Here are the news stories you might find interesting today regarding commercial real estate and business:
Shoppers rush malls, still seeking bargains
|As Christmas nears, more retailers see shoppers heading for the malls. Valley malls expect that weekend crowds will continue through Thursday. Still, buyers seem to go cautiously. Says one local retail executive: ”If it’s on sale, it’s moving. If it’s not, it probably isn’t.” Business, B6|
St. Louis bank enters Valley market
|A St. Louis-based business bank quietly entered the East Valley earlier this month by acquiring Valley Capital Bank in Mesa.|
New restaurant has faith in downtown Mesa
Take two dedicated restaurant owners, add in an already seasoned young chef and you have a recipe for a new culinary addition to downtown Mesa.
Oakville Grocery makes Arizona debut
|Scottsdale Quarter’s newest retail tenant, Oakville Grocery, is expected to open Wednesday at the upscale center on Scottsdale Road.|
Arizona Motorsports Park opening concerns LP neighbors
Many Litchfield Park residents are unhappy about a plan to reopen a racetrack next door to their city.
Arizona counties receive affordable housing grants
|The Federal Home Loan Bank of San Francisco awarded $35.3 million in Affordable Housing Program that will result in 3,458 housing units in Arizona, California, Colorado, Idaho, Oklahoma and Texas.|
JSH Time acquires Superstition country club
|JSH Time LLC of Arizona has acquired the award-winning Superstition Mountain Golf & Country Club. Financial details were not disclosed.|
Mass job cuts in AZ drop in November
|Large-scale job cuts in Arizona dropped sharply last month, reflecting a decline seen nationwide, according to data released Tuesday by the Bureau of Labor Statistics.|
November home sales soar 7.4 percent
WASHINGTON – Home resales surged to the highest level in nearly three years, reflecting an extraordinary level of federal support that has pulled the housing market back from the worst downturn since the Great Depression.
Recovery not as strong as previously thought
WASHINGTON – The economy grew at a 2.2 percent pace in the third quarter, as the recovery got off to a weaker start than previously thought. However, all signs suggest the economy will end the year on stronger footing.
2010 Promises More Deleveraging for REITs, Great Buying Opportunities
On the surface, it’s a bad combination: $1.4 trillion in commercial real estate debt maturing through 2010, limited capital and 7 million job losses since the start of the recession. Despite the sour-tasting mixture, signs of liquidity returning to the market as well as stellar buying opportunities may make next year a bit more palatable for investors.
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.
Wishing you a Merry Christmas and Happy New Year!