Daily News for Commercial Real Estate & Business – April 21, 2010

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 most recent report from Deloitte, "Perspectives on Real Estate: Uncovering Opportunity in a Distressed Market." I have highlighted a few key statements that I have been stating for some time regarding the Phoenix Market.

Hobby Lobby store coming to Gilbert strip mall near 202 A Hobby Lobby will open soon in Crossroads Towne Center, bringing new life to a south Gilbert strip mall hit by the Mervyns dissolution. Hobby Lobby stores are merchandise centers for people who enjoy scrapbooking, picture framing, jewelry making, fashion fabrics and floral arrangements, and also sell cards, baskets, wearable art, home accents and holiday supplies. View article...

Howl at the Moon goes silent An Old Town club has closed its doors after six months in business. Howl at the Moon, 7419 E. Indian Plaza, has closed, said the firm's director of development in a press release. Brian Sweeny, said the club's parent company, Howl USA, took a strategic look at operations of the Chicago-based firm. View article...

Industrial Owner Installs Largest Rooftop Solar System in AZ Cowley Cos. Inc., a local industrial property owner, is installing Arizona's largest commercial rooftop solar power system on an 850,000-square-foot building located at 625 S. 27th Ave. The 2.4-megawatt SunPower T5 Solar Roof Tile system represents an $11.5 million investment, according to Mike Cowley, president of Cowley Cos. View article...

Gateway's growth putting pressure on Sossaman Road Ten years ago, when asphalt was first poured for Phoenix-Mesa Gateway Airport's primary thoroughfare, planners had no idea what lay ahead for the link. Sossaman Road would be the main street for a growing number of uses, including passengers, aviation businesses, a university and community college and an emerging jobs center. View article...

Payday lenders lobby for loophole in regulation Payday lenders have stepped up their federal lobbying as Congress works on sweeping legislation to regulate banks and protect consumers from the risky financial practices blamed for the economic crisis. The Community Financial Services Association, which represents more than half of the storefront payday lenders, spent $2.6 million in lobbying last year - a 75% jump from 2008 - as it has battled to exempt itself from regulation by a proposed consumer protection agency President Obama wants to create. View article...

Tucson-based Raytheon lays off more than 200 Raytheon Missile Systems says it has laid off more than 200 salaried workers. Company spokesman John Patterson says Monday's move was made to better align the workforce and the estimated 225 affected salaried employees will be offered severance benefits and outplacement assistance. View article...

Scottsdale makes RelocateAmerica's top 100 cities While Arizona missed out on the top 10, the state did make a mark on RelocateAmerica's Top 100 Places to Live in 2010. Flagstaff, Green Valley, Prescott and Scottsdale made the list of cities nominated by RelocateAmerica.com users and selected by the website's editorial team. The company analyzed reviews, interviewed residents and looked at economic, environmental, education, crime, employment and housing data. View article...

Wake Up Call on Lease Accounting The CoreNet Global Summit session on FASB lease accounting changes was standing-room only, with well over 100 professionals showing up to find out how this change will affect their businesses. The moderator, Jones Lang LaSalle's own Kenneth Rudy, asked for a show of hands to determine how many people were familiar with the rule change, which essentially will turn operating leases into capital leases for accounting purposes. View article...

Hotel Loans: Must Sell All eyes in the hotel investment world are on an ongoing auction by the Federal Deposit Insurance Corp. of hotel loans from a failed Georgia bank to see if the results will influence hotel values and pricing. The FDIC last week accepted sealed bids on a $416 million portfolio of loans on 60 hotels originated by Atlanta's Silverton Bank, which the FDIC closed in May. The loans were made on properties ranging from a W hotel in Atlanta to various Hampton Inns, Courtyards by Marriott and Holiday Inns across the country. View article...

Economic Conditions Snapshot, April 2010: McKinsey Global Survey results Despite great uncertainty about the effects of the new US health care law on company finances and employee benefits, a majority of executives in the United States personally think reform was a good idea, according to the latest McKinsey survey, which was in the field just two weeks after the bill was signed.1 Moreover, among executives based outside the United States, 75 percent think reform was a good idea and only 5 percent think the new law will weaken the competitive position of non-US companies with a significant proportion of employees in the United States. 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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