Daily News for Commercial Real Estate & Business – December 7, 2010

To view the November 2010 Delinquency Report from RealPoint, click here.

To view the December 2010 CRE Quarterly Market Survey from NAR, click here.

CPI Adds 11 Agents Commercial Properties, Inc., a brokerage firm headquartered in Tempe, AZ, has added eleven new agents in the third & fourth quarters of 2010. This is in addition to the expansion of the firm in October of 2009, when CPI acquired Scottsdale-based EBS & Associates. View article...

WDP Pays $10M for Former First National Bank HQ WDP Properties beat out 16 other investors to nab a vacant 136,556-square-foot office building that formerly housed First National Bank of Arizona's corporate headquarters. The Phoenix-based investor paid $10 million for the class A property, which has been vacant since the FDIC closed the bank in July 2008. View article...

Mesa IHOP Sells for $2.6M Keil Sonoma Corporation, a California investor, purchased the IHOP restaurant at 10662 E. Southern Ave. in Mesa, AZ for $2.6 million, or $485 per square foot. The 5,355-square-foot retail building was constructed in 2010 and is located on the southeast corner of E. Southern Ave. & S. Signal Butte Road. The building was leased to IHOP at the time of sale on a 20-year lease. View article...

Los Dos Molinos opening new location in Ahwatukee Look for a fourth local branch of Los Dos Molinos to open before the end of the year in Ahwatukee, about a mile west of the Interstate 10 Chandler Boulevard exit. It's going to be called Los Dos Molinos Cocina y Cantina, and will serve most of the same incendiary, spicy-hot New Mexican dishes, fashioned with Hatch Valley chiles, that have been setting hearts and bellies aflame for decades. View article...

AF loses remaining Cuban restaurant Babaloo's Cuban Café, Ahwatukee Foothills' last Cuban restaurant, closed up shop Sunday, citing slumping sales attributed to the anemic economy. View article...

Developer seeks rezoning for 160 'cluster' homes in northeast Phoenix It has been a slow year for growth and development in northeast Phoenix, but 2010 will be capped with a significant rezoning request. Michael Lieb is requesting rezoning on about 17 acres on the northwestern corner of Tatum Boulevard and Greenway Road. View article...

20 hotels in Arizona get 'green' distinction; 10 are in Valley Twenty Arizona hotels have earned a "green" designation from the state under a program rolled out in early January that awards points for meeting environmental criteria. View article...

$2.1 Billion Power Play: Consortium Launches Two Infrastructure REITs An international consortium of institutional investors is starting up two real estate investment trusts (REITs) targeting the electricity and gas transmission and distribution sector. The REITs would be the first to own energy assets rather than more traditional forms of real estate. View article...

Prospects for Multifamily Sector Improve Greatly A sharp increase in transaction activity for multifamily properties over the past year is indicative of strong investor interest in the sector, buoyed by improving fundamentals and demographic trends, which should support an increase in rental demand over the next few years. View article...

Trepp Reports a Jump in CMBS Delinquencies as Rate Nears 9% Again The recent optimism surrounding delinquencies on commercial real estate loans bundled into investment bonds has been hit with a blast of cold water. The rate of past due loans suddenly jumped in November after seeing a big decline the month before. View article...

ULI Real Estate Business Barometer -- December 2010 In this month's ULI Barometer the data offer little to support broad-based momentum in the economy. Read more about the performance of the economy, real estate capital markets, housing, and commercial/multifamily investment property. 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.

Speak Your Mind

*

CommentLuv badge

footer script.