Daily News for Commercial Real Estate & Business – December 10, 2009

Here are the news stories you might find interesting today regarding commercial real estate and business:

ICSC just completed a study that discusses how consumers and businesses have dealt with the 2009 recession. It is a pretty long report. The shopping habits of consumers that were surveyed were interesting. Over 75% of the respondents shop at strip centers or enclosed malls. Click here to see the entire report.

To view this weeks Costar Watch List, click here. There is an article, "CMBS: Back in Business," which discusses the fact investors are starting to have confidence in the CMBS Market again. There is another article, "CRE Lender Anthracite...," that discusses the pitfalls of cross-collateralized loan provisions and how it can spiral quickly.

The Walking Co. Shedding Underperforming Stores

The Walking Co. filed for bankruptcy protection on Monday. The footwear retailer, which also owns the Big Dogs clothing line, looks to close about 90 of its underperforming locations and is seeking court approval to reject the leases on all of its closed...

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AMEX Exchange Warns Wilshire Enterprises over Noncompliance

Wilshire Enterprises Inc. received a notice from the NYSE Amex stock exchange indicating that the company was not in compliance with the continued listing standards with its stockholder equity falling to less than $4 million and losses from continuing...

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Waste Management taking over FBR Open sponsorship

Waste Management was named the next presenting sponsor of the PGA Tour's Arizona stop at a Wednesday afternoon press conference at TPC Scottsdale. The event will now be called the Waste Management Phoenix Open.

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Phoenix ending year with 5th largest drop in home values

A new report from Zillow shows that home prices began to stabilize in 2009 after a precipitous drop the year before.

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CityScape seeks new grocery as AJ's pulls out

After months of speculation, the developers of CityScape in downtown Phoenix have confirmed that the long-awaited AJ's Fine Food grocery store will not be part of the mixed-use project under construction at Central Avenue and Jefferson streets.

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Moody's says Glendale outlook 'stable'

A leading bond rating agency says Glendale's financial outlook is stable despite regionwide challenges related to the recession, housing crash and the uncertain future for the Phoenix Coyotes.

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State, Wal-Mart, Banner continue to rule top employers list

The top of the list of Arizona's largest employees remains unchanged - at least the No. 1 through 4 spots - since December 2007.

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Electronics soar; clothing, luxury stumble

Electronics sellers and online merchants thrived in November, particularly on Black Friday, but clothing and luxury merchants struggled, according to estimates released Wednesday.

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Ariz. auto sales down after Cash for Clunkers

Motor vehicle sales in Arizona dropped by 34 percent a month after the federal Cash for Clunkers program ended.

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Overwhelmed Special Servicers Ramp Up Distressed Sales

After months of waiting, opportunity investors are finally getting a break. Over the past 12 months, defaults on CMBS loans have jumped from less than 1% to nearly 9%. Overwhelmed with the sheer number of troubled securitized loans falling into their laps, many special servicers are opting to sell or liquidate the notes and underlying properties rather than work with borrowers to keep distressed loans alive.

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2010 Real Estate Investment Outlook

After a quiet year of investment sales, buyers are preparing to forge ahead with acquisitions in 2010. Two-thirds of investors (65%) who responded to the 6th Annual Investment Survey plan to boost their investment in commercial real estate over the next 12 months. That fi gure is up from 56% in the third quarter and 51% a year ago.

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Arizona debt delinquencies apt to rise

A slowly improving U.S. economy should ease credit-card and mortgage delinquencies in 2010, but the improvement won't show up in Arizona.

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REGISTER ASAP! THERE IS A LIMITED NUMBER OF TICKETS AVAIALBLE FOR THIS EVENT! Just a reminder: I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.

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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