Here are the news articles you might find interesting today for commercial real estate and business:
Demolition begins to make way for Optima Sonoran Village Downtown Scottsdale’s first large-scale development to begin construction since the height of the recession is under way at the southeastern corner of Camelback Road and 68th Street. A crew of about 20 with Brienholt Contracting Inc. is tearing down the abandoned Orchidtree apartment complex using excavators, Bobcats and water trucks. The 9.87-acre complex had been vacant for at least three years. View article…
Credit union data center coming to West Valley Alaska USA Federal Credit Union will open a data center in north Glendale in 2012. The 26,000-square-foot location is the first Arizona site for Alaska USA. This new operation will be in the Talavi Business Park, 59th Avenue and Bell Road. Startup will include 10 employees managing the data center. View article…
Scottsdale medical building renovation project finished The owner of the Paradiso Medical Plaza announced the company has completed a $2 million renovation of the two-story office building at 11000 N. Scottsdale Road, Scottsdale. North American Resort Properties, which bought the 58,027-square-foot building in 2008, updated the structure giving it a Tuscan-themed design. The renovation was aimed at making the building more energy-efficient. View article…
Company plans 2 rehab centers in Tucson Two new short-term rehabilitation centers are expected to be built in Tucson by an Oregon firm that says it will hire at least 150 new workers. Sante Partners project manager Brad Hankins says the two skilled nursing centers are aimed at aging baby boomers. The Arizona Daily Star says construction on the combined $30 million project should begin next year and be complete by 2013. View article…
Oakland A’s announce negotiations for Mesa move The Oakland Athletics announced today they are negotiating with Mesa to move their spring-training operations to that city’s Hohokam Stadium. The team said Monday it is entering exclusive negotiations for use of the stadium, which will be occupied by the Chicago Cubs through the 2013 spring season. A new complex for the Cubs will be built in Mesa’s Riverview area for use beginning in 2014. View article…
Land trusts control 530,000 acres in state A new land-trust census indicates the strength of efforts to conserve land in Arizona, including through the McDowell Sonoran Conservancy and Desert Foothills Land Trust in the Northeast Valley. Land trusts have protected nearly 530,000 acres in Arizona, which represents a 440 percent jump in acreage conserved since 2005, the National Land Trust Census indicates. View article…
Desert Foothills Land Trust marks 2 decades The Desert Foothills Land Trust is celebrating its 20th year in existence. Executive Director Sonia Perillo said a group of Northeast Valley residents, led by former Cave Creek resident John “Jack” Houseknecht, came together two decades ago to protect the landscape they love, founding the land trust to identify, acquire and permanently protect some of the region’s most special and sensitive natural areas. “They came together because of their clear love for the landscape and open space,” she said. View article…
Forbes: Arizona No. 20 for business climate Arizona is moving up Forbes’ ranking of the best states for business and careers. After ranking 36th in 2009 and 23rd last year, Arizona now ranks 20th in the nation, according to Forbes. View article…
Recession erases thousands of Phoenix businesses The Phoenix area shed nearly 4,000 businesses between 2008 and 2009 as the brunt of the Great Recession settled in. New research from On Numbers shows that by losing 3,804 businesses, the Phoenix area ranked 817th among 938 metro areas in the loss of business establishments. The Valley shed more than 4 percent of its businesses in just that one-year span. View article…
Growth in Commercial Real Estate Markets Expected in 2012 Commercial real estate markets have been relatively flat this year, but improving fundamentals mean a more positive trend is expected in 2012, according to the National Association of Realtors. Lawrence Yun, NAR chief economist, said there is little change in most of the commercial market sectors. “Vacancy rates are flat, leasing is soft and concessions continue to make it a tenant’s market,” he said. “However, with modest economic growth and job creation, the fundamentals for commercial real estate should gradually improve in the coming year.” View article…
A Bifurcated Market Three years after the collapse of the financial markets, capital is back for commercial real estate. But it is largely targeting the same types of investments, especially multifamily housing, in the same handful of top-tier cities as investors fight for yield in a difficult market. That was the theme of the ULI Real Estate Capital Markets Conference, held in New York City in late June. For two days panelists and participants debated what that might mean for the second half of this year and beyond. View article…
FDIC’s ‘Problem Bank List’ Contracts for Second Consecutive Quarter Bad real estate loans from the boom years of the last decade have forced 412 FDIC-insured lenders to shutter their operations since the start of 2008. No institution’s balance sheet has been fully insulated from the downturn in the real estate markets, but data released by the FDIC suggests those lenders who’ve survived thus far are now finding their way out of the storm. View article…
HOUSING:
Phoenix new home sales begin to stabilize New single family home sales in the Phoenix area are showing signs of stabilizing, according to a recent report by Phoenix-based RL Brown Reports. Though new home sales for October were down compared with the previous month, the numbers for the past three months are better than they were in August, September and October of 2010. View article…
Fed Records First Rise in New Mortgage Delinquencies in a Year About 2.5 percent of current mortgage balances in the U.S. transitioned into delinquency during the third quarter, according to a new report issued by the Federal Reserve Bank of New York Monday. That assessment reverses a recent trend of reductions in the measure of newly delinquent mortgage balances. Prior to the rise in the most recent quarter, the Federal Reserve had recorded declines in the percentage of current mortgages falling behind on payments going back to the third quarter of 2010. View article…
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Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.