Daily News from the desk of Nicholas L Miner, CCIM
Here are the news stories you might find interesting today:
The challenging economic climate marked by shaky financial institutions and increasing unemployment is resulting in rising vacancies and falling rents in today’s commercial real estate market. The pendulum has swung in favor of tenants and likely will remain there throughout 2009.
Landlords need to take a number of steps to protect their assets when dealing with existing and prospective tenants. First and foremost, landlords need to adjust their thinking in the short term to maintain a steady cash flow and position their assets to weather the recession.
NGS Energy looks to develop Pinal County gas field
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NGS Energy LP has signed a deal with El Paso Corp. to develop a natural gas storage facility in Pinal County. |
Old Pueblo Finds 44,000-SF Trade Locale
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TUCSON, AZ-The direct mail retailer is taking the space at the 95,000-square-foot Centre East Office Complex for its headquarters. |
Comic book store opening May 23 in Chandler
| Nerdvana: Chandler is about to get a new comic book store. Dave’s Comics, Cards & Games is planning a May 23 grand opening with a location on Eliott Road just east of Alma School Road. |
Ariz. foreclosure filings double U.S. average
| One in every 164 homes in Arizona received a foreclosure filing last month, more than twice the national filing rate, according to the latest foreclosure market report from RealtyTrac, an online marketplace for foreclosure properties. |
Dexus Exiting U.S. Industrial Markets
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Australia-based Dexus Property Group has commenced an asset sales program that will see it exit all but four of its U.S. industrial markets and concentrate on its Australian holdings. |
SAS Hospitality of Chandler, AZ, acquired three acres of commercial land at the corner of North Arizona Avenue and West Harrison Street in Chandler, AZ, from a private owner for $1.05 million, or $351,000 per acre. The parcel included the 19,574-square-foot Chandler Inn.
Expansion of TALF to Cover CMBS and Loans Gets Praise from Industry
Washington, D.C.–The Federal Reserve’s Term Asset Backed Securities Loan Facility (TALF) has been expanded to cover commercial real estate backed securities (CMBS) and loans. In addition, the loans provided to investors under TALF to purchase the securities will have five-year terms, which better match the needs of CMBS investors.
Fed to Allow Longer Loans for Commercial Real Estate (Update3)
May 1 (Bloomberg) — The Federal Reserve authorized longer- term loans for investors buying securities backed by commercial mortgages in a $1 trillion emergency credit program, taking a step the industry said was needed to avert defaults.
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