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Daily News for Commercial Real Estate & Business – October 21, 2011

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

Phoenix’s Select Top Retail Leases for Q3 2011 The following is an account of the Phoenix market’s select top 10 retail lease transactions for the third quarter 2011. Shoppers Supply leased 36,825 square feet for five years in Apache Junction Center at 3003 W Apache Trail in Apache Junction. View article…

City to consider expanding incubator space Space at Chandler’s Innovations business incubator is so much in demand the City Council will be asked to approve a 24,000-square-foot expansion, said Christine Mackay, the city’s director of economic development. The incubator has reached 100 percent occupancy. “I’ve been touring a number of people, but there’s no space,” Mackay said Wednesday at the quarterly meeting of the city’s Economic Development Advisory Board. View article…

Karlin Buys Nearly 1M SF in Four Deals Karlin Real Estate has acquired a commercial office campus in Sacramento, a mixed use property in Oregon, a retail pad site in Las Vegas and a grocery-anchored retail center in Scottsdale, AZ, according to managing director Matthew Schwab of the Los Angeles-based company. Karlin bought the properties in four separate transactions. View article…

White House looking to shed 14,000 federal properties The White House is looking to cut costs and raise cash by selling some 14,000 federal properties across the country. Hundreds are in Arizona. The White House considers these excess properties, and this new list updates an earlier one put out back in May. View article…

NAIOP: Public, Private CEOs Share Insight on Success REITs may have had a great run-up in the past several years, but the leaders of two of the industry’s top public companies believe that now it’s time to retool their investment strategies and be extra smart about their capital. This was the main concern voiced by Thomas Roberts, EVP and head of real estate investments at Cole Real Estate Investments, and Philip Hawkins, president and CEO of DCT Industrial Trust, during the first “CEO Insight” session at NAIOP’s “Development ’11” meeting here yesterday. View article…

Canadian company pulls application for controversial Florence mine The Canadian company that wants to develop a controversial new copper mining project in Pinal County has pulled its rezoning application, at least temporarily, with the city of Florence. Curis Resources Limited wants to develop a $500 million copper mining project in Florence. View article…

CMBS Delinquency Rate Stays Above 9% for 9 Months The delinquency rate among commercial mortgage-backed securities (CMBS) in the U.S. have been above 9 percent for nine consecutive months, according to Moody’s Investors Service’s Delinquency Tracker. According to Moody’s latest data, the rate is now 9.36 percent, up from 9.01 percent reported last month. View article…

Phoenix gets $7M in federal transit grants The Federal Transit Administration has awarded the Phoenix Public Transit Department two grants totaling more than $7 million. The first grant for about $6.3 million will aid in the refurbishment of the city’s North Transportation Facility, which houses 145 buses. View article…

Metro Phoenix’s light rail system sets new record September was the busiest month for ridership on metro Phoenix’s light rail system since it was opened nearly three years ago. The East Valley Tribune reports that (http://bit.ly/nUUwYp) there were 1.2 million boardings last month. View article…

Lackluster Retail Fundamentals No Cause for Concern, Researchers Say In spite of a less than stellar performance, fundamentals in the retail real estate sector were in line with most researchers’ expectations in the third quarter of 2011. Firms including CoStar Group, Reis Inc. and CBRE Econometric Advisors reported vacancy rates that were largely flat with the previous quarter, while asking rents came in flat to slightly down. View article…

HOUSING:
Phoenix-area home sales up 25% from a year ago, but prices decline
New September numbers from the National Association of Realtors show Phoenix area-home sales are up sharply from a year ago, but median sales prices are still declining. Phoenix followed the national trend in September of rising sales but falling prices. View article…

Phoenix new home market shows September improvement New home closings and building permits issued rose in the Phoenix area in September, providing what might be a hopeful signal that the new home market is beginning a recovery. The information is reported in the Phoenix Housing Market Letter, a publication of RL Brown Reports, a Valley housing research firm. View article…

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

5051 E Thomas Road – Former Dentist Office For Sale/Lease (Price Just Reduced) For a brochure, click here…

7320 N Dreamy Draw – Freestanding Office Building in Squaw Peak Corridor (New to market) For a brochure, click here…

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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.