Daily News for Commercial Real Estate & Business – February 26, 2010

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

To view the February 2010 Digital Edition of Multifamily Executive, click here.

Starbucks closes near Peoria Sports Complex

The Starbucks Coffee cafe next to Peoria Sports Complex in the West Valley has closed. The location on Paradise Lane adjacent to the Cactus League baseball complex and the Arizona Broadway Theatre was shuttered earlier this month. View article...

Famous Dave's puts Gilbert on menu

Famous Dave's Legendary Pit Bar-B-Que will soon open a new restaurant in Gilbert and is hiring 130 new employees. The restaurant is scheduled to open in April, and company officials say they will soon begin to hire for cooks, dishwashers, servers, bartenders and host staff. View article...

DHL Express drives into Sky Harbor park

The new Sky Harbor Business Park is generating interest despite the regions lagging industrial market. The latest lease involves 25,000 square feet for delivery-courier service DHL Express. Financial terms of the lease were not released, but the deal brings total leased space to 112,000 square feet. View article...

Marriott coming to Salt River tribal land

Salt River Devco will bring the first Marriott-branded hotel to U.S. tribal land, according to an announcement Thursday by the Salt River Pima-Maricopa Indian Community enterprise. Salt River Devco signed a hotel management agreement with Marriott International for a Courtyard by Marriott to be located just outside Scottsdale at Jackrabbit and Pima roads. View article...

Former offices will become low-income housing

A vacant, nondescript brick building that once housed a charter school and offices will be razed and turned into affordable housing next to the light-rail line. Devine Legacy on Central, a five story, 65-unit rental complex, will be between the Lexington on Central and Pavilions on Central apartments across from Central High School. View article...

Boston Street Pilates leaves downtown Chandler

Boston Street Pilates, which opened in downtown Chandler in April 2006, is vacating its space at 96 W. Boston St. on March 5. "I'm sorry to see them go," landlord Tom Bliss said of the company's owners, Natalie Simons and Megan Rhey. "They've been wonderful tenants." View article...

State wants to sell northeast Phoenix parcel

The Arizona State Land Department will try to sell a northeast Phoenix parcel for the first time in almost two years. The land to be auctioned in May is a 2.5 acre, triangular piece at the northeastern corner of Tatum Boulevard and Union Hills Drive. It is bordered by Tatum, the Central Arizona Project canal and a single-family neighborhood. View article...

Bashas' amends reorganization plan

Bashas' Inc. filed an amended bankruptcy plan on Thursday that lays out how the company plans to pay back creditors. The plan, which would bundle Bashas' Chapter 11 reorganization along with Bashas' Leaseco Inc. and Sportsman's LLC into one case, seeks to pay creditors all money they are owed over a period of time. View article...

Home construction in metro Phoenix slowed in January

The federal tax credit for homebuyers boosted new-home sales in metro Phoenix last year. But the expiration of the credit looms, and new-home sales and building have slowed again. In January, new-home closings in the Phoenix area fell to 479, the lowest level in decades, reports the "Phoenix Housing Market Letter." In November, Valley new-home sales surged to 1,312 as builders offered deals to rival foreclosure prices, and buyers rushed to take advantage of the tax credit. In December, there were 956 new-home sales. View article...

Arizona banking industry continues to struggle

Economic recovery is a ways off for Arizona's beleaguered banking industry. Stung by more bad loans, Arizona-based banks continue to suffer from rising delinquencies, declining capital and poor earnings. View article...

FDIC: Failed Banks May Peak in 2010

More than 170 banking institutions failed in 2009, and that number may be exceeded in 2010, according to federal regulators and industry analysts. The Federal Deposit Insurance Corporation (FDIC) this week announced that it had placed 702 financial institutions on its list of "problem" banks -- the highest number since 1993. Not all of them are destined to fail -- in fact, many will not -- but FDIC officials say that they expect failures to peak in 2010. View article...

10 Markets to Watch in 2010

There are a lot of credible market watchers in the multifamily sector - Carrollton, Texas-based M/PF Research; Walnut Creek, Calif.-based Marcus & Millichap Real Estate Investment Services; Novato, Calif.-based RealFacts; Dallas-based Witten Advisors; as well as the myriad national apartment REITs. View article...

NRA outlines pros, cons of jobs bill

The National Restaurant Association applauded elements of the $15 billion jobs bill that passed the U.S. Senate Wednesday by a vote of 70 to 28. In a letter sent out earlier this week to members of the Senate, Scott DeFife, the NRA's executive vice president of Policy and Government Affairs, had said the association supported proposals in the bill that would extend the temporary increase in the annual amount small businesses can expense from $125,000 to $250,000. 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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