Daily News for Commercial Real Estate & Business – February 3, 2010

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

To view the January 2010 edition of Multifamily Executive, click here. This issue has a great article, "Access Denied."

Smashburger opens at hot Avondale site

Smashburger does just what it says. It takes a big hunk of meat and smashes it on the grill and then sells it for five to seven bucks. Avondale hopes its newest restaurant is as hot as the intersection close to where it stands. View article...

SunTech Power Holdings Settles on Goodyear facility

Suntech Power Holdings Co. has leased 117,853 square feet at the Goodyear One building at 3801 S. Cotton Lane in Goodyear, AZ. The Chinese solar power company signed a 10-year lease deal and move-in is in two phases, first being in May 2010 and second in July 2010. View article...

Blockbuster rental kiosks headed for Bashas', Food City

Blockbuster Inc. is installing DVD rental kiosks in more than 100 Bashas' and Food City stores in Arizona. The kiosks, which hold about 900 movies and rent them for $1 per night, are being installed in the grocery stores by NCR Corp., the company that developed them for Dallas-based Blockbuster (NYSE:BBI). View article...

Phase 2 of Grand Ave. expansion begins in Peoria

Construction on the second phase of the Grand Avenue expansion project kicked off Sunday night, temporarily closing one lane in each direction from 99th Avenue to Loop 303. View article...

Opus West suit says parent company ‘siphoned' $150M

The debtors in possession of Opus West Corp.'s assets filed a suit last week against Minnetonka-based Opus Corp. and several related entities, including the Opus Foundation. Phoenix-based Opus West, which was one of five regional operating Opus companies, claims Opus Corp. used "systematic manipulation and abuse" for the purpose of evading legitimate contracts and debts. View article...

Phoenix OKs 2% sales tax on food items

Desperate to avert layoffs to police officers, firefighters and other city workers, Phoenix City Council members today approved a 2 percent sales tax on grocery items that will generate tens of millions of dollars in new revenue for city services. The food tax would sunset after five years. View article...

Governor backs construction of freeway on tribal land

Gov. Jan Brewer has joined the lineup of officials who want the planned South Mountain Freeway portion of Loop 202 built on the Gila River Indian Community. Brewer sent a letter to Gila River Gov. William Rhodes Monday pledging support from the Arizona Department of Transportation for studying a potential freeway corridor on the reservation. View article...

Study: 62% of banks interested in acquiring failed institutions

A large number of bank executives are interested in expanding their financial institutions with failed bank acquisitions, according to a recent study conducted by Grant Thornton LLP. The company's 17th Bank Executive Survey found that more than 62 percent of executives are interested in pursuing a failed bank. 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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