Daily News for Commercial Real Estate & Business – December 27, 2010

I hope you had a Merry Christmas and that Santa brought you everyone you asked for!

Now, here are the news articles you might find interesting today:

162,000-SF Industrial Building Sells in Phoenix GXI Outdoor Power, a distributor of heavy power equipment, purchased the 162,960-square-foot building at 2915 E. Washington St. in Phoenix. It will take occupancy of 112,200 square feet next March. The rest of the property is currently leased to two tenants. The property is on 5.74 acres, and lies in the North Airport Industrial submarket. View article...

Hot location spurs Biltmore Center apartment sale Biltmore Center, a dated apartment complex in a highly desirable neighborhood, has sold for $5.1 million. Scottsdale-based Starpointe Communities bought the 149-unit property at 4341 and 4333 N. 24th St. near Biltmore Fashion Square. View article...

DuPont Air Products expands with $13M lease DuPont Air Products NanoMaterials LLC has leased the entire building at 8555 S. River Parkway at the Arizona State University Research Park in Tempe. The nine-year deal for 95,100 square feet of office/tech space has an estimated value of $13 million. DuPont Air Products NanoMaterials provides products to the high tech industry. View article...

Panel firm initiates Sun City West solar project The Recreation Centers of Sun City West's new solar project could put Beardsley's aquatic center on the map for being the largest thermal pool heating system in Arizona. The project begins next week, when 60 panels are installed on top of the aquatic center. View article...

Walmart hiring for store opening in Glendale Construction is complete on the Walmart Neighborhood Market at 5125 W. Olive Ave. in Glendale. The store will open to shoppers on Jan. 19. The store expects to employ about 75 associates. Walmart continues to hire full- and part-time workers. View article...

2 Scottsdale McDonald's restaurants face makeovers Two McDonald's restaurants in Scottsdale will undergo makeovers next year, as part of the fast-food giant's nationwide initiative to freshen its image. Architect Kelly Ferguson said a McDonald's at Pima Road and Frank Lloyd Wright Boulevard is poised for an overhaul in March. View article...

Census to let Arizona reset flawed data Economists and other growth experts have suspected Arizona's population estimates during the housing boom were flawed, as houses were built and plans made for far more residents than actually lived here. View article...

KPMG: 72% of execs see increased profits Seventy-two percent of Phoenix-area executives at a meeting of KPMG's Audit Committee Institute said they expect their company's profits to rise in 2011. View article...

Office Property Sales Rise Amid Encouraging Economic News Office properties, which have languished over the course of the economic slowdown amid dismal unemployment figures, are showing some buoyancy. Office property sales jumped 122% in the year-to-date through the third quarter over the same period last year, according to a new report by the Mortgage Bankers Association (MBA). View article...

Property Appreciation Expected in 40% of Major Metro Areas in 2011 According to a recent update to the real estate market forecast from Veros Real Estate Solutions, select markets in the U.S. can expect a 2.5 percent to 3.5 percent appreciation on home values over the next 12 months. View article...

Prediction: Mortgage Delinquencies Will Decline in 2011 The annual consumer credit forecast from U.S. credit bureau TransUnion predicts a 20 percent drop in national mortgage loan delinquencies by the end of 2011. 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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