Daily News – November 6, 2009

Here are the news stories you might find interesting today regarding commercial real estate and business:

Olympus Buys Again, Acquires in PHX

PHOENIX-With its first area buy, the investment company snags the 316-unit Crossroads Apartments from AIMCO for just under $10 million.

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New luxury apartments coming to N. Phoenix

A luxury apartment community in far north Phoenix will celebrate a grand opening this weekend at a time when vacancies are up, rents are down and the housing market remains unstable.

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Abraxis opens expanded plant in Phoenix, expected to create 200 jobs

Abraxis BioScience Inc., a Los Angeles-based maker of a chemotherapy drug that uses nanoparticles, is continuing its expansion in the Phoenix market.

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Commercial mortgage lending down 54%

Commercial and multifamily mortgage lending in the U.S. fell 12 percent from the second quarter to the third quarter and is down 54 percent from year ago levels, according to the Mortgage Bankers Association.

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Home buyer tax credit extended, expanded

The House of Representatives passed legislation Thursday that would extend and expand the tax credit for first-time home buyers.

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Mesa housing program ready to bear fruit

A Mesa plan to help low-income people buy homes seemed almost too easy: Snap up foreclosed homes on the cheap, renovate them and sell houses to those in need.

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The promise of multichannel retailing

In a year of doom and gloom for retailers, the continued emergence of online sales has been a bright spot. Why then do so few companies get true multichannel retailing right?

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Initial jobless claims drop by 20,000

Nov. 5 -- Fewer Americans than forecast filed claims for unemployment benefits last week, a sign job losses are slowing as the economy begins to recover.

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Shoppers swarm new H&M store at Scottsdale Quarter

Metro Phoenix is getting a fashion makeover. In many ways, the opening Thursday of the Valley's first H&M store is going to change how people look.

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Glimmers of Hope Emerge in the Multifamily Market

The third quarter was the strongest to date for the apartment transaction market this year, with the highest volume and largest deals.

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October sales offer relief to merchants

NEW YORK - Consumers, enticed by cooler weather, early holiday discounts and an improving economy, offered some relief to the retail industry in October.

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REGISTER ASAP! THERE ARE A LIMITED NUMBER OF TICKETS AVAILABLE FOR THIS EVENT! I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.

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

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