Daily News for Commercial Real Estate & Business – August 29, 2011

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

Major Chandler intersection set for long construction project (I am quoted in this article!) Orange cones, lane-closure signs and flashing arrows are showing up around Alma School and Ray roads as utility companies relocate gas, phone and electric lines. Chandler is preparing for its latest major intersection project and months of gridlock. Money to pay for this one comes from a $6.1 million federal safety grant, the first recorded in city history. View article...

Habit Burger Grill opening in Phoenix with charity tie-in The Habit Burger Grill is planning to open its third Arizona location Sept. 14 in the Phoenix area at 745 E. Glendale Ave. The restaurant plans a sneak peek with two charity tie-in days Sept. 11-12. On Sept. 11, the Habit will open for lunch from noon to 2 p.m. and dinner from 5 to 7 p.m. and will donate 100 percent of proceeds to Phoenix Children's Hospital and the United Phoenix Firefighters Public Charities. View article...

New businesses open in Roosevelt Historic District A cluster of empty buildings on the southeastern corner of Seventh Avenue and McDowell Road soon will have new life with four new businesses. By the end of the year, the three attached buildings will be called Corner on 7th and will be home to a Chipotle Mexican Grill, Five Guys, Jersey Mike's Subs and Zoyo Neighborhood Yogurt. View article...

$1 mil gift lets Phoenix theater build new auditorium Phoenix Theatre is ready to break ground on a new 250-seat auditorium - the third stage on its downtown campus - thanks in part to a $1 million gift from the Walton Family Foundation announced Friday. The $15 million project includes $9.6 million in city bond funds. "It's a go project now," said Phoenix Theatre Executive Director Daniel Schay. "This is an immediate green light for something that was circling the airport; it was close to being ready to go, but this really helps us." View article...

MedCath selling medical center in Kingman for $42 million MedCath Corp., which this time last year had sold the Arizona Heart Hospital to Vanguard Health Systems Inc., now plans to sell the Hualapai Mountain Medical Center in Kingman. Kingman Regional Medical Center has entered a definitive agreement to pay $42 million for the 70-bed hospital. View article...

Phoenix: Don't Believe What You Read There is little doubt the Phoenix area been one of the ground zero locations during the recent economic collapse due to the collapse in its single-family housing market. Regional reports continue hyping the gloom-and-doom theme. But experts tell GlobeSt.com that the reality is far different. "What people perceive of the market right now is six-month old data," explains Mark Singerman, assistant vice president and regional director-Arizona for the Rockefeller Group Development Corp. "What's happening on the ground today is different from what's being reported." View article...

Phoenix real-estate market a confusing environment Recent reports say foreclosures are declining in metro Phoenix and large numbers of homes are selling. But many homeowners feel trapped in houses they can't sell. Some real-estate agents can't find enough new listings to keep up with demand from buyers. View article...

Makeover on McDowell: Developer creating multitenant retail Many developers in Phoenix have gone out of business, left town or found a different business niche, but Ashley Harder is undaunted. The first-time developer is beginning her new career with a remodel of a historic commercial space at 335 W. McDowell Road in Phoenix. View article...

FDIC: Two former AZ bank execs took on too much risk Two former executives from Scottsdale-based First National Bank of Arizona, ex-CEO, Gary Dorris, and former director, Philip Lamb sacrificed "safety" and favored risky loans without proper underwriting, the Federal Deposit Insurance Corp. said in a lawsuit filed Aug. 23. View article...

Bernanke Offers No Indication of New Economic Stimulus The marketplace was zeroed in on Ben Bernanke and Jackson Hole, Wyoming, Friday awaiting a signal from the Federal Reserve's chief on the central bank's game plan for rekindling the stalled economy. But with no mention of new action, as economists Patrick Newport and Nigel Gault from IHS Global Insight put it, Bernanke's speech "wasn't the blockbuster event that markets had been looking for." 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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