Here are the news stories you might find interesting today regarding commercial real estate and business:
Westcor is ‘transitioning out’ of beleaguered Metrocenter
Westcor plans to pull out of the landmark Metrocenter mall and leave its former partners with the task of inventing a viable future for the troubled property. The longtime Phoenix mall developer confirmed it is “transitioning out” of the management of the 1.4 million-square-foot center and will give up a 15 percent ownership stake in the property. View article…
Tucson Retail: Not as Bad as Phoenix
Though separated by a two-hour drive, Tucson’s retail market has held up better during the last two-year downturn than its Phoenix counterpart. Though experts aren’t suggesting Tucson retail is anywhere near full recovery, they are telling GlobeSt.com that the city and surrounding environs are nowhere as bad as its neighbor to the north. View article…
Blockbuster Shuttering Up to 545 Stores During 2010
Keeping with the ongoing contraction of the traditional movie rental retail business, Blockbuster Inc. (NYSE: BBI, BBI.B) said it would close 500 to 545 of its company-owned U.S. retail stores during 2010. To date, the retailer has already closed 253 of these stores and said 150 more will close by the end of April, with the remainder shuttering throughout the rest of the year. View article…
Phoenix City Council approves budget plan
After seven hours of public testimony and discussion, the Phoenix City Council approved a budget plan that calls for $64 million in cuts to city services and the elimination of about 520 jobs. Council members Sal DiCiccio and Peggy Neely were the only dissenters. View article…
Freddie Mac: Home prices fell 0.4% in 2009
Freddie Mac officials said home prices fell 0.4 percent in 2009, much less than the 9.5 percent decline recorded in 2008. In the final quarter of 2009, the Home Price Index, based on Freddie Mac-backed mortgages for purchases only, was down 1.4 percent from the third quarter. View article…
Business Optimism Index drops
The latest Business Optimism Index from accounting firm Grant Thornton LLP shows business leaders continue to feel uneasy about overall economic improvement. Only 43 percent of respondents expect the economy to improve in the next six months, down from 53 percent in November. At the same time, 49 percent now believe the economy will not come out of the recession until 2011 or later. Only 22 percent said so three months ago. View article…
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.
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