Daily News – October 21, 2009

Just a reminder: 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.

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

To view the October Edition of Multifamily Executive, click here.

Economy Watch: More Bank Failures Dead Ahead

Which bank will be lucky 100th bank to fail in 2009? Or more fittingly, the unlucky 100th? The world will have to wait until next weekend.

Keystone Commercial Capital Refinances Office Building in Tempe, AZ

Keystone Commercial Capital has successfully closed a $5,300,000 loan secured by the Hohokam Court multi-tenant office building located in Tempe, Arizona. Acting on behalf of the property's owners, Keystone secured the loan through one of its correspondent life insurance company lenders.

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Total Wine & More to open sixth Phoenix store

Total Wine & More will open its sixth Phoenix store on Thursday at the site of a former Circuit City store. The 33,200-square-foot building is at the northeast corner of Camelback Road and 16th Street.

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Income levels rise in 36 states, but not in Arizona

Personal income rose in 36 states and the District of Columbia during the second quarter of 2009, a sharp turnaround from the 49-state decline in the first quarter.

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New group expands residential solar program into Phoenix

A California-based group is coming to Arizona to expand its effort to help homeowner groups get solar power.

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Phoenix-area consultants contend local real estate slump is over

Two Phoenix real estate consultants are claiming the local residential real estate meltdown is over.

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Average home price up all across Valley

For the first time since 2007, the average price of existing homes increased in all regions of the Valley from one month to the next, according to the latest Arizona State University-Repeat Sales Index.

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Chandler council relaxes city's sign laws

A temporary relaxation of Chandler's sign laws, meant to help local businesses during the ongoing economic downturn, received final City Council approval Monday.

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Double-Digit Vacancies Continue in Q3

PHOENIX-The industrial market keeps taking its lumps with vacancy between 15% and 17% up from around 11% to 12% same time last year.

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Tribeca Launching $100M Fund to Invest Opportunistically in Retail and Multifamily
San Francisco-based private equity firm, Tribeca Cos., is raising money for a $100 million fund it plans to invest in grocery-anchored shopping centers and multifamily properties. The company plans to take advantage of value-add opportunities, particularly in California, Arizona and Nevada. Target acquisition prices for the opportunistic buys are between $5 million and $50 million. As part of this effort, the company hired two executives -- Jeffrey Morris, formerly of BlackRock and James Roessler, formerly of Feher Young & Associates.

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Domino's closes 8 Valley pizza locations

Domino's has closed eight of its 25 company-owned pizza outlets in the city of Phoenix and laid off about 90 full- and part-time employees.

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CMBS Delinquencies Continue Relentless Climb

Hotel loans have surpassed multifamily loans for the dubious distinction of highest CMBS delinquency rate, according to Fitch Ratings.
FULL ARTICLE

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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