Daily News for Commercial Real Estate & Business – April 23, 2010

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

To view this weeks, "The Watchlist," by Costar, click here.

Seeking Clarity: 10 Quick Observations On the Distressed Property Buying Market The first thing to know about the distressed property market is that risk appears to be back in favor this year after buyers sat on the sidelines in 2009. CoStar Group examined 2,375 distressed property sales of more than $2.5 million that closed between Jan. 1, 2007 and March 31, 2010. View article...

Fry's at Tatum-Shea to close for 4-month upgrade Construction at the southwestern corner of Tatum and Shea boulevards will result in a newly remodeled grocery store and another bank, completing redevelopment of one of the busiest intersections in Phoenix. Fry's Food & Drug will close Sunday for four months to complete the remodeling. Construction has been under way on 30,000 square feet of additions to the store for several months. View article...

City will bid on museum land in north Phoenix The city is in the running to bid on a 92-acre property on which a museum is located in north Phoenix. Phoenix City Council members voted 6-1 Wednesday, to submit a $3.2 million bid on state land located at 3901 W. Pioneer Road. The property houses the Pioneer Living History Museum. View article...

Bridlie Hospitality Forms $250M JV Bridlie Hospitality Management has formed a $250 million joint venture with a California-based private investment firm. Bridlie will invest the funds on behalf of the private equity firm, pursuing acquisitions of upscale, full-service and selected premium-branded hotels and resorts in major metropolitan and urban markets throughout the United States. Deals will range from $14 million to $75 million. View article...

CBRE PRESIDES OVER 71,000-SQUARE-FOOT OFFICE SALE IN VALLEY OF THE SUN CB Richard Ellis has negotiated the sale of Mercado Del Rancho, a suburban office complex located at 10301 N. 92nd St. in north Scottsdale. The purchase price was not disclosed. View article...

Metro pushes back plans for light-rail extensions Metro's governing board voted to push back some of the planned extensions for the second time in year because of the struggling economy, all but dooming three lines in the originally envisioned 59-mile system. A track envisioned to link downtown Glendale with the starter line with an extension in the general area of Glendale Avenue has been rescheduled for 2026. View article...

County Court Tower Topped Off On Monday morning local officials and dignitaries gathered to commemorate the topping off of the Maricopa County Court Tower at First Avenue and Madison Street. The 16-story tower is expected to be complete by fall of 2011 and will allow for a more integrated and efficient criminal courts system, with courtrooms and jail cells housed in the same building. The $340 million project has taken advantage of lower costs on construction materials and is currently running under budget. View article...

CenturyTel to buy Qwest for more than $10B CenturyTel Inc., the country's fifth-largest local-phone company, plans to buy the third-largest, Qwest Communications International Inc., in a stock deal worth more than $10 billion so the companies can try to better deal with the dark future of the landline phone business. The number of landlines in the U.S. shrinks by about 10 percent per year as consumers increasingly rely on their wireless phones or service from cable companies. View article...

Telesphere, 7 others form Cloud Communications Alliance Scottsdale's Telesphere and seven telecom companies in other cities have formed the Cloud Communications Alliance. The group, comprised of companies involved in hosted-Internet protocol phone systems looking to develop the first nationwide high-definition enterprise voice and data system operating off of remote servers. View article...

Realtors: Phoenix home prices, sales on the rise The National Association of Realtors reports year-to-year increases in median prices and home sales in the Phoenix area. Prices in March came in at $144,500, up from $127,500 in March 2009, a 13.3 percent increase. The number of home resales was up 10.1 percent, according to the association's monthly report issued Thursday. View article...

Restaurant results show consumers dining out again First-quarter reports from public restaurant companies rolled in this week and have highlighted a long-awaited return of guest traffic after nearly two years of eateries losing customers who have been reluctant to spend. Restaurant executives from McDonald's, Chipotle, The Cheesecake Factory and Brinker International all said they have begun to see increased traffic trends, leading to same-store sales improvements and increased bottom lines. View article...

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

Comments

  1. All of us agree with all of your information and can anxiously look forward for your following updates. Only declaring cheers may never merely be enough, for that extraordinary legibility your own posting. I am immediately obtain your rss to keep informed with all posts. Strong job and much results along with your business efforts! Cheerio!

Speak Your Mind

*

CommentLuv badge

footer script.