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.
Snap Fitness to open new location
Snap Fitness, a Minnesota-based franchiser of fitness centers, said it plans to open a new location March 1 at 990 E. Riggs Road, Chandler. The business, owned by Chandler residents Jon and Susan Moore, will be the seventh Snap Fitness location in the Valley. View article…
Differences Definite in Phoenix, Tucson
PHOENIX-The distance between Phoenix and Tucson is only 100 miles; or a drive that takes about an hour and a half. There is more distance, in fact, when it comes to the 2010 outlook for the industrial market in both cities. View article…
Arizona House committee targets Glendale casino plan
An Arizona House committee has approved a bill that could help Glendale prevent an American Indian tribe from building a casino near the city. The measure comes in response to the Tohono O’Odham Nation’s application to convert 100 acres of unincorporated land into a reservation, which would allow the tribe to build a casino. The tribe’s application is still pending. View article…
Fox expands restaurant portfolio
Fox Restaurant Concepts has debuted a new gastropub called Culinary Dropout and plans to open a second location of its True Food Kitchen concept later this year. FRC, which has 28 restaurants under 13 brands, opened Culinary Dropout last month in Scottsdale. The gastropub covers 5,400 square feet and has 112 indoor seats, with 24 dedicated to communal dining. An outdoor patio and lounge has 52 additional seats and a bar seats 33. View article…
Layoffs hit close to home for Walmart
Wal-Mart Stores Inc. is cutting 300 jobs at its corporate base in Arkansas. Walmart (NYSE: WMT) is Arizona’s largest private employer with 30,423 workers in the state as of last month. Only the state government (52,000) has more employees, according to the Phoenix Business Journal’s 2010 Book of Lists. View article…
ASU-RSI: Drop in Prices in the Foreclosed Homes Market Begins to Slow
The market for foreclosed homes in the Phoenix metro area appears to be approaching a turn around, according to a new index from the Center for Real Estate Theory and Practice at the W. P. Carey School. View article…
ADP: January jobs decline the smallest in two years
The U.S. private sector lost 22,000 jobs in January, the smallest monthly decline in jobs in two years according to Automatic Data Processing Inc., which released its monthly private sector payroll report Wednesday. The 22,000 lost jobs in January is the private sector’s best performance since February 2008, according to ADP (NASDAQ: ADP). View article…
State lawmakers want review of stadium concessions contract going to Arizona Cardinals
Some state lawmakers are not happy that the concessions contract for University of Phoenix Stadium is going to a company owned by the Arizona Cardinals and they want a review of the procurement process used by the Arizona Sports & Tourism Authority. View article…
The Economic Minute: Is Arizona’s Recovery Underway?
Is recovery from recession underway? In this month’s Economic Minute, Dean Robert Mittelstaedt of the W. P. Carey School of Business takes a look at the Arizona economy. With historically poor employment numbers, a scarcity of good jobs, consumers in debt-reduction mode and state finances in crisis, the real question is how does Arizona regain momentum. View article…
Flush REITs Have Loads of Cash, Little to Spend It On
For public real-estate companies, spending money has turned out to be harder than raising it – even as some signs point to a pickup in big property deals. Real-estate investment trusts sold $24 billion in new stock last year, raising hopes the companies would be able to profit from commercial-property distress by picking up high-quality real estate at bargain prices. View article…
MBA Loan Originations Data Shows Signs of Stabilization
Lenders are showing signs of coming out of hibernation with life insurance companies leading the way, according to new data released Tuesday by the Mortgage Bankers Association (MBA). Commercial and multifamily mortgage originations rose 12% in the fourth quarter compared with the same period a year earlier. Loan originations in the fourth quarter also were 15% higher than in the third quarter. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.