Daily News for Commercial Real Estate & Business – February 16, 2011

Commercial real estate drought appears over Whatever the drought commercial real estate brokers faced in 2008 and 2009, it couldn't be all that bad by now. According to figures released by LoopNet Inc., there were about $2.3 billion in commercial deals in Phoenix in 2010. According to Loopnet, "For the 12 months ended December 2010, commercial property sales in Phoenix increased 106 percent from the prior 12-month period." View article...

World Wide Technology moves to Broadway 101 World Wide Technology Inc. has signed a 31,160-square-foot lease at Broadway 101 Commerce Park in Mesa. The move provides additional space and will result in 12 new jobs. View article...

CityNorth's troubled High Street adding a tenant Another company will take office space at CityNorth's High Street. The offices there have been one measure of success for the troubled development at 56th Street and Loop 101 in northeast Phoenix. It is one of few locations in the Valley to add tenants through the recession, not lose them. View article...

RED gets $34M bridge loan for Kimpton Palomar Hotel Phoenix Community Development and Investment Corp. approved a $34.3 million new markets tax credit bridge loan for RED Development's construction of the Kimpton Palomar Hotel at CityScape in downtown Phoenix. View article...

New Gilbert physical therapy center set to open in fall Patients who need physical therapy will have a new option this fall when the Wellsprings Therapy Center opens near Mercy Gilbert Medical Center. The center will focus on transitional rehabilitation for patients who've been discharged from the hospital but aren't well enough to go home yet, said Dennis Cunningham, co-founder of Mesa-based Menlo DevCo, the developer behind the facility. View article...

Home Depot now hiring 1,000 in metro Phoenix The Home Depot is looking to hire more than 1,000 temporary employees at its 56 Arizona stores to handle the annual spring home-improvement and planting rush. The additional Arizona employees are among 60,000 seasonal workers the Atlanta-based home-improvement chain hopes to hire in advance of its monthlong Spring Black Friday event later this year. View article...

CareerBliss: Phoenix 33rd best place to work San Jose was No. 1 and St. Paul, Minn., was last at No. 50, while Phoenix landed at No. 33 in a CareerBliss survey of the best and worst cities to work. View article...

West Coast Foreclosure Sales Climb to Pre-Robo-Signing Levels Foreclosure auction sales in states along the West Coast have bounced back to levels not seen since robo-signing moratoriums went into effect last fall, the California-based tracking firm ForeclosureRadar reported Tuesday. 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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