Daily News for Commercial Real Estate & Business – December 1, 2010

Santa Fe Freight Depot Being Refurbished The Arizona Republic has reported on the renovation of the Santa Fe Freight Depot at Fifth Avenue and Jackson Street. The Depot, originally opened in 1929, is being refurbished to serve as the headquarters for the Maricopa County Assessor's Office. For decades the Depot was a hub of freight traffic in the Valley and includes tunnels connecting the nearby icehouse to provide ice designed to keep food fresh during transit. View article...

Scottsdale restaurant site eyed for medical development The owners of U.S. Egg restaurant, on the southwestern corner of Scottsdale Road and Angus Drive, and of vacant property to the north, are asking Scottsdale to rezone the property to allow for greater building heights and mixed-use development opportunities. View article...

Foundation lends money to build housing for seniors, disabled An innovative philanthropic investment fund is making affordable housing for the disabled and senior citizens possible in Mesa and throughout the state. Mesa's Marc Center received $150,000 in no interest loan grants from the Arizona Community Foundation's Affordable Housing Fund to build a novel housing community for the disabled and their aging relatives. View article...

Nitti Brothers Construction merging with Graycor Chicago-based Graycor Construction has purchased the assets of Tempe-based Nitti Brothers Construction, creating Nitti Graycor. The new entity will operate as a division of Graycor Construction, which employs 1,500 construction specialists across the U.S., Mexico and Canada. View article...

Florence hospital back in operation after 1999 closure Walking into the Florence hospital was like a homecoming for Margaret Brady. Brady was born there, as were her babies and grandbabies. She began working there in housekeeping at age 19, lingering at night to watch the radiologist read X-rays and later training to become a radiology technician. View article...

More Bad News for the Phoenix-area Housing Market: New Negative Trend Confirmed It's official: The Phoenix-area housing market appears to be experiencing a new downward trend. A new report from the W. P. Carey School of Business at Arizona State University confirms a year-over-year decrease in home prices for the third month in a row. The new dip follows a year of relative stability and may get worse. View article...

S&P Case-Shiller Index Records Broad-Based Declines in Home Prices Home prices in the United States fell 2.0 percent in the third quarter of 2010, breaking what had been a trend of fairly steady gains since early last year, Standard & Poor's reported Tuesday. View article...

Retail Space Demand Turning Positive in 2011 As the specter of Black Friday and now Cyber Monday kick off the formal 2011 holiday shopping season, a new report suggests that retail real estate has a fairly bright future in the months and years ahead. In fact, the U.S. retail real estate sector's availability rate is expected to drop to 12.7% by the end of 2011, according to new analysis from CBRE Econometric Advisors (CBRE-EA). 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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