Here are the news stories you might find interesting today regarding commercial real estate and business:
To view this weeks “The Watch List,” by Costar, click here. The first article discusses the commercial real estate’s impact on banks. It dissects the 16 bank failures in 2010 and their exposure to commercial real estate loans.
Kinetico Buys Chandler Industrial Bldg. for $1M
Kinetico purchased 3304 N. Delaware St. in Chandler, AZ, from Mechanical Cos. for $1 million, or $62 per square foot for the property. The buyer is a water treatment company that plans to occupy the entire 16,191-square-foot building. Kinetico was founded in 1970 and distributes its water systems through independent dealers. View article…
Mesa officials: Payday lenders need to scram
Mesa wants one of its most visible industries to vanish in one fell swoop. Despite payday lenders’ efforts to stay alive in the state, Mesa is pushing for its 83 payday loan stores to go away as of July 1 and take away their neon signs, flashing lights and people waving banners and signs at passing traffic. View article…
Fresh and Easy grocery store opens in Ahwatukee
Fresh and Easy is the American expression of British-based Tesco. While Tesco is a large-scale grocery store, Fresh and Easy groceries are located in neighborhood areas, have a smaller footprint and offer a variety of foods, including a large selection of items prepared on-site and ready to eat or heat for meals. View article…
Housing starts rose 2.8 percent
Housing construction posted a better-than-expected increase in January which pushed activity to the highest level in six months. The solid gain raised hopes that the construction industry is beginning to mount a sustained rebound from its worst slump in decades. View article…
The Congressional Oversight Panel’s Dour Take on Commercial Real Estate (THIS IS WORTH YOUR TIME TO READ!)
Here’s a 189-page document from the Congressional Oversight Panel on Commercial Real Estate Losses and the Risk to Financial Stability. FT Alphaville has an excellent post summarizing the report that includes some illustrative charts. Check that out or read the full report for yourself below. View article…
CMBS Delinquencies Leaped in December
In December 2009, the delinquent unpaid balance for CMBS jumped to $41.64 billion from $37.93 billion a month prior, according to Horsham, Pa.-based Realpoint LLC. It was the second straight month when the unpaid balance jumped by more than $3.7 billion. Overall, the delinquent unpaid balance is up 380 percent from a year ago and is now more than 18 times the low point of $2.21 billion in March 2007. View article…
Sam Zell No Longer the Property Grave Dancer
According to an audience poll of attendees at the recent University of San Diego Burnham-Moores Center for Real Estate forum on the state of the real estate market, only 5 percent of the approximately 700 people in attendance felt “suicidal” about the prospects for the commercial real estate market in 2010. View article…
Shameless plug – My wife, Tiffany, is going through Tempe Leadership as a member of a Class 25. They have identified a project to help the homeless in Tempe. There project is called Shower Power (www.showerpower.org). They have raised over $15,000 and are down to the last few thousand to make the project a success. Please visit the website and if you have a few extra dollars, please help her out! Thank you.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.