Daily News for Commercial Real Estate & Business – July 26, 2010

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

MIXED-USE SITE OWNED BY BIDWILL ENTITY NEAR CARDINALS VENUE TARGETED FOR FORECLOSURE Glendale – A property in Glendale owned by a company formed by Arizona Cardinals owner Bill Bidwill that was once planned for 4.4 million sq. ft. of office, residential, retail and hotel uses has been noticed for a trustee’s sale. View article…

BEAZER HOMES PAYS $6.5 MILLION FOR 232 LOTS AT SURPRISE FARMS Surprise – Beazer Homes Holding Corp. in Tempe (Kent Lay, pres.) paid just under $6.5 million to purchase 232 developed lots within the Surprise Farms community in Surprise. View article…

Tribe overcomes key hurdle for Glendale casino Federal officials gave the go-ahead Friday for the Tohono O’odham to annex at least part of a parcel of land near Glendale into the reservation, putting the tribe one step closer to being able to operate a casino there. View article…

Bashas’, creditors hashing out reorganization The reorganization of Bashas’ continues to work its way through the courts. View article…

Phoenix-area wages below national average Average pay for Valley workers was two percent below the national average in 2009, according to a new Bureau of Labor Statistics survey. View article…

Arizona‘s debt rating is lowered again Worries about Arizona’s economic future led a financial-services company this month to downgrade the state’s debt rating, which could make it more expensive for the government to borrow money. View article…

Seven Banks Closed on July 23 Federal and state banking regulators closed seven banks on Friday, July 23, raising the number of failed institutions to 113 so far in 2010. View article…

Rents Rise in Trophy Retail Districts, But Will Tenants Pay? Rents are rising in many of the nation’s best-known trophy retail districts. Of the 13 markets tracked in the U.S. and elsewhere in the Americas in a report by brokerage CB Richard Ellis (CBRE), seven posted rent increases in the past 12 months. View article…

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

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