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Daily News for Commercial Real Estate & Business – June 14, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

Stockbridge Capital Enters Phoenix with $17M Retail Buy Stockbridge Capital Group LLC has made its first acquisition in the Phoenix metro area, paying $16.5 million for DC Ranch Crossing, a grocery-anchored center located within the prestigious master-planned community of DC Ranch. The San Francisco-based investor beat out 21 other potential buyers to gain control of the 68,113-square-foot, class A property, which also includes a vacant pad and an additional 2.35-acre parcel. View article…

Rational Deals in an Irrational Market A tremendous amount of capital earmarked for distressed real estate investment opportunities remains on the sidelines. The question is how investors will effectively deploy such capital given the scarcity of realistically priced assets in a market overwhelmed with inexpensive capital and yield-hungry managers facing looming fund expirations. Read about six strategies being employed by successful buyers. View article…

Plans hazy for future ‘620’ park near South Mountain in Phoenix Phoenix has owned 246 acres of pristine desert preserve at the far-western edge of Ahwatukee Foothills since 2009, and one day, the area is expected to be a regional park with ballfields, a hiking trailhead, picnic areas, a library and a fire station. But as of now, the park does not have an official name or even a master plan for its development. View article…

Phoenix developer eyes land near Cave Buttes Recreation Area for resort A Phoenix real-estate developer hopes to kick-start plans for golf courses and more at the county-owned, city-managed Cave Buttes Recreation Area in north Phoenix. Bill Milliner has been in discussions with several city departments about his plans for Cave Buttes Resort & Golf, which he would like to develop on private land adjacent to the 1,600-acre recreation area. View article…

Market Trend: Phoenix’s Industrial Vacancy Decreases to 15.3% The Phoenix Industrial market ended the first quarter 2011 with a vacancy rate of 15.3%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 789,228 square feet in the first quarter. Vacant sublease space decreased in the quarter, ending the quarter at 1,289,662 square feet. View article…

Push is on to promote downtown Mesa In an effort to promote downtown Mesa more effectively, the Downtown Mesa Association unveiled a new logo and updated its website to make it more focused on marketing. “Our primary focus is to showcase all the great things going on downtown,” said Executive Director David Short, who is overhauling the organization’s marketing efforts. He said one key feature on the site will be a calendar of downtown events. View article…

Phoenix-area Foreclosure Rate Drops for Third Straight Month Homeowners in the hard-hit Phoenix market will be encouraged to hear that foreclosure rates have now dropped for three months in a row. A new report from the W. P. Carey School of Business at Arizona State University reveals the positive development for those hoping for some stability in their neighborhoods. In May, foreclosures represented about 35 percent of the existing-home transactions in the Phoenix-area housing market. That’s a big improvement from January and February, when the rate was 43 percent. It’s also a continued decline from 38 percent in March and 36 percent in April. Still, the report’s author cautions the downward trend may not continue. View article…

Perkins & Marie Callender’s files for Ch. 11 Perkins & Marie Callender’s Inc., the Memphis,Tenn.-based owner and franchiser of 596 Perkins and Marie Callender’s restaurants, filed for Chapter 11 bankruptcy protection and has plans to close 65 restaurants, 58 of which were closed this weekend. View article…

GSEs’ Boom Loans Make for ‘Critical Supervisory Concerns’ The Federal Housing Finance Agency (FHFA) issued its third report to Congress Monday, detailing the regulator’s 2010 annual audit of Fannie Mae and Freddie Mac. The GSEs’ losses last year totaled $28 billion, but FHFA stressed that was an improvement over their 2009 losses of $93.6 billion. View article…

Economic Conditions Snapshot, June 2011: McKinsey Global Survey results Over the past three months, executives around the world have grown more pessimistic about their nations’ economies: compared with three months ago, a smaller share say their economies improved over the past six months, and slightly more expect worsening conditions over the rest of 2011, according to our most recent survey. View article…

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