Daily News for Commercial Real Estate & Business – December 8, 2010

Developer buys out Tempe Marketplace partner Vestar, the developer of Tempe Marketplace, has bought out its original partner, DLJ/Credit Suisse, in a $280 million transaction that makes Rookwood Capital a new partner. The shopping center also received a new $200 million permanent financing package from German American Capital Corp. View article...

Elevation Chandler back on the market Elevation Chandler, a sought-after location with a troubled history, is back on the market, and the broker said he already has received two offers. The marketing campaign formally got under way last week by Cassidy Turley BRE Commercial, the brokerage hired by the property's owner, California-based Point Center Financial. View article...

Tolleson renovation to include grocery For the small city of Tolleson, a grocery store has been a long time coming. "We're finally getting a grocery store, a 20,000-square-foot facility, along with other retail: an Ace Hardware, an amphitheater, a restaurant, and all kinds of things that are going to open up the downtown," Tolleson Mayor Adolfo Gámez said Friday. View article...

Vote expected on Phoenix Coyotes lease deal Phoenix Coyotes bidder Matthew Hulsizer met in private Monday with National Hockey League officials to update them on the deal and interview for approval to join as an owner. Hulsizer, co-owner of PEAK6 Investments, told reporters afterwards he expects a vote by the Glendale City Council on Dec. 14 to approve a lease for the team at city-owned Jobing.com Arena. View article...

52 major markets post job gains; Phoenix ranks No. 2 More than half of the nation's 100 major markets -- Phoenix among them -- are rebounding economically, according to new figures from the U.S. Bureau of Labor Statistics. Fifty-two markets added private-sector jobs between October 2009 and the same month this year. Forty-six suffered declines, and two were unchanged. View article...

Manpower: Positive signs for Phoenix job market The Phoenix job market is expected to improve somewhat during the first quarter of 2011. Human resources firm Manpower said today it expects Phoenix to show improvement on the hiring front next year. Manpower surveyed 18,000 employers across the U.S. including in the Valley. View article...

Analysts: Recovery picking up momentum Securities analysts are reporting an "accelerating and broadening recovery" as restaurant sales continue to pick up steam as the year winds down. View article...

Consumers Don't Expect Housing Recovery Until 2013, Experts Agree Americans continue to grapple with uncertainty about the housing market, with 58 percent of U.S. adults expecting recovery to be at least another two years away, according to the results of a new survey conducted by Trulia and RealtyTrac, which tracks homebuyers' attitudes toward foreclosed homes. One in five consumers believe it will be 2015 or later before we see a housing recovery. 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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