Daily News for Commercial Real Estate & Business – January 21, 2010

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

Email me if you like a copy of the webinar I listened to today. It discusses the Office Market on a national basis. They recapped 2009 and forecasted 2010. This was hosted by Costar.

Cox Communications plans $70M data center in north Phoenix

Cox Communications Inc. is planning $70 million-plus data center near its Arizona headquarters in north Phoenix, which will be its second such facility in the area.

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Lender EuroHypo buys Montelucia

Frankfurt bank EuroHypo AG is the new owner of Paradise Valley’s Intercontinental Montelucia Resort and Spa.

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Safeway closes store, Bashas’ marks milestone in reorganizaton

The grocery business is tough even for giant Safeway Inc., but locally owned Bashas’ Supermarkets is one step closer to emerging from bankruptcy reorganization.

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Uno’s Chicago Grill chain files for bankruptcy

Burdened by debt from a 2005 private equity takeover, the Uno pizzeria chain’s parent company filed for Chapter 11 protection Wednesday, with plans to give its lenders a controlling equity stake in exchange for debt.

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Upscale S’Bistro in downtown Mesa closes

S’Bistro, one of the few upscale downtown dining establishments in Mesa, has quietly gone out of business. Brian Banasek, who owned the restaurant for three years, apparently closed down on Thursday.

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Mortgages Ltd. fraud case ends

The U.S. Securities and Exchange Commission has resolved fraud accusations it brought against an investment arm of failed commercial real-estate financier Mortgages Ltd.

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Gov. Brewer opposes casino-resort proposal for Glendale area

Gov. Jan Brewer is asking a southern Arizona tribe to abandon its plan for a casino-resort on the west side of the Phoenix metro area.

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AGCA: Construction outlook grim

Some 90 percent of the nation’s contractors expect no recovery in 2010, according to a forecast released Wednesday by the Associated General Contractors of America. The outlook for Arizona is just as bleak.

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Matter of Debate: Bottom in Commercial-Property Values

While the pace of commercial real-estate sales remains anemic, a few gutsy real-estate experts are saying prices have stabilized and are even, in some cases, rising from their lows of the recession.

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Equity Buyers Lose Out to Unsecured Creditors in Disguise

The highly anticipated barrage of commercial real estate notes at steep discounts turned out to be just a trickle for much of 2009. Aside from the recent sale of mostly high-quality mezzanine and unsecured notes, many investors still anticipate distressed note buying opportunities in 2010.

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NRA forecasts a better year ahead

The National Restaurant Association projected Wednesday that 2010 will include a gradual improvement in sales for the restaurant industry, as upticks in real disposable income, employment and national population counts drive the economy into a better light than the darkness of years past.

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Commercial Mortgage-Backed Debt Sales to Stay Below $15 Billion

Sales of commercial mortgage-backed securities will likely remain below $15 billion in 2010 as borrowers struggle with declining property values, according to analysts at Barclays Capital and JPMorgan Chase & Co.

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To view my responses at the CCIM/IREM Economic Forecast from last week, click here. I look forward to hearing your comments from the presentation.

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