Daily News for Commercial Real Estate & Business – February 24, 2010

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

1931 bank building in downtown Phoenix heads for foreclosure

A downtown Phoenix 1931 bank building that was entangled in Mortgages Ltd.'s collapse appears headed for foreclosure. The 12-story Professional Building at 15 E. Monroe Street is scheduled to be auctioned on April 20, according to a notice of trustee sale filed at the Maricopa County Recorder's Office. The notice is the first step in the foreclosure process. View article...

130 Units Bought from Foreclosure

Canadian and Washington State investors have acquired 130 units of the 145-unit Century Plaza condominiums from foreclosure. The partnership paid $16 million in an all-cash deal to Wisconsin-based M&I Marshall and Ilsley Bank for the assets. View article...

Humana to expand to West Valley

In a further expansion of its Arizona operations, Humana will relocate 300 of its employees from the East Valley to the West Valley in May, with plans to hire up to 150 more workers in 2011. The move will bring more skilled jobs to the area, further develop Glendale's health-care-industry focus and fill a formerly largely empty building just east of Loop 101 on Glendale Avenue. View article...

Freeport outsourcing will cut 60 Valley jobs

Freeport-McMoRan Copper & Gold Inc. is outsourcing some administrative functions in a cost-cutting move that will result in the elimination of about 60 employees at the Phoenix-based miner's local offices. The Fortune 500 company said in a statement Monday that the move is designed to "improve efficiencies and reduce costs." View article...

Gilbert may delay $80 million in road, other capital projects

More than $80 million in street-improvement projects and park upgrades likely will be delayed as a result of an expected sharp decline in Gilbert's property-tax revenue. At a special meeting Saturday, the Town Council had to decide between raising Gilbert's current property-tax rate or risk stalling a number of capital-improvement projects. View article...

Phoenix home prices begin recovery

The Phoenix housing market got back in the win column in December as seasonally-adjusted median home prices rose 0.5 percent from November, according to the S&P/Case Shiller Home Price Index. The December advance outpaced the national monthly gain of 0.3 percent for the 20 major U.S. cities in the index. View article...

Bid dropped for tax district around Jobing.com Arena in Glendale

An effort to gain state financial assistance for Glendale's hockey arena was short-lived. On Thursday, Rep. Jerry Weiers said a solution was needed to keep the Phoenix Coyotes from going to Canada. On Friday, he introduced a bill to allow a special taxing district around Jobing.com Arena, where the NHL team plays. By Saturday, Weiers said the bill would not move forward, citing a lack of support. View article...

NAR: No commercial real estate recovery until next year

The National Association of Realtors expects higher commercial real estate vacancy rates and falling rents throughout 2010, and notes virtually no new development this year. While forecasting improvement in 2011, it says commercial real estate almost always lags an economic recovery. View article...

Global Commercial Property Sales Surge 85% In Fourth Quarter, Says RCA

A new report on global commercial property sales $10 million and above shows that quarterly transaction volume has surged for the first time in two years, a clear indication that the market is recovering from a deep recession. In the fourth quarter of 2009, volume rose to $147 billion, up 85% from the same period of 2008, according to New York-based research firm Real Capital Analytics (RCA). It was the first quarterly increase on a year-over-year basis in seven quarters, according to the report. View article...

Commercial Mortgages Ailing in February

The performance of loans bundled in commercial mortgage-backed securities deteriorated sharply in February, raising fears that the coming wave of distressed loans may be much higher than expected. As of the end of last week, 30-day delinquencies surged to 6.93% from 6.4% in January, according to Barclays Capital. That is well above the normal level of less than 1%, and a key indicator of future delinquencies suggest that they may rise even further soon. View article...

Consumer confidence topples in February

Consumer confidence, which had lifted in January, took a steep dive in February, The Conference Board said Tuesday. Its Consumer Confidence Index now is 46, down from 56.5 in January. It had been improving during the past few months. View article...

Economic Conditions Snapshot, February 2010: McKinsey Global Survey results

Three-quarters of respondents to our latest survey1 expect their companies to enjoy a profit increase in the next year, and fewer than half expect to cut costs during the same period - both firsts since October 2008, when we began asking. On the whole, this survey shows that executives see economies on the mend, with positive prospects for their countries - 84 percent expect national GDP to rise in 2010 - as well as for their companies. View article...

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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