Daily News – October 30, 2009

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

Email me if you would like a copy of the REIS MetroTrend Office Report. The asking rent by age chart on the first page is interesting.

Former Wellness Center Sells in Sun City West

West Bell Road Church of Christ Inc. purchased the medical office building at 12580 W. Beardsley Road in Sun City West, AZ, from the Zen Wellness Center for $1.14 million, or $154 per square foot. The church will occupy the building. The building...

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Stein Mart opening 2nd Scottsdale store

Stein Mart, a specialty discount department store, will open its second Scottsdale store Nov. 5 at The Promenade.

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Recession over? GDP grows 3.5%

The U.S. economy grew more than expected in the third quarter, according to the government's initial report on gross domestic product.

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City suing bank over loss of $2 million

Surprise is suing Wells Fargo bank claiming a risky investment cost the city $2 million.

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Home sales rise in September, beating forecast

Home resales in September clocked the largest monthly increase in 26 years as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.

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Rebuilt McDonald's opens Friday in A.J.

Eleven months after burning to the ground, a new McDonald's restaurant will reopen Friday at 2838 W. Apache Trail, Apache Junction.

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Valley freeway projects shelved

Billions of dollars in voter-approved Valley freeway-expansion work will be postponed and scaled back after plummeting tax revenue forced a regional transportation panel to slash spending Wednesday night.

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Recession likely over; recovery is uncertain

After a record four straight losing quarters, the economy finally grew again. It was hardly a boom, and it was almost all because of government spending. But it was enough to change the question from when the recession will end to whether the recovery will hold.

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Surge in GDP Does Little to Improve Outlook for Commercial Real Estate

The U.S. economy expanded at a 3.5% annual pace in the third quarter, the Commerce Department reported today, but what does that mean for a beleaguered commercial real estate industry suffering from rising vacancies and falling rents? While it's another guidepost that the economy is headed in the right direction, the third-quarter expansion that followed four quarters of contraction was aided in large part by massive federal stimulus, cautions Bob Bach, chief economist for national real estate brokerage firm Grubb & Ellis.

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Mesa pushes new vision for Main Street

The plans, visions and proposals that have poured forth over the years about reviving downtown Mesa might, if piled together, reach as high as one of the skyscrapers that never got built there.

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Small-business loans on the rise, SBA chief says

Small-business lending has shot up since February, thanks to lower fees and higher levels of government guarantees, the head of the U.S. Small Business Administration told bankers this week.

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Conflicting Reports Offer Mixed Views of Apartment Fundamentals

Have we seen the bottom? It depends on who you ask.

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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.

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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