Daily News for Commercial Real Estate & Business – April 28, 2010

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

Local Investor Drops $5M on MF Short-Sale A Scottsdale-based partnership has purchased the 144-unit Rancho Encanto Apartments for $5.3 million, all cash, in a lender short-sale. Rancho Encanto Apartment Partners LLC acquired the class B, garden-style property from local owner, Rancho Encanto 35th Ave LLC. The seller was distressed...View Article...

Fuddruckers Owner Preps for Buyout, Declares Bankruptcy Private investor Tavistock Group is acquiring the Fuddruckers and Koo Koo Roo restaurant chains in a $40 million deal, expected to close this summer. To complete the sale, current owner Magic Brands LLC signed an asset purchase agreement that required it to file for Chapter 11 bankruptcy and restructure its business. The reorganization plan was approved last week. View article...

For 63 years, Pete's Fish & Chips keeps it simple in Valley Pete's Fish & Chips, a beloved Mesa-based fast-food chain, is celebrating its 63rd anniversary this year. View article...

Table by table, restaurants gain ground It took more than a year, but American diners are coming out of hiding, starting to splurge on everything from tea to tacos and tacking on some dessert. The meals aren't fancy - and business is far what it was before the recession sent the nation spiraling - but restaurateurs big and small say they're breathing a tentative sigh of relief as tables fill up. View article...

Mesa businesses feel initial impact of new immigration law Two years ago, businesses that cater to Latinos in Mesa were hurt badly after a two-day crime sweep by the Maricopa County Sheriff's Office aimed at undocumented immigrants and criminals. During the sweep, many of those businesses saw sales plummet. View article...

No tax cuts this year for Arizona businesses Arizona businesses won't be getting tax breaks this year. Senate President Bob Burns, R-Peoria, said Tuesday he doesn't have the necessary backing to put a $950 million House-passed package of tax cuts up for a vote. In fact, Burns said there aren't even the votes for a $650 million scaled-back plan. View article...

Community housing group runs into Gilbert opposition (I am the current chair for this organization. It is unfortunate that the City Council does not understand the program and what we have accomplished. If you know someone in Gilbert, you should discuss what their City Council just voted on with them - Thanks!) Hairdresser Robin Corey had to wait nearly five decades, but the Chandler woman this month finally became a homeowner. Corey, 49, is a single mother who has worked as a hairdresser for 31 years. She's been fortunate enough to keep a job and provide for her son, but she never thought she'd make enough money to own a house. View article...

Reports: Phoenix housing values improve Two reports released Tuesday, one local and one national, appear to confirm that housing values are improving in the Phoenix market. Arizona State University's Repeat Sales Index shows that although prices are lower than one year ago, the declines are not as severe as they have been. View article...

Report: Prices in March show housing hope The Valley's housing market may be showing the first signs of recovery in nearly three years, according to a report from Arizona State University Preliminary numbers show the first year-over-year increase in home prices happened in March for both the lower end of the market and the foreclosure segment, according to a report compiled by the W.P. Carey School of Business. The numbers have been negative for nearly three years, according to professor Karl Guntermann, who authored the new report with a research associate. View article...

Consumer confidence rises in April Americans' confidence in the economy rose in April to the highest level since September 2008, just as the financial crisis escalated, according to a private research group. The upbeat reading, combined with bullish earnings reports this week from companies ranging from Whirlpool Corp. to UPS Inc., offers more hope the economic recovery is gathering steam. 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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