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Daily News for Commercial Real Estate & Business – November 23, 2011

I hope you have a Happy Thanksgiving! I won’t be sending out a news update again until Monday. Enjoy this time with family and friends!

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

Central Phoenix Office Buildings list No. 4: City Square This week’s edition of the Phoenix Business Journal, due out Friday, is ranking the largest Central Phoenix office buildings by rentable square feet. Fourth on the list was City Square, represented by leasing agents John Bonnell and Brett Abramson of Jones Lang LaSalle, totaling 723,992 rentable square feet. View article…

Phoenix awarded $2.9 million grant for rail-area development Phoenix has been awarded a $2.9 million federal grant for a $5.7 million project to draft plans for new housing and business development in neighborhoods along the city’s light-rail corridors. Phoenix is one of 274 communities nationwide to receive the U.S. Department Housing and Urban Development’s Community Challenge Grant awards, announced Monday. View article…

Southeast Valley apartment vacancy rates keep dropping Apartment vacancy rates across the Southeast Valley have been dropping since 2009 and are now among the Phoenix metro region’s lowest, according to the latest quarterly report from AZ Investment Property Experts, a real-estate group that tracks the multifamily market. But city officials and property experts have different takes on why this is happening and what it means for the communities. View article…

Hotel Foreclosures an Oncoming Train Wreck’ Steve Van hates being the pessimist, but he can’t help it. The CEO of Prism Hotels & Resorts says comparing the last two years of hotel distress to what’s coming is like comparing “a car wreck and a train wreck.” He doesn’t see any other way to avoid the oncoming flood of CMBS maturities that originated in 2007, at the absolute pinnacle of the lodging industry, as well as a wave of costly property improvement plans now being mandated by franchise companies emboldened by strong operating results. View article…

Commercial Prices Post Decline After 4 Months of Increases September marked the 20th consecutive month that distressed sales made up more than 20 percent of commercial property sales, according to Moody’s/REAL Commercial Property Price Index. The index reported distressed transactions for the month accounted for 25.9 percent of all commercial transactions. View article…

Centro Investors Back Restructure to Stay Afloat Australian real-estate trust Centro Properties Group is set to avoid liquidation after investors approved a restructure plan. Security holders in Centro and sister company Centro Retail Group agreed to merge the two entities at a meeting in Sydney on Tuesday, the last major hurdle in a four-year battle to keep the company afloat. View article…

FDIC ‘Problem’ Banks Decline Again The number of banks listed on the Federal Deposit Insurance Corp.’s “problem list” has declined for the second consecutive quarter. Problem banks that made the list went from 865 during the second quarter of 2011 to 844 in Q3, a sign that the economy is showing improvement, says James Chessen, chief economist for the American Bankers Association. View article…

4 Consequences of the Super Committee’s Failure The lack of a bipartisan agreement on a big deficit-reduction plan could hurt the national economy by increasing uncertainty already felt by entrepreneurs. The super committee created by Congress to devise a deficit-reduction plan threw in the towel today, announcing they couldn’t agree on a plan in time to present it to Congress on Wednesday. “After months of hard work and intense deliberations, we have come to the conclusion today that it will not be possible to make any bipartisan agreement available to the public before the committee’s deadline,” read a joint statement issued by the super committee’s co-chairs, Senator Patty Murray, a Democrat from Washington, and Representative Jeb Hensarling, a Texas Republican. View article…

SAMPLE OPPORTUNITIES:
Bella Vista Retail Center – 10.5% Cap Rate!
Investment, multi-tenant retail center. For a brochure, click here…

5051 & 5057 E Thomas Road – Former Dentist Office and Former Real Estate Office For Sale (CALL FOR OFFERS-DEADLINE 12/1/2011) For a brochure, click here…

Kokopelli Springs in St. David, AZ – Investment, 56 unit mobile home park. For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor-great owner/user opportunity. For a brochure, click here…

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