Daily News for Commercial Real Estate & Business – August 11, 2010

$11M Black Mountain Precinct opens this week A new northeast Phoenix police precinct set to open this month cost $11.6 million to build and equip with law-enforcement equipment, Police Department budget officials said. View article...

OK Investor Drops $4M for 63,449-SF Office Asset A Norman, OK-based investor has purchased Anthem Corporate Center for $3.5 million in an all-cash transaction. The buyer, WAW Property LLC, acquire the 63,449-square foot, class A office building out of foreclosure from the lender, Wells Fargo Bank. View article...

Two stores to open Friday at CityScape CityScape's retail scene is slowly coming alive, ramping up for the fall. In addition to the newly opened CVS, the only drugstore in downtown's central core, two new stores are slated to open on Friday at the retail, office and entertainment complex bounded by First Avenue and First, Washington and Jefferson streets. View article...

Vanguard to purchase Arizona Heart Hospital, Institute Vanguard Health Systems on Monday announced a deal to purchase the Arizona Heart Hospital for about $32 million from North Carolina-based MedCath Corp. and a group of local physicians. View article...

Federal worker pay tops private sector At a time when worker pay and benefits have stagnated, federal employees' average compensation has grown to more than double what private-sector workers make, a USA Today analysis finds. View article...

FDIC: Organizational Changes to Implement Enacted Regulatory Reform The Federal Deposit Insurance Corp. board of directors today approved the creation of a new Office of Complex Financial Institutions and Division of Depositor and Consumer Protection to help carry out its responsibilities under the Dodd-Frank Wall Street Reform and Consumer Protection Act. View article...

ICSC Pushes Bill That Would Encourage Workouts of Distressed Loans The International Council of Shopping Centers (ICSC) is leading a charge to get Congress to enact legislation that would encourage more rapid workouts of distressed loans. View article...

New Lenders Fill Commercial Void Many traditional banks are still skittish about commercial-property lending. But other financial-services companies are stepping into the breach. View article...

Strains on CMBS Office Loans Grow More Widespread, Says Trepp Once a bright spot in the troubled commercial mortgage-backed securities (CMBS) market, the office sector now finds itself in the eye of a storm. View article...

InterContinental Hotels Says Room Rates Are Rising InterContinental Hotels Group PLC said room rates, which fell during the recession, have started to rise in most markets as the return of business travelers boosts its revenue and profit. View article...

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

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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