Here are the news stories you might find interesting today regarding commercial real estate and business:
Email if you would like a copy of a pdf report, “Commercial Real Estate: Will it be the Next Shoe to Drop?” This report was put together by Wells Fargo. It is a quick read. It discusses the pros/cons of Commercial Real Estate.
Also, email me if you would like a copy of a pdf of the “2010 Real Estate Investment Outlook.” This report was put together by National Real Estate Investors with Marcus & Millichap. I found the cap rate expectations interesting. It made me think back to when I was taking my first CCIM class and all of the answers to the test questions were 10% cap rates. I guess the instructors were right!
TARP Capital Launches First Fund
| SCOTTSDALE, AZ-The new company prices an initial public offering of TARP FUND I for gross proceeds of $5 million. TARP Capital plans similar offerings in 2010. |
Phoenix Industrial Trades for $1.4M
| The industrial facility at 1919 W. North Lane in Phoenix, AZ, sold for $1.4 million, or about $140 per square foot, in a sale between private parties. The 10,080-square-foot distribution center was constructed in 1973 and includes five drive-in bays… |
High-end restaurants offer $10 lunches, three-course dinner deals
| Phoenix’s poor economy has some higher-end restaurants offering $10 lunches and other discounts in hopes of attracting more business in rough marketplace. |
Foreclosures down nationwide, but up in Arizona
| The number of homes nationwide facing foreclosure declined from October to November, but Arizona saw a 7.5 percent jump, according to new numbers from RealtyTrac. |
ASU economist predicts new wave of Phoenix-area foreclosures
| Another wave of foreclosures could hit the already downtrodden Phoenix housing market in early 2010, according to Arizona State University economist Jay Butler. |
Home building starting up again in Q.C.
| Homebuilders are coming back to Queen Creek. New models are either going up or are planned in four neighborhoods where construction had stalled during the economic downturn, said Dave Williams, a town planner. |
Union grocery workers approve 3-year deal
| Grocery workers at Fry’s, Safeway and Smith’s voted to ratify a new contract, United Food and Commercial Workers Local 99 announced Thursday. |
Phoenix joins 4 cities in push for bullet trains
| Planners for five key Western cities, including Phoenix, said Wednesday that they will seek $50 million from Congress in the next transportation bill to study the feasibility of a high-speed passenger-rail network. |
Westin, Freeport to fill new downtown high-rise
A Westin hotel is planned to fill up half of a new and empty upscale office building downtown, with Freeport-McMoRan Copper & Gold Inc. moving its headquarters to the upper floors, the tower’s owners said Thursday.
Westcor plans for Goodyear mall delayed at least through ’14
Plans for a regional mall in Goodyear are officially on hold. The City Council has approved developer Westcor’s request to extend the construction deadline through at least the end of 2014, and possibly through 2016. The delay gives retailers and lending institutions time to recover and confidence to make lasting commitments.
Dunkin’ Donuts coming to Queen Creek
Dunkin’ Donuts is coming to Queen Creek, and to celebrate its opening Dec. 18, the store is offering some giveaways.
REGISTER ASAP! THERE IS A LIMITED NUMBER OF TICKETS AVAIALBLE FOR THIS EVENT! Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.