Here are the news stories you might find interesting today regarding commercial real estate and business:
Email me if you would like a copy of a pdf of Realpoint Research Monthly Delinquency Report for December 2009. CMBS delinquencies are now over 4.75%.
TeleTracker Purchases Tempe Industrial for $1.7M
|TeleTracker Inc. purchased the industrial building at 2152 E. Cedar St. in Tempe, AZ, for $1.68 million, or nearly $99 per square foot. The software company intends to occupy the entire building. The 17,000-square-foot warehouse building completed…
Phoenix La Quinta Inn Trades for $4.5M
|In an REO sale, Pride Hospitality Inc. purchased the La Quinta Inn & Suites in Phoenix from UPS Capital – Business Credit for $4.48 million, or approximately $68,000 per room. The 36,500-square-foot hotel at 4929 W. McDowell Road was built in 2006…
Cafe set to open Jan. 11 at Burton Barr library
|Phoenix library patrons will be able to enjoy coffee beverages, access Wi-Fi and purchase a variety of pastries, sandwiches and salad items when the Open Book Cafe opens Jan. 11 at the Burton Barr Central Library, 1221 N. Central Ave.
ALR Enters PHX Metro with 204-Unit Buy
|AVONDALE, AZ-Adams LaSalle acquires Newport Apartments from AIMCO for north of $8 million, and is seeking additional buys in the area.
CityNorth development in Phoenix in foreclosure
CityNorth’s lender has filed to foreclose on the first phase of the high-profile development in north Phoenix. The first phase of the development at 56th Street and the Loop 101, known as High Street, includes retail, apartments and office space
NE Phoenix growth, development slowed in 2009
The year 2009 was not the greatest for northeast Phoenix. Vacant stores went unfilled; new stores became vacant. New housing ground to a near-halt, while older housing sold at lower prices. Growth and development slowed to a crawl, with only a few bright spots. Here is a summary.
West Valley is bright spot in bleak Valley tourism figures
Hotel business in every part of the Valley plummeted with the economic downturn in 2009, except one: the West Valley.
Arizona golf courses face tough conditions
As the commercial-real-estate crisis worsens in Arizona, many golf-course owners find themselves deep in the rough and struggling to stay in the game.
2009 bankruptcies total 1.4 million, up 32%
|RALEIGH, N.C. – U.S. consumers and businesses are filing for bankruptcy at a pace that made 2009 the seventh-worst year on record, with more than 1.4 million petitions submitted.
Phoenix tops U.S. in loss of construction jobs
|The Phoenix metro area lost 28,900 construction jobs between November 2008 and November 2009 – the most of any U.S. metro area.
REGISTER ASAP! THERE IS A LIMITED NUMBER OF TICKETS AVAIALBLE FOR THIS EVENT! Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.