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

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

Saint-Gobain to open solar mirror facility in Goodyear Saint-Gobain Corp. plans to open a solar mirror manufacturing facility in Goodyear later this year with the prospect of creating 50 jobs. The plant will be the Courbevoie, France-based company’s first mirror operations facility in the U.S. It will be operated by the company’s North American unit, based in Valley Forge, Pa. View article…

Health center opens in West Valley Finding help for his son who suffers from psychiatric and substance-abuse problems has been a challenge for Gary McEachern. But now help has practically come to him at a new behavioral-health center in Avondale. West Valley Access Point and Transition Point, at 824 N. 99th Ave., includes a 16-bed residential center. It is not only designed to help people such as McEachern and his son, it will help West Valley police and firefighters who, until now, had to deliver patients to Phoenix. View article…

Westgate City Center repossessed Major portions of Westgate City Center were repossessed yesterday after no new buyer stepped forward to buy the retail and entertainment complex at a foreclosure sale. That means the project’s lender, iStar Financial, now owns Westgate. The Ellman Cos. and developer Steve Ellman previously owned the complex adjacent to Jobing.com Arena and University of Phoenix Stadium. View article…

Multifamily Sector Snaps Rising Streak New construction starts in the sector, which had been rising since April, plunged 12.9% in August, the Commerce Department said. Multifamily-housing starts were about 10% lower than in August of last year. The sector’s development surge earlier in the year was partly fueled by demand from would-be homeowners who had been closed out of the sales market. View article…

Shutterfly to hire 600 seasonal workers Shutterfly plans to hire 600 season workers at its Phoenix facility to accommodate orders during the holiday season. Redwood City, Calif.-based Shutterfly (Nasdaq: SFLY) opened a Phoenix office last year with plans to hire up to 400 permanent workers. View article…

Arizona jobless rate more than doubles in past five years Arizona’s economy and job market have been rocked over the past five years, and the jobless rate has reflected the effects of the Great Recession. U.S. Bureau of Labor Statistics data compiled by On Numbers shows that Arizona’s jobless rate has climbed from 4 percent in August of 2006 to 9.3 percent in August of this year. View article…

Streetcar misconceptions addressed at Tempe forum Political and transit leaders are fighting misconceptions about the modern streetcar transit system proposed for Tempe. “It’s not going to cause the same kind of lengthy construction we saw with light rail,” Tempe Councilwoman Shana Ellis said at a public forum hosted at Tempe High School earlier this month. Residents who live along the line got their first look at the location of the 13 stops along the 2.6-mile streetcar route. Transit and city officials were quizzed on the streetcar’s $130 million price tag as well as on the pros and cons of the project, which is scheduled to begin construction next year and be complete by 2016. View article…

Opinion: SEV development good for environment, economy Commerce, public infrastructure and other developments are necessary components of a bustling metropolitan area. The developments also can be artful, eco-friendly and serve multiple purposes to create livable communities, as the winners of Valley Forward’s environmental excellence awards affirm. They enhance the landscape, use natural resources wisely, improve older areas and spur economic development. These qualities are particularly important as environmental concerns grow and budgets in the private and public sectors shrink. View article…

64th Street overpass in Phoenix marks time waiting for development The signs covering the 64th Street exit on Loop 101 in northeast Phoenix say it best: “Closed. No local access.” Motorists who drive along the Pima Freeway that connects Phoenix and Scottsdale in the north have likely seen the bridge to nowhere. Undeveloped desert surrounds the area around the overpass. Phoenix transportation officials say there are still plans to connect the 64th Street overpass to 64th Street on the north and south. But plans have slowed since development in the area came to a virtual halt. View article…

Past Due Mortgagess = 6,397,000 New data from Lender Processing Services (LPS) shows the population of mortgages going unpaid in the U.S. contracted during the month of August. LPS offered the media a sneak peak at several key mortgage performance statistics slated for public release later this month. The company says there were 6,397,000 home loans at least 30 days delinquent or in foreclosure as of the end of August. That’s down from 6,538,000 the month before. View article…

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