Daily News for Commercial Real Estate & Business – February 28, 2011

To view the February 2011 Multifamily Executive magazine, click here.

To view the February 2011 Chain Store Age magazine, click here.

Mellow Mushroom expands to Mill Ave An eclectic pizzeria in northwest Phoenix is expanding to a second location in Tempe, with a grand opening planned for March 14. Mellow Mushroom will be located at Seventh Street and Mill Avenue and feature a large collection of street graffiti art and an outdoor patio and bar. View article...

$7M child-care center proposed for Scottsdale Airpark The businesses and retailers that dominate the Scottsdale Airpark's roughly 28 million square feet of building space could soon welcome preschoolers and an elaborate $7 million jungle-themed child-care center as their newest neighbor. Children's Learning Adventure USA, LLC submitted a site plan to the city this month that would transform a 2.31-acre lot into a tropical haven for preschoolers and after-school programs by next January. View article...

Hotel Theodore sold; N.Y. developer plans to renovate A New York-based hotel developer bought the Hotel Theodore in downtown Scottsdale for $16.25 million and has appointed a new management company to operate it. The Sydell Group, which owns the Ace Hotel New York and Ace Hotel and Swim Club in Palm Springs, closed on the deal last week. View article...

Phoenix Apartment Market Rises from the Ashes Though it's been the poster child of distress the past few years, the Phoenix apartment market is starting to heat up. In the past six months, there have been some aggressive trades in and around Phoenix, as more investors bank on a strong recovery in the battered market. View article...

Dollar Stores Set for More Growth A $7.6 billion buyout offer for Family Dollar Stores Inc. is just the latest sign that this once-maligned corner of the retail world continues to gain respectability. Dollar store sales have outperformed many other retail segments in recent years and the major players in the space continue to expand at a brisk pace. View article...

Glendale Bead Museum to close A one-of-a-kind art and historic treasure may leave the West Valley for good. The Bead Museum in downtown Glendale will close March 12. The 25-year-old museum that moved to the Valley from Prescott in 1999 was unable to weather the economy that caused donations and grants to dry up. View article...

Metro light rail meeting to discuss Phoenix extension Metro light rail is inviting the public to a meeting Wednesday so residents can learn and comment on details of the agency's plan for light rail's west extension through west Phoenix. The proposal under consideration by Metro's advisory board involves laying track on Jefferson Street from Central Avenue, past the Capitol and state buildings to Interstate 17, then north to Interstate 10, where it would then run west to 79th Avenue. View article...

Ranks of unemployed get larger in 31 states, including Arizona The number of unemployed workers rose in 31 of the 50 states last year, according to annual averages released Friday morning by the U.S. Bureau of Labor Statistics. Arizona was in the majority, increasing its number of unemployed workers by 10,000 in 2010. View article...

HOUSING UPDATES:
Maricopa County home valuations fall 11%
Few Maricopa County homeowners will be surprised when they open their latest property valuations to learn that their homes are officially worth less than last year. The county tax valuations that begin arriving in the mail today will show the fourth consecutive annual drop in home values for Valley property owners. View article...

FHFA Home Price Index Records Largest Quarterly Drop in Over a Year The Federal Housing Finance Agency (FHFA) reports that home prices nationally dropped 0.8 percent in the fourth quarter of 2010 when compared to the previous three-month period. View article...
BANKING UPDATE:
1 Bank, 1 Credit Union Close
State and federal regulators closed one bank and one credit union on Friday, Feb. 25. These latest failures raise to 26 the number of failed institutions so far in 2011. View article...

FDIC: 884 Troubled Banks The number of banks that made the 2010 fourth-quarter listing of the Federal Deposit Insurance Corp.'s "Problem List" totaled 884, up from 860 in Q3. Total assets of these "problem" institutions also increased, hitting $390 billion, up from $379 billion in total assets reported for the previous quarter. 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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