Daily News for Commercial Real Estate & Business – February 11, 2010

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

Email if you would like a copy of the Wells Fargo Monthly Outlook. It is a macro view of the economy and discusses GDP growth.

To view this weeks "Watch List" by Costar, click here. The first article, "Betting on Bad Debt a Growing Investment Play," is a quick read. Another article discussed CMBS Delinquencies. Hotels topped the list at 16.44%, followed by Apartments-8.33%, Retail-4.94%, Industrial-3.73%, Office-3.06%.

Phoenix Furniture Auction gets new digs

Phoenix Furniture Auction has moved into a new home at 48th Street and Cactus Road and will feature Home and Garden TV personality Michael Payne at its grand opening Friday. The four-year-old auction house sells new, name-brand furniture every Friday night. Customers can preview items Tuesdays through Fridays at the showroom. The auction had been located at 2301. W. Indian School Road. View article...

LGO Public House to capture CityScape 'vibe'

Downtown Phoenix will get a new eating spot with the arrival of LGO's Public House in the CityScape project. Bob Lynn, a partner in LGO Hospitality - the muscle behind such indie eateries as Postino, Radio Milano, La Grande Orange and Chelsea's Kitchen - will launch LGO Public House later this year in the downtown mixed-use retail complex. View article...

Downtown Mesa sparking renewed interest

As the economy slowly comes back to life, downtown Mesa is seeing vacant space filled by new businesses and existing ones expanding their presence. Last week, Sugar Shack opened in the building vacated by Blimpie, at Main and Center streets. View article...

Evermore Nevermore brings steampunk to downtown Mesa

The Victorian Era is alive and well in Mesa. So are zombies, rayguns and superheroes. Evermore Nevermore is all that, and more. An eclectic clothing and collectibles shop with goth, geek and "steampunk" influences, it's a surprising find on Mesa's typically mainstream Main Street, sandwiched between Mystic Paper and History By George. View article...

Northwestern Arizona casino closing doors

BULLHEAD CITY - A casino in northwestern Arizona is closing its doors at the end of February. The Crossing Casino in Fort Mojave has 205 gaming machines and employs 29 workers. The Fort Mojave Indian Tribe owns and operates the casino and will close it at 12 a.m. March 1. View article...

Century Plaza becomes One Lexington with ownership change

Century Plaza, a high-rise condominium in Phoenix's Central Corridor, has been re-named One Lexington by the building's new owners, Lexington Avenue LLP. Lexington purchased the 17-story tower for an undisclosed sum from M&I Marshall & Ilsley Bank, which acquired the 130-unit property after Windsor Century Plaza LLC defaulted on a $39.9 million loan obtained in 2006. View article...

2009 called 'the worst' for Valley hotels

When the owner of the luxury Phoenician resort reported year-end financial results, no negatives were spared in summing up the state of the hotel industry last year. "For the lodging business, 2009 was the worst downturn in our lifetimes," Frits van Paasschen, chief executive officer of lodging giant Starwood Hotels and Resorts, said last week. "Even a tepid recovery will feel good." View article...

Events center in the works to help revitalize south Scottsdale

A multiuse events center designed for sporting events, concerts and small conventions could land in south Scottsdale not far from where an arena for the Phoenix Coyotes once was envisioned. Tempe-based Global Entertainment Corp. has been working with Scottsdale officials on plans to build a 6,000- to 8,000-seat multipurpose facility near McDowell and Scottsdale roads. View article...

Denny's details results of second giveaway

Saying speed-of-service gains were offset by bad weather, Denny's reported that about 2 million customers took advantage of its second annual Free Grand Slam promotion Tuesday, or roughly the same number as last year. Given the regular suggested $5.99 price of a Grand Slam, the promotion cost the Denny's system about $12 million in lost retail sales, or about half of 1 percent of the chain's annual U.S. systemwide sales of $2.3 billion. View article...

Report: AZ tech jobs more stable than U.S.

Technology jobs in Arizona are more stable than nationally, according to a report commissioned by Science Foundation Arizona to judge the sector and the group's impact. View article...

Shameless plug - My wife, Tiffany, is going through Tempe Leadership as a member of a Class 25. They have identified a project to help the homeless in Tempe. There project is called Shower Power (www.showerpower.org). They have raised over $15,000 and are down to the last few thousand to make the project a success. Please visit the website and if you have a few extra dollars, please help her out! Thank you.

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

Comments

  1. Have you notice any realtors using coupons or other giveaways to get Twitter followers or Facebook likes? That’s something we’ve planned, though not yet implemented.

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