Urban Land Institute study: Phoenix kept its population despite recession
| The purported economic demise of the Phoenix metro area is greatly exaggerated, as are claims that the population has dropped by hundreds of thousands of people. |
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Census Bureau’s new Phoenix center will employ 2,830
| The U.S. Census Bureau has opened its last of three major U.S. data capture centers in Phoenix. (LMT) |
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Capital Costs To Rise, Say Investors
| After more than a year battling an extreme credit crunch, investors have yet to see a light at the end of the financing tunnel |
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Investors Eye Apartments, Distressed Properties
| Apartments remain the favored property type among risk-averse investors |
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Is A Market Bottom Imminent?
| Investors sidelined by the lingering effects of a deep recession and capital crunch are preparing to jump back into the commercial real estate market |
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Arizona unemployment inches to 9.3 percent
| Arizona’s unemployment rate continues its creep toward double digits, though the Valley did add some jobs between September and October, according to new state figures. |
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Macaroni Grill continues menu revamp
| In a continued effort to revamp its menu, Romano’s Macaroni Grill will roll out another batch of new dishes and reformulated recipes on Nov. 23. |
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Papa Murphy’s Take ‘N’ Bake Pizza for sale
Papa Murphy’s International confirmed Wednesday that its private-equity parent company, Charlesbank Capital Partners LLC, has hired North Point Advisors to explore a sale of the take-and-bake pizza chain. |
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Phoenix foreclosures flat in October
Phoenix-area foreclosures climbed in October but pre-foreclosures were almost flat.
Last month, 4,826 homes were foreclosed on, compared to 3,759 in September, according to the Information Market. The monthly foreclosure, or trustee sale, rate hit a record in July when 5,316 houses taken back by lenders. Pre-foreclosures totaled 7,841 in October, compared to 7,857 in September. The record for Valley notice of trustee sales was 10,689 in March.
“With the Federal government firmly planted in the banking system, monthly numbers tend to jump up and down quite a bit, especially during the onset or conclusion of fiscal quarters,” said Tom Ruff, Information … |
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Developers Diversified, Goldman Sachs Put CMBS Deals Back in Action
| The first new-issue commercial mortgage backed securities (CMBS) supported by brick-and-mortar properties in nearly two years successfully sold this week. DDR Depositor LLC Trust 2009 Commercial Mortgage Pass Through Certificates, series 2009-DDR1… |
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Office Delinquencies Latest Driver of CMBS Troubles
| Job losses and subsequent office loan defaults, coupled with continued hotel underperformance, resulted in another monthly increase in U.S. CMBS delinquencies. And new matured balloons and past due loans secured by interests in non-traditional assets… |
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Starwood Property Trust Begins Investing $900 Million Slowly, Selectively
| In its first quarterly report as public entity, Starwood Property Trust posted a net loss of $1.9 million. The results were affected by the recognition of $800,000 of non-cash, stock-based compensation in the period. "We are generally pleased with… |
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Bank Watch: U.S. Steps Up Efforts To Seize Iran-Controlled Bank Melli’s U.S. Properties
| The United States Attorney for the Southern District of New York is looking to take over control of the 36-story, 336,000-square-foot 650 Fifth Ave. high-rise in Midtown Manhattan, as well as other properties across the country, together totaling hundreds… |
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Ennabe Enters PHX With La Mesa Buy
| MESA, AZ-The Los Angeles investor pays $5 million for the 256-unit La Mesa Village Apartments from foreclosure. |
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Small biz lending freefall in spotlight
Several top administration officials, including Treasury Secretary Tim Geithner and Small Business Administration head Karen Mills, will meet Wednesday with bankers, policy makers and business owners to discuss the grim state of small business lending. |
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Valley cities compete for Suntech plant
| At least six Phoenix-area cities are competing to land Suntech Power Holdings Co. or other solar-panel factories. |
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Buffett invests $96 million in Phoenix waste firm
| Billionaire Warren Buffett, who likes to invest in companies he considers undervalued, has purchased 3,625,000 shares in Phoenix-based Republic Services Inc, according to a U.S. Securities and Exchange Commission report filed Monday. |
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Post office $3.8B in the red last year
| WASHINGTON – The Postal Service reported a loss of $3.8 billion last year, despite a reduction of 40,000 full-time positions and other cost-cutting measures. |
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Chinese plant could power a Valley solar boom
| The move by China-based Suntech Power Holdings Co. to set up its U.S. headquarters and a solar manufacturing plant in the Valley could be the first of several solar-energy manufacturing facilities coming to Arizona, according to the Valley’s chief economic development executive.
Phoenix announced as new home of Chinese solar biz |
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TIAA Sells, Again, Gaining $53M
| SCOTTSDALE, AZ-The seller trades 484 units to Canadian buyer Sunstone, thanks to a competitive offer. |
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GDP Is Up But Employment Recovery May Be Years Away
| Economists, Wall Street, and the general public were pleased with the advance report on third quarter Gross Domestic Product (GDP) from the U.S Bureau of Economic Analysis. The consensus expectation as posted on Briefing.com was an annualized increase of 3.2 percent. The advance report from the BEA was higher, at 3.5 percent. This is the largest consumer spending increase since 3.7 percent growth was posted in the first quarter of 2007, well before the recession began. However, it is likely that unemployment and job losses will persist for some months to come. |
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UPDATE: Chapter 7 Liquidation Follows InkStop’s Abrupt Close of All 152 Stores
| In Chapter 7, InkStop Retail Chain to Liquidate, published 11/15/09 Warrensville Heights, OH-based printer ink and toner chain, InkStop, abruptly closed all of its 152 stores on October 1, 2009. At the time, the company said the closures were temporary… |
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Move to repeal controversial Arizona foreclosure law, again
Opponents of a controversial Arizona law that could make some homeowners liable for tens of thousands of dollars on homes that go into foreclosure aren’t giving up. Real estate groups, including the Arizona Association of Realtors, are trying to have the SB 1271 repealed again in the current special legislative session.
SB 1271 was repealed in the Arizona’s special budget legislative session a few months ago. But then in October, the Arizona Bankers Association, which backed SB 1271, filed a lawsuit in Arizona Supreme Court saying the repeal of the law was unconstitutional because it exceeded the scope of the session.
“Legislators …
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El Pollo Loco posts 10% comp decline in 3Q
| High unemployment rates, particularly among Hispanics and within El Pollo Loco’s core markets throughout California, were blamed for the chain’s 10.1-percent decline in same-store sales for the third quarter. |
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Leasing Demand Improves for Shopping Center REITs in the Third Quarter
| After months of scrambling for tenants, shopping center REITs reported a rise in leasing activity in the third quarter. |
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Retail Loan Origination Volume Down Slightly in Third Quarter
| The Mortgage Bankers Association’s Quarterly Survey of Commercial/Multifamily Mortgage Bankers Originations showed that the volume of retail loans was down slightly in the third quarter compared with the quarter prior. |
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Categories: Uncategorized
Hewson Chandler Airport Center Changes Hands-Douglas Allred Co. Acquires Industrial Park in REO Sale – http://ping.fm/isD87
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It’s Moving Day!
NEW ADDRESS EFFECTIVE NOVEMBER 16, 2009
2929 N 44th Street, Suite 345
Phoenix, AZ 85018
Bair: FDIC Has New Rules for Securitization
The securitization market for most financial paper is still dormant, but the Federal Deposition Insurance Corp. is gearing up for when institutions, originators and investors decide it is time to bring it back to life. At an FDIC board meeting on Thursday, Chairman Sheila Bair reportedly said FDIC has developed rule changes for banks that want to sell securities backed by loans and leases.
http://www.globest.com/news/1538_1538/washington/182174-1.html
Silverman’s $17M Buys 72 Units
| SCOTTSDALE, AZ-The Detroit buyer acquires the majority of the Mark, an 85-unit condominium project from Toll Bros. AZ in a first-time area deal. |
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Fry’s, Safeway reach 11th-hour deal with union, strike averted
| Grocery chains Fry’s and Safeway reached a tentative settlement with UFCW Local 99 late Thursday night, averting a strike that was scheduled to begin at 6 p.m. Friday. (KR) (SWY) |
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Deloitte consumer spending index up for 5th month
| The Deloitte Consumer Spending Index rose in October for the fifth consecutive month, driven in large part by real wage growth. |
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EPI takes on health care reform bills
The Employment Policies Institute, a nonprofit research organization that addresses issues affecting restaurants, debuted Thursday a $10 million advertising campaign arguing that current health-care reform legislation will fuel the national debt and hamper job creation. |
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‘Cursed’ Gilbert building up for auction
| The building in downtown Gilbert that hosted five failed restaurants in its 12-year history is up for auction. |
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K. Hovnanian Homes buys 51 lots
| K. Hovnanian Homes said it has purchased 51 finished single-family home lots in the gated community of Vintage Villas in Chandler. |
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$215M Gila River hotel/casino opens Friday
| A $215 million chunk of Las Vegas will land in the East Valley on Friday when the Wild Horse Pass Hotel and Casino opens on the Gila River Indian Community at Interstate 10 and Wild Horse Pass Boulevard. |
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Phoenix-based NutraCea files for bankruptcy
| NutraCea, a Phoenix-based maker of dietary products, filed for Chapter 11 bankruptcy Tuesday. |
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It’s Moving Day! – NEW ADDRESS EFFECTIVE NOVEMBER 16, 2009 – 2929 N 44th Street, Suite 345, Phoenix, AZ 85018
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Thanks everyone for the well wishes and happy birthdays.
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Motorola may sell the last division with a Phoenix-area presence.
| Motorola may sell the last division with a Phoenix-area presence. |
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Burger King franchisees sue over $1 burger
| Burger King’s franchisees are taking their fight against the company over sandwich pricing to court |
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Toyota unseated as world’s largest automaker
| A year after General Motors loses to Toyota, another automaker grabs the title of world’s largest automaker |
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Indoor trampoline center opening in Chandler
| Jumpstreet, a Colorado-based company, calls its facility Arizona’s ”only indoor trampoline park. |
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Chandler Boys and Girls Club opens; ceremonies Monday
| Compadre Branch started accepting kids at $8 million facility this week. |
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5 & Diner will replace Ruby’s at Fashion Center
| A new 5 & Diner restaurant is expected to open soon in the spot vacated by Ruby’s diner at Chandler Fashion Center. |
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State foreclosure activity down sharply
| The amount of foreclosure activity in the Arizona residential market declined sharply in October, according to RealtyTrac, an online marketplace that documents and lists foreclosed properties. |
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Jobless claims fall more than expected to 502K
| WASHINGTON — New claims for unemployment insurance fell more than expected last week, evidence the job market is slowly healing as the economy recovers. |
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Inflation debated as cause of gold rally
| Gold futures prices hit a fresh high above $1,119 an ounce, before settling at $1,114.60, up $12.10 from the day before. The metal has risen about 26 percent so far in 2009. |
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‘Incubator’ expected to create jobs in 2 years
| Chandler’s multimillion-dollar biotechnology business "incubator," now under construction, could begin spinning off businesses and creating new jobs within two years of its planned spring opening, city officials say. |
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ConAir Buys Distribution Center for $17M
| GLENDALE, AZ-In the largest industrial deal made this year, ConAir gets a 619,000-square-foot building that once housed KB Toys’ distribution activities. |
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Phoenix Housing Market Showing Signs of Recovery, but Still Has Issues
| It’s Indian Summer in the Phoenix real estate market: Like a replay of the traditional high sales months, resale activity increased in October — from 9,070 sales in September to 9,955. But although the level of activity appears strong, it’s not necessarily a sign of recovery, as foreclosures continue to be the dominant force. And, when people think about recovery they mean a time when prices return to what they paid for their homes. For people who bought at the top of the market, says W. P. Carey real estate professor Jay Butler, that time may be a long way off. |
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Eminent Domain: Drawing the Line on Property Rights
| When the city of New London, Connecticut, moved to take homes in the modest Fort Trumball neighborhood by eminent domain, a group of residents resisted in court. Led by Susette Kelo, the residents eventually lost their case at the Supreme Court. The city had the green light to move ahead with plans to develop the area for offices, research facilities, high end condos and a hotel. The city’s plans fell through, and the project was never built. The Kelo case touched off a nationwide backlash against eminent domain seizures that cut across ideological lines. |
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Phoenix Real Estate Outlook: Residential Recovering in 2010, but Commercial Continues to Slide
| Forecasts by the Greater Phoenix Blue Chip real estate consensus panel show that perceptions of the metro real estate market continued to deteriorate in the third quarter of 2009. Projections for residential development are less optimistic than for second quarter, but even so, this sector is on its way to becoming a positive force in the economy. On the other hand, the commercial sector is sliding toward a hole. |
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$84M Gets Volkswagen the Potamkin General Motors Building in Manhattan
| The Volkswagen Group of America has closed on its acquisition of the Potamkin General Motors building and car dealership, located at 798-804 11th Avenue in Manhattan, for $84 million, according to CB Richard Ellis. According to CoStar Property, the… |
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Employment Demand Outlook: Need To Survive the Next Three Months
| If landlords across the country can make it through the coming layoff season, (November – January), they may begin to see some stabilization in demand from commercial tenants for space. Looking out 12 to 24 months, business owners say they expect their… |
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CIT Group’s Care Investment Trust Considering Sale or Merger
| Care Investment Trust Inc., a New York-based health care REIT managed by CIT Healthcare, a subsidiary of CIT Group Inc., is nearing completion of a review of its strategic alternatives and expects to make a decision regarding its future over the next… |
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Worst May Be Over for Hotels
| While occupancy levels and average daily rates (ADR) in the last quarter of 2009 are expected to remain below levels from one year ago, resulting in a 16.4% decrease in room revenue per available room (RevPAR) in 2009, PricewaterhouseCoopers expects hotel… |
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Bank Watch: Small Business Banks Floundering
| It’s a tough time being a small business lender these days. This week, Advanta Corp. joined CIT Group Inc. as a filer for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Although Advanta Corp. has close to $100 million in cash and equivalents… |
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Institutional Investors Throwing Big Money Around Class A Quality Retail Property
| After what’s seemed like an eternity of little or no action in the retail property investment arena, several major retail investment transactions north of $100 million have surfaced since October. Considering that news of retail property sale transactions… |
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Firehouse Subs plans growth around Chicago
Firehouse Subs, the 373-unit sub sandwich chain based here, announced Wednesday a plan to open 125 franchised units over the next five to seven years in and around Chicago. |
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