Daily News for Commercial Real Estate & Business – January 12, 2010

Wish me luck! The CCIM/IREM Forecast is today!

Here are the news stories you might find interesting today regarding commercial real estate and business:

Gilbert restaurant fails to sell at auction

A 12-year-old downtown Gilbert building that has been a revolving door for five defunct restaurants failed to find a buyer during a Monday morning auction.

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Sam’s Club closing store at Indian School Road and 20th Street in Phoenix

The Sam’s Club grocery store at Indian School Road and 20th Street in Phoenix is closing. (WMT)

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In Valley, 80 mil square ft. of business space is vacant

The Valley’s real estate boom-and-bust cycle left an almost unimaginable 80 million square feet of excess office, retail and industrial space on the rental market at the close of 2009 – the rough equivalent of 1,600 football fields.

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Tempe Centerpoint towers in foreclosure

The empty Centerpoint high-rise condominium towers that loom over Tempe, once a symbol of the city’s downtown residential boom, have fallen into foreclosure.

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Mesa Bank, 5 others form new Sunrise Bank

Mesa Bank, a fixture in downtown Mesa for more than 10 years, has quietly consolidated with five other community banks in the Valley to form Sunrise Bank.

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Peoria scraps $8 mil City Hall renovation for $800K touch-up

An $8 million Peoria City Hall renovation plan has been scrapped in favor of an $800,000 touch-up, which should get under way soon.

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La Entrada development will be gateway to Tolleson

A prime corner of Tolleson will be the site of a development billed as a cultural and retail center featuring a long-awaited grocery store and an amphitheater.

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Chandler ‘tops off’ new city hall building under construction

After Chandler Mayor Boyd Dunn took a construction elevator to the top of the new city hall’s five-story steel skeleton this week, he said knew that would become a perfect spot to bring prospective business owners and show off the city.

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Sundt lands $7.8M contract for Avondale sports center

Sundt Construction of Tempe was awarded a $7.8 million contract last week to built a recreational facility in Avondale.

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Arizona solar industry lands parts supplier

The Arizona solar industry got another boost with the planned opening of a Tower Automotive facility in the Valley to help supply one of the local solar providers with parts.

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Business tax for unemployment benefits to rise by 50%

It is the sharpest spike the state has experienced since 1976, according to DES.

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U.S. retailers face tough road to recovery in ’10

NEW YORK (Reuters) – U.S. retailers made big strides in profitability during the 2009 holiday season even if consumers warmed up only slightly to spending, but the sector’s key test in 2010 will be to keep margin growth up if shoppers retreat.

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‘Bottom-feeding’ investors drawn to US real estate in hope rates stay low

The beleaguered US commercial real estate sector has been attracting a new wave of money from sources including foreign banks, US private equity firms, and a leading Chinese sovereign wealth fund.

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