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Daily News for Commercial Real Estate & Business – December 7, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

In remembrance of this day in 1941… The attack on Pearl Harbor (called Hawaii Operation or Operation AI[6][7] by the Japanese Imperial General Headquarters (Operation Z in planning)[8] and the Battle of Pearl Harbor[9]) was a surprise military strike conducted by the Imperial Japanese Navy against the United States naval base at Pearl Harbor, Hawaii, on the morning of December 7, 1941 (December 8 in Japan). Continue reading…

905-bed Tempe development to serve ASU students (If you would like to see the site plan, send me an email!) Houston-based Residential Housing Development is planning a 905-bed student housing community on Apache Boulevard, near Arizona State University, in Tempe. The company, with assistance from CBRE in Phoenix, assembled the six acres necessary to construct the 640,000-square-foot building and parking structure. Groundbreaking is expected in February 2012 with completion by the fall semester of 2013. View article…

Raising Cane’s to open in Arcadia area A fast-food restaurant fresh to the eyes of Arizonans is coming to the Arcadia area. Raising Cane’s Chicken Fingers will open Dec. 16 at 44th Street and Thomas Road. The eatery essentially centers on one entree — the chicken finger. View article…

Wide World of Maps in northeast Phoenix relocates Wide World of Maps opened a mini store in northeast Phoenix after the recession forced it to close its previous Northeast Valley location. The mini store opened in November at 17232 N. Cave Creek Road, inside Lookout Mountain Outfitters, a consignment shop for hunting, camping and fishing equipment. “It’s kind of a new idea. It illustrates how small businesses need to work together in order to survive,” said James Willinger, president of Wide World of Maps. View article…

Phoenix Mart on zoning agenda The preliminary development plan for Phoenix Mart is on the agenda when the Casa Grande Planning and Zoning Commission meets in special session at 6 p.m. Tuesday in the council chambers at City Hall, 510 E. Florence Blvd. The meeting includes a public hearing during which residents may ask questions or voice concerns about the project, which is to take up about 585 acres bounded by Florence Boulevard, Overfield and Signal Peak roads and Cottonwood Lane (also known as Storey Road). View article…

Fresh Start Women’s Foundation opening resale store From $10 St. John jackets to Katie Couric’s castoffs, resale store Fresh Start Treasures opens today as the newest project of Fresh Start Women’s Foundation, an Arizona non-profit that provides training and support for women. With sweaters neatly folded in glass racks, business suits hung by size and style, and color-coordinated window displays, the store looks more like a mall boutique than a bargain shop. View article…

Prudential Finances Arrowhead Towne Center to the Tune of $230 Million Macerich Co. received financing to the tune of $230 million for its 1.2-million-square-foot Arrowhead Towne Center. Prudential Mortgage Capital Co., headquartered in Newark, NJ closed the seven-year, fixed-rate loan. View article…

Downtown leg of Mesa light-rail accelerated Fortified by hot coffee and a $35 million federal grant, Metro Light Rail kicked off the next leg of construction Monday with a promise to open the downtown Mesa leg a year early. Monday’s event at the doorstep of the Mesa Arts Center served chiefly to unveil signs that will mark the 3-mile extension from Sycamore Street to east of Mesa Drive. Actual work in the form of utility relocation won’t begin until spring. View article…

Phoenix may invest in Papago Golf Course Phoenix is considering investing millions of dollars into the Papago Golf Course to regain control of the property and find a new company to manage the operation. Golfers and elected officials are split, however, on whether Phoenix should put up the money to take complete control the once-storied municipal course, which has been struggling after the city’s first failed attempt at outsourcing operations. View article…

Manufacturing sector expects growth in 2012 The U.S. manufacturing sector expects growth in 2012, a continuation of a trend that started in the sector more than two years ago, according to a new report. The Tempe-based Institute for Supply Management in its semiannual economic forecast said surveys of purchasing managers and executives forecast revenue growth of 5.5 percent for manufacturing firms, with capital expenses up 1.9 percent next year. View article…

Lack of Arizona technology workers a myth, study finds Arizona has long been seen as lacking in science and technology workers, but a new study by the Arizona Technology Council and Arizona State University finds there are plenty. They just need connections. The study, “Arizona’s Technology Workforce: Issues, Opportunities and Competitive Pressures,” found that Arizona is no different than other Western states in the amount of technology workers it produces, but a better job needs to be done connecting industry with educational institutions to help find them. View article…

CMBS Delinquencies in the “Calm Before the Storm” CMBS delinquencies dropped sharply in November after rising the previous two months, but it may be the last good news for a while as researchers expect that as 2007-vintage loans mature further delinquencies will set in. Two outlets that specialize in monitoring CMBS delinquencies, Trepp and Morningstar, each issued reports last week with Trepp’s report updated through November and Morningstar’s review covering through the end of October. View article…

Fourth Quarter 2011 Real Estate Investment Outlook Commercial real estate investors have not been dissuaded by the economic and political turmoil that has dominated headlines in recent months. The latest NREI/Marcus & Millichap Investor Sentiment Survey shows only a slight decline in investor sentiment from the high of 164 that was recorded in the second quarter. View article…

HOUSING:
CoreLogic: Arizona home prices continue to fall
Home prices in Phoenix and throughout Arizona continue to depreciate, according to a new survey released Tuesday by California research firm CoreLogic. Both distressed and non-distressed properties are experiencing a drop in value. View article…

Failed modifications increase foreclosures Close to half of the foreclosures notices are coming from mortgages which had defaulted before but were saved once via modifications. Those two-time mortgage defaults are adding to the inventory of foreclosed and bank-owned homes as the housing market tries to gain some stability and footing. View article…

Fannie Mae: Market Will Take Five More Years to Adjust “We are five years through a 10-year adjustment process,” said Fannie Mae chief economist Doug Duncan at the Five Star MPact Mortgage Conference and Expo Tuesday morning. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 10.5% Cap Rate!
Investment, multi-tenant retail center. For a brochure, click here…

5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale. For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.