Daily News for Commercial Real Estate & Business – August 23, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

SOLAR COMPANY LEASES 23,124-SF INDUSTRIAL SPACE IN TEMPE Agua Del Sol, a manufacturer and distributor of thermal solar-powered products and equipment, has signed a three-year lease for 23,124 square feet at 602 W. 22nd Street in Tempe. After acquiring the assets, distribution network and product lines that were previously held by Integrated Solar, Agua Del Sol plans to combine and relocate their Deer Valley and Stafford locations to the Tempe facility. View article...

Atomic Comics closes 4 stores in Valley Atomic Comics, a Valley comic-book chain more than 20 years old, suddenly closed its four stores without warning this week, including shops in Chandler, Mesa and two in Phoenix. There were a variety of problems, but a major challenge occurred several years ago when a teenage girl crashed her car into the Mesa store, closing it for about five months. View article...

New Senior Housing Breaks Ground In Roosevelt Local dignitaries gathered Wednesday Aug. 8 to celebrate the groundbreaking of Downtown's newest housing project. The Lofts at McKinley will be built at the northeast corner of 5th Avenue & McKinley in the historic Roosevelt neighborhood. The 60-unit complex will provide affordable housing to seniors with rents ranging from $490-$900 for qualified residents. View article...

Borders stores in Arizona to be auctioned off Leases for five Borders Group bookstore locations in the Arizona will be auctioned Friday in New York. Four of the stores are in the Phoenix area, and one is in Tucson. Bids for the leases are due by Aug. 26 at 3 p.m. The auction will be held at the law offices of Kasowitz, Benson, Torres & Friedman LLP in New York. More information can be found on the website of DJM Realty, which is handling the auction. View article...

Moody's: Commercial Property Prices Increase 0.9% In the month of June, U.S. commercial real estate prices rose 0.9 percent, according to the latest Moody's/REAL Commercial Property Price Indices released Monday. June is the second consecutive month prices rose. "The June increase represents a firming up of the market bottom, but turmoil in the capital markets and a drop-off in CMBS lending may delay realization of significant near-term pricing gains," says Tad Philipp, Moody's director of commercial real estate research. View article...

Flood of Distress Retail Not Forthcoming, RCA Figures Show The retail sector may be moving to the next stage in the cycle of distress resolution. In the second quarter of the year, the volume of new retail centers entering distress fell to $1.6 billion, the lowest figure since the third quarter of 2008, according to Real Capital Analytics (RCA), a New York City-based research firm. At the end of June, the level of outstanding distress for U.S. retail properties was $26.7 billion, only 3% higher than a year earlier. View article...

Foreclosures, mortgage delinquencies slowing in Arizona Mortgage delinquencies and foreclosure starts both declined in Arizona during the second quarter, according to a survey released Monday by the Mortgage Bankers Association. The delinquency rate for mortgage loans on residential properties was 8.10 percent at the end of the second quarter, down from 8.22 percent in the first quarter. View article...

4 Banks Closed on Aug. 19 Four banks were closed by state and federal banking regulators on Friday, Aug. 19. These failures bring the year's tally to 84 failed institutions. 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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