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Daily News for Commercial Real Estate & Business – November 13, 2009

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

Costar just added a really cool map. It shows a live feed of closed transactions, searches and property updates. Check it out by clicking here.

Email me if you would like copies of the 3rd Quarter Investment Review provided by CBRE. The other document is from a webinar that was hosted by CCIM titled “An Evolution of the Troubled Assets Crisis.” There is some really good information in both of these.

REITs Show Third Quarter Resiliency, Strong Occupancies

The mantra in the apartment industry this year has been to keep heads in beds. From the looks of the third quarter results, it looks as though the REITs are leading the way. All 12 major apartment REITs reported occupancies above 93 percent.

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Bigger Assets, Bigger Buyers Enter the Distress Fray

A large majority of the distressed acquisitions closed in 2009 were smaller deals of less than $15 million. In the fourth quarter, however, brokers and industry players were seeing larger deals change hands – and larger buyers emerge.

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Jobless claims fall more than expected to 502K

WASHINGTON — New claims for unemployment insurance fell more than expected last week, evidence the job market is slowly healing as the economy recovers.

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State foreclosure activity down sharply

The amount of foreclosure activity in the Arizona residential market declined sharply in October, according to RealtyTrac, an online marketplace that documents and lists foreclosed properties.

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Grocers, customers brace for strike

Mesa resident Cathy Hounshell says she has been a Fry’s customer “since there was a Fry’s.”

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Hewson Chandler Airport Center Changes Hands

The Douglas Allred Co. purchased the Hewson Chandler Airport Center in Chandler, AZ, for $7.1 million, or $38 per square foot, in an REO sale. The three-building industrial park at 2440, 2450 and 2460 E. Germann Road in Chandler totals 187,000 square…

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MBA: Mortgage applications rise

The number of people taking out new home loans and refinancing existing ones rose during the week ended Nov. 6.

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Poll: Work force optimism growing

As the global recession slowly weakens, workers are becoming more optimistic, according to a new global survey from Monster Worldwide Inc.

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Home sales up over ’08, but many involve foreclosures

Sales of existing homes around the Phoenix area are up from last year, but a large number of those sales continue to be foreclosed properties.

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Thomas Properties receives REIT award

The national Greenbuild conference is the main drawing card this week in Phoenix for environmental experts, but another national trade organization handed out its own top sustainability awards at JW Marriott Desert Ridge.

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Chandler Boys and Girls Club opens; ceremonies Monday

After nearly three months of not having a club of their own, the members and staff of the Chandler Compadre Branch of the Boys and Girls Club now have the club of their dreams.

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New northeast Phoenix restaurant may buck industry trend

Despite how hard the restaurant industry has been hit by the current economy, some are finding success. The Compound Grill, a new northeast Phoenix restaurant with live music as a central theme, had its grand opening Saturday and sold out. People from Flagstaff and Tucson came to hear singer-songwriter Jackie Greene.

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‘Cursed’ Gilbert building up for auction

The building in downtown Gilbert that hosted five failed restaurants in its 12-year history is up for auction.

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K. Hovnanian Homes buys 51 lots

K. Hovnanian Homes said it has purchased 51 finished single-family home lots in the gated community of Vintage Villas in Chandler.

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REGISTER ASAP! THERE ARE A LIMITED NUMBER OF TICKETS AVAILABLE FOR THIS EVENT! 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.