Daily News for Commercial Real Estate & Business – February 14, 2011

Macerich aims to develop regional mall, outlet center in Phoenix The U.S. hasn't seen a new regional mall break ground in years, with the global financial crisis freezing access to development dollars and consumers snapping their wallets shut. But now Santa Monica, Calif.–based REIT Macerich is convinced the time is right for it to set its bulldozers back in motion. View article...

LLC from Gray Development facing foreclosure on apartment complexes A real estate company established by Gray Development Group is facing foreclosure on two apartment complexes. A Gray-formed limited-liability company faces a trustee sale April 14 on its 273-unit Barossa at the Park complex and its 306-unit Indigo at the Park complex, according to the Business Real Estate Weekly. View article...

Emeritus Grows Phoenix Footprint with $13M Buy Emeritus Senior Living has expanded its presence in the Phoenix metro area with the purchase of Cypress Court, a 126-unit, 145-bed assisted living and memory care property here. The publicly-traded seniors housing operator acquired the 81,995-square foot property for $12.9 million from an Indiana-based nonprofit organization. View article...

Restaurants play musical chairs in Old Town Two restaurant closures in Old Town Scottsdale have given two other restaurants the opportunity to open in the neighborhood during its busiest time of the year. Business partners Tomaso Maggiore and Zoran Klisara will open Tommy V's Urban Kitchen & Bar where Cafe Carumba used to be at 7303 E. Indian School Road. View article...

Avondale site plans change would speed development approval process Avondale leaders want to make their city a more attractive destination for businesses. The City Council on Monday directed staff to tweak a zoning ordinance to allow administrative approval of site plans. This would speed up the approval process by about four months, giving Avondale a competitive edge. View article...

Arizona posts nation's 2nd-highest foreclosure rate in January In January, Arizona posted the nation's second-highest state foreclosure rate, according to a recent report by RealtyTrac Inc. One in every 175 Arizona housing units received a foreclosure filing in January. View article...

Office Vacancy Drops, but Rents Aren't Yet Rising, Colliers International Reports According to a new report by Colliers International, the U.S. office market entered the year on a relatively strong note after the fourth quarter, with a sharp drop in vacancy and a healthy increase in occupied space. But rents continue to languish, according to Ross Moore, chief economist at Colliers International and author of the report. View article...

4 Banks Closed on Feb. 11 Federal and state regulators closed four banks on Friday, Feb.11. These latest announcements of failed institutions make the total 19 so far in 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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