Here are the news articles you might find interesting:
Phoenix Warehouse Sells for $3.8M
|Majik Ventures LLC purchased the industrial building at 824 E. University Drive in Phoenix from Roth Development for $3.88 million, or nearly $50 per square foot. The buyer will reportedly occupy 60,778 square feet in the building, doing business as an…|
Banner cancer center in Gilbert breaks ground
|Work is under way on the highly touted $107 million M.D. Anderson Banner Cancer Center in Gilbert.|
Payday lenders take final shot at saving industry
|Close political allies of Gov. Jan Brewer have been recruited by the state’s payday-loan firms to help the industry’s last-ditch push to introduce legislation it needs to survive beyond July.|
Expansion in works for Scottsdale Walmart
Walmart Stores Inc. is getting ready to expand its store at Pima and Chaparral roads near Scottsdale.
Study: U.S. manufacturing grows in November
|Manufacturing continues to show signs of being on the mend.|
Arizona 10th in auto loan delinquencies
|Arizona ranked 10th along with Florida for the percentage of borrowers with auto loans 60 days or more past due in the third quarter, according to a report by TransUnion.com.|
Tempe wins EPA Smart Growth award
|Tempe has been honored by the U.S. Environmental Protection Agency Administrator with a Smart Growth Achievement Award.|
With encouragement from government, mortgage firms speeding up short sales
|Unlike their slower-than-expected actions on loan modifications, lenders are now moving quickly on many short-sale requests in the Phoenix area.|
Phoenix tops list of construction job losses
|Phoenix lost more construction jobs than any other major U.S. metro area from October 2008 to October 2009, according to an analysis of U.S. Bureau of Labor Statistics data by the Associated General Contractors of America.|
Commercial Real Estate: The Danger of Fighting the Last War
According to “Fighting the Last War,” the latest podcast produced by John B. Levy & Co. (see right rail under NREI Interactive Products), the market of 2009 is dramatically different from the foreclose-and-dispose days of 1990, 1991 and 1992. Because of this, commercial real estate investors who make decisions today based on the last war are pursuing a dangerous strategy. “A lot of people in the commercial real estate industry believe we’re seeing a repetition of the early 90s,” says John Levy, founder of John B. Levy & Co. “They’re waiting for the proverbial blood in the streets . . . a return to the days when the RTC bought, foreclosed on and sold assets by the pound. I hate to say it, but that’s not where we are today.”
Bank Default Rates on CRE Loans Projected to Hit 4% in Fourth Quarter
Deterioration in property cash flow, erosion of reserves to cover shortfalls in debt service and little credit to refinance maturing mortgages all contributed to a higher default rate on commercial real estate mortgages held by depository institutions in the third quarter. That’s according to New York-based Real Estate Econometrics, which analyzed data recently published by the Federal Deposit Insurance Corp. (FDIC).
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.