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

Zen 32 sushi restaurant closing in Phoenix Valley sushi restaurant Zen 32 is closing its doors. Operators cite a number of reasons for the closing, including the costs associated with a desired remodel. View article...

San Diego-based Triglid sells off Bethany Group Phoenix Multifamily properties continue to trade at a rapid clip in Arizona with two large portfolios changing hands. View article...

Phoenix developer Reid Butler moves forward with vision Reid Butler has a vision to transform his property on the southwestern corner of Central Avenue and Camelback Road into a pedestrian-friendly hub connected to the light-rail line. View article...

Pinnacle Peak Patio teardown on hold Plans to tear down Pinnacle Peak Patio steakhouse and build a modern version of it in a new luxury resort are up in smoke. View article...

Area homeowners doing better on mortgage payments Phoenix homeowners are doing much better in making their mortgage payments. The reporting agency TransUnion says payment delinquencies dipped in the April to June period. View article...

Six Arizona cities on top tax list Phoenix and four of its suburbs find themselves on a list of 25 cities with the highest combined rates of state and municipal sales taxes. View article...

Commuting eats up 11 working days a year The average Phoenix commuter spends about 64 minutes on their roundtrip commute each day -- 22.8 minutes of that time lost to traffic delays. View article...

Commercial Property Values Dip with Economy Commercial real estate prices fell 4% as the economy stumbled in June, marking the first monthly price decline of the second quarter and the third decline this year, according to the Moody's/REAL All Property Type Aggregate Index. View article...

Gilbert earns 'Playful City' status for 4th straight year Gilbert is one of 19 communities across the U.S. to be named a "Playful City USA" for the fourth straight year by national non-profit organization KaBOOM! View article...

Las Vegas route over Hoover Dam bridge coming soon More than five years after work began, the Hoover Dam bypass bridge is nearly complete and drivers will likely begin crossing the span in early November. View article...

Eight Banks Closed on Aug. 20 Federal and state banking regulators closed eight banks on Friday, Aug. 20, raising the number of failed institutions to 132 so far in 2010. 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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