Here are the news stories you might find interesting today:
Heard Museum West closing down
2 big banks lag in mortgage aid program
Commercial foreclosures rocket
MCSHANE COMPLETES 103,000-SQUARE-FOOT REMODELING ASSIGNMENT
McShane Construction Co. has completed the remodeling and renovation of Climatec’s 103,000-square-foot corporate headquarters office in Phoenix. PHOENIX – McShane Construction Co. has completed a renovation and remodeling assignment for Climatec’s 103,000-square-foot corporate headquarters, which is located at 2851 W. Kathleen Rd. in Phoenix.
NEWMARK REALTY CAPITAL ARRANGES $3 MILLION LOAN
GILBERT, ARIZ. – Newmark Realty Capital has secured $3 million in permanent financing for a 41,157-square-foot office/warehouse building in Gilbert. Located within the Fiesta Commerce Center, the building is fully occupied by Lockheed Martin. Adam Parker of Newmark’s Phoenix office arranged the financing for the undisclosed borrower.
Consumer spending up in June, personal income drops
| The Commerce Department said consumer spending rose 0.4 percent in June. |
Pending home sales mark 5th month of growth
| Pending home sales were up for the fifth consecutive month in June, and according to the National Association of Realtors, that’s the first time in six years for such a hot streak. |
Pyramid Advisors joins KEPT Holdings at Mountain Shadows
| KEPT Holdings LLC, which recently assumed control of Mountain Shadows Resort, has signed a deal with Arizona Biltmore operator Pyramid Advisors, to operate the Paradise Valley property. |
Propak Arizona project could create 50 jobs
| Propak Logistics signed a 64-month lease for more than 75,000 square feet at Central Arizona Distribution Center in Casa Grande – a move that could create up to 50 jobs. |
Third Time’s the Charm in 40,000-SF Sal
| PHOENIX-After falling out of escrow twice within the past year, Arrowhead Professional Park sells for just over $12 million. |
Bashas’ closings having trickle-down effect
| Jose Guerrero peered out the front window of his restaurant, El Metate Mexican Food, at a sea of striped blacktop devoid of cars. |
Southwest Behavioral Health Services (SBH), a provider of mental health treatment, leased 11,228 square feet in the 2700 Tower in Phoenix. The 78-month deal includes tenant improvement build-outs of $27.50 per square foot. Southwest is relocating from 3450 N. Third Ave. The 15-story, 220,949-square-foot office tower at 2700 N. Central Ave. was built in 1985 in the the Downtown North submarket.
CBRE Investors: The Time to Buy is Now
For the most part, the investment community has been holding back on commercial real estate acquisitions, waiting and waiting for the market to hit bottom. But according to a new report by CB Richard Ellis Investors, while the bottom may not be at hand just yet, it’s close enough.
Economic Update: MIT/CRE Index Takes Hit in 2Q09
Commercial real estate took a drubbing in the second quarter, according to the Massachusetts Institute of Technology Center for Real Estate, whose index tracking commercial properties sold by institutional investors dropped 18.1 percent during the second quarter of 2009. The index is down 32 percent from the same quarter a year ago and 39 percent from its mid-2007 (that is, bubble) peak.
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