Daily News for Commercial Real Estate & Business – April 1, 2010

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

To view this week's, "The Watch List," by Costar, click here.

Waveyard may go water first, resort later The developer of the Waveyard water park in Mesa is looking to start the project with only the water component at first, while delaying the resort until the economy picks up. Waveyard co-owner Richard Mladick said Tuesday investor interest is strong in the water park but a lodging industry slump may trigger a phased-development approach. View article...

Acro, SunRun expand in Arizona Acro Energy Technologies Corp. has expanded into Arizona and will open an office in Tempe next quarter. Acro Energy is a solar installer run by the former chief operating officer of SunRun, a San Francisco company that finances solar projects through power purchase agreements. View article...

St. Joe's to shift pediatric cases to Phoenix Children's The two largest pediatric providers in the metro area are negotiating an alliance to move all pediatric patients from St. Joseph's Hospital and Medical Center to Phoenix Children's Hospital. View article...

Sprouts opens 48th store, more on tap Sprouts Farmers Markets marked the opening of its 12th California store Wednesday - the 48th for the Phoenix-based specialty grocery chain. The new 31,000-square-foot store is located in Carmel Ranch Plaza. View article...

Recession continues to pressure hotel revenue Metro Phoenix hotels are still under pressure as the recession continues to hit business and consumer pocketbooks. According to PKF Hospitality Research revenue per available room is forecast to drop by 4.4 percent in 2010 across Phoenix-area properties. The metric measures room revenue divided by rooms sold. View article...

Vantage West takes over First Edition credit union Vantage West Credit Union in Tucson will take over First Edition Community Credit Union on Thursday, ending a 58-year run for the Phoenix institution established to serve the media and communications industries. In the last two years, FECCU lost nearly $1.8 million, according to filings with the National Credit Union Administration. View article...

Rawhide's Farmers Market worth the trip Chances are the carrots in a symphony of colors, the miniature beets and the microgreens sold at Valley farmers markets were harvested less than 24 hours earlier. In turn, a record number of veggie-savvy customers flock weekly to the makeshift markets to buy direct from the farmers. According the U.S. Department of Agriculture, farmers markets in the U.S. have tripled in the past 15 years. There are almost 5,300 nationwide, with nearly 15 in the Valley. View article...

Planners explore ways to ease Valley traffic congestion After focusing for decades on expanding the freeway system outward, transportation planners are designing a major makeover of freeways in the heart of the Valley, aiming to unsnarl the worst of the region's congestion. View article...

'Perfect storm' raising Chandler apartment vacancy rates Apartment vacancy rates are climbing in Chandler and across the Southeast Valley, a phenomenon that experts blame on a "perfect storm" of overbuilding, the recession, declining property values, competition from rental houses and the state's tougher immigration laws. But not all communities are equally troubled. Ahwatukee Foothills has the region's lowest vacancy rates for complexes of 100 units or more - 7.8 percent - and north Mesa has the highest: 15.2 percent. View article...

Medical Office Investors Mobilize as Health Reform Becomes Law With health care reform now law, developers and commercial real estate investors are responding to the new demand for medical office space, which could reach 60 million sq. ft., by some estimates. At the same time, many private equity real estate funds are flush with cash and under pressure to invest as deadlines approach. View article...

Foreclosure sales continue to dominate Valley market Foreclosures continue to drive indicators and much of the news about the Phoenix housing market. Homebuilding and new-home sales remain near historic lows due to the many foreclosure homes being resold. In February, there were 532 new houses sold in the Valley, according to the "Phoenix Housing Market Letter." That compares with 713 sales a year earlier. View article...

CMBS Delinquencies Continue to Rise In February, the delinquent unpaid balance for CMBS rose $1.87 billion, up to $47.82 billion from $45.94 billion a month prior, according to Horsham, Pa.-based Realpoint LLC. However, the rise was lower than the jumps in the three previous months when the unpaid balance jumped by more than $3.7 billion each month. View article...

Retail Leasing Market to Stabilize in 2010, but Rent Growth Won't Materialize for Two Years Market researchers predict that retail real estate fundamentals will start stabilizing in 2010. But don't expect miracles - it will take several years, up until 2012, before the industry will see any appreciable rent growth, they note. View 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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