with the apartments securing the note. View article…
First Solar to acquire NextLight Power for $285 million First Solar Inc. is buying NextLight Power LLC and its planned solar portfolio of more than 1 gigawatt in contracts and development projects. The deal is valued at $285 million. Tempe-based First Solar (Nasdaq:FSLR) announced the purchase Wednesday, with a completion date targeted in the third quarter. View article…
Solar Phoenix gains national attention Solar Phoenix has seen encouraging results as the partnership between the city, SolarCity and National Bank of Arizona closes its fourth month. There even is talk of taking it national. The program, designed to provide $25 million in financing for Phoenix residents looking to install solar systems, has 145 homeowners under contract who either have put systems on their roofs or will within the next few months. View article…
ASU-RSI Now Covers All Segments of Phoenix Market: Residential Finally Up For the first time in three years, the ASU-RSI (Repeat Sales Index) is showing an increase in residential prices: preliminary data for March show that year-over-year, prices for homes in the lower-price and foreclosure segments in Phoenix turned positive. Meantime, a pair of new indices is showing that the commercial market is continuing to decline and improvement will lag behind even after other parts of the economy turn up. View article…
Economic Outlook: The Recession Will Be Over When We Stop Losing Jobs We’ve heard since the middle of last year that the recession is over. Why, then, do people still seem so pessimistic? Why are consumers still so restrained? Why is the housing market still weak? These questions were addressed by two Arizona State University economists at the Annual Economic Outlook Luncheon sponsored by the Economic Club of Phoenix. View article…
CMBS Delinquencies Now Exceed $50B In March, the delinquent unpaid balance for CMBS rose $3.23 billion, up to $51.05 billion from $47.82 billion a month prior, according to Horsham, Pa.-based Realpoint LLC. Overall, the delinquent unpaid balance is up 268 percent from a year ago and is now more than 23 times the low point of $2.21 billion in March 2007. The distressed 90+-day, foreclosure and REO categories grew in aggregate for the 27th straight month – up by $2.57 billion from the previous month. View article…
The 50 fastest-growing restaurant chains For nearly three of the past five years, the restaurant industry and the U.S. economy in general have faced crippling economic pressures. Consumer spending stalled, operating costs rose and lending was locked down, making expansion more than difficult for foodservice players large and small. Despite all of this, restaurant growth chains can be found. View article…
Report: Tech industry dumps 246,000 jobs in 2009 The technology industry dropped 246,000 jobs in 2009 as almost all of its sectors bore the brunt of the recession, according to a study released Wednesday by TechAmerica Foundation. The number is part of the foundation’s Cyberstate’s 2010 report, which looks at each state’s high-tech jobs and compares them across a variety of industries. View article…
Fed keep rates at record lows; upbeat on economy The Federal Reserve sounded a more confident note Wednesday that the economy is strengthening but pledged to hold rates at record lows to make sure it gains traction. Wrapping up a two-day meeting, the Fed in a 9-1 decision retained its pledge to hold rates at historic lows for an “extended period.” Doing so will help energize the recovery. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.