I will not be publishing the daily news on Christmas Day. I hope you have a Merry Christmas!
Here are the news stories you might find interesting today regarding commercial real estate and business:
98 South Wine Bar & Kitchen closes abruptly
98 South Wine Bar & Kitchen, a popular restaurant in downtown Chandler, has abruptly closed, but the landlord is negotiating with potential new owners and hopes the place will reopen soon.
Pulice Construction sold for $114M
| Pulice Construction Inc., a family-owned company in Phoenix, has been sold to ASC Group of Madrid for $114 million. |
Classic barber shop opens in midtown
| Midtown Phoenix has gained a new barber shop with the opening of ProStyles Barbershop across from St. Joseph’s Hospital on Thomas Road. |
Mission Foods to close Phoenix plant
| Tortilla-maker Mission Foods Corp. is closing a food production plant in Phoenix. |
West Valley cities pursuing renewable energy projects
The West Valley is sprouting green technology as the buzz about renewable energy grows.
Personal incomes up 0.4%
WASHINGTON – Personal incomes rose in November at the fastest pace in six months while spending posted a second straight increase, raising hopes that that the recovery from the nation’s deep recession might be gaining momentum.
Census: AZ population up 1.5%
| Arizona’s population grew by 96,401 residents in the 12 months from July 1, 2008, to July 1, 2009, the seventh largest gain in the nation, according to the U.S. Census Bureau. |
Home sales dip in U.S., West
| New homes sales in the U.S. were down in November dampening hopes for a housing market rebound nationally and in hard hit markets such as Phoenix |
UOP Stadium named top new venue of decade
| Sports Illustrated has named University of Phoenix Stadium as the best new sports venue of the decade. |
U.S. Commercial Property Falls to Lowest in 7 Years
Dec. 21 (Bloomberg) — Commercial property values in the U.S. declined in October to the lowest level in more than seven years as unemployment reduced demand for apartments, offices and retail space.
Proposed Tax Change for Real Estate Partnerships Has Investors Seeing Red
Several major commercial real estate groups are fighting a proposed federal tax provision that they say would have a devastating effect on real estate investment partnerships.
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!