Daily News – September 17, 2009

Here are the news stories you might find interesting today:

To review the weekly Costar Watch List, click here.

2,759 Distressed Units Hit the Market

PHOENIX-A substantial chunk of Bethany Group's portfolio, currently in receivership, is up for sale. The asset is the largest lender-controlled portfolio to come to the sales block.

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Home permits down, end of tax credit cited

New home construction permits fell last month across the Valley, suggesting improvement in the last six months resulted from home builders producing homes for federal tax credit buyers, according to the latest Phoenix Housing Market Letter by analyst RL Brown.

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MoHawk Carpet Leases 39,000 SF

MoHawk Carpet Corp. leased 38,988 square feet at Building 2 of the Buzz Oats Distribution Center in Phoenix. The carpet company signed for three years. The 331,398-square-foot distribution building at 1511 S. 47th Ave. sits on 22 acres of land. MoHawk...

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ITT Tech Renews and Expands to 24,100 SF

ITT Technical Institute signed a long-term expansion and renewal at The Corporate Center, Phase II in Phoenix. Expanding by 7,797 square feet, the technical school now fully occupies the 24,128-square-foot office building. Constructed in 1979, the...

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CPI up slightly, driven by gas prices

Driven by a 9.1 percent hike in gasoline prices, the Consumer Price Index for August rose 0.4 percent, according to the Bureau of Labor Statistics. Gas prices accounted for more than 80 percent of the overall increase.

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Bar Louie closes at Westgate City Center

Westgate City Center's Bar Louie, a franchise of Restaurants-America in Glenview, Ill., has shut its doors.

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Centerpoint developer seeking Chapter 7

Tempe Land Co. LLC, the company that partially developed the Centerpoint high rise in downtown Tempe, is seeking to convert its U.S. Bankruptcy Court filing to Chapter 7.

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Phoenix gets nod as a top 10 place for tech jobs

The Phoenix metro area is among the top 10 places in the country to grow technology industry jobs, according to a new assessment by U.S. News and World Report.

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Forecast: Retailers will be cautious about holiday hiring

Retailers will remain cautious with their holiday hiring, according to a consulting firm's annual forecast released Wednesday.

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Survey: No commercial-property rebound in U.S. before 2012
The next upturn in the U.S. commercial-property market probably won't arrive until 2012, and until then, office landlords are going to face some pretty tough times, according to the quarterly PricewaterhouseCoopers Korpacz Real Estate Investor Survey. Office rents in New York, San Francisco and most suburban markets might fall 20%, the survey found. "The biggest problem is that commercial real estate lags what happens in the economy," said Susan Smith, director of PricewaterhouseCoopers' real estate advisory service.

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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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