Daily News for Commercial Real Estate & Business – February 3, 2011

To view the February 2011 Commercial edition of Scotsman Guide, click here.

To view the 2010 Retail Review and Outlook by Costar, click here. I have highlighted the areas discussing Phoenix.

To view the Jan/Feb 2011Apartment Finance magazine, click here.

To view this weeks The Watchlist by Costar, click here. I am quoted in the Social Media article.

Arizona Biltmore, JW Marriott Desert Ridge resorts sold Three Valley resort properties have recently changed hands. In the wake of the sales, the Arizona Biltmore Resort and Spa is among a handful of properties that have been put into Chapter 11 bankruptcy reorganization by a group called CNL-AB LLC. View article...

$270 MILLION SENIOR LIVING PROJECT COMPLETE IN ARIZONA Plaza Companies and Vi Living have completed the development of Vi at Silverstone - A Vi Living and Plaza Companies Community, which is located at 23005 N. 74th St. in Scottsdale. The $270 million, 735,650-square-foot four-story development includes 203 independent-living units, 67 single-family villas and 60 units licensed as assisted-living, memory-support and skilled-nursing beds. Additionally, the community features an 18-hole championship golf course. View article...

Cognizant expands office space in Phoenix Cognizant, a high-tech consulting firm, signed a lease for 130,681 square feet at 2512 W. Dunlap Ave. in Phoenix. The New Jersey-based company will occupy most of the building, and the lease is one of the largest signed in the past year, according to brokers familiar with the deal. View article...

Mesa to own beer-distribution plant After a vote expected in Monday's City Council meeting, Mesa will soon become the proud owner of a major beer-distribution center. As surprising as that may seem for a city founded - and still largely influenced by - rock-ribbed Mormons, Mesa sees it as a necessary part of its economic development strategy and a badly needed boost for the west side. View article...

CMBS Delinquencies Hit New High in December CMBS delinquency rates reached new highs in December, confirming that a brief improvement in October was an aberration, according to the two firms that track the sector. As of the end of December, the CMBS delinquency rate stood at 8.29 percent according to Horsham, Pa.-based Realpoint LLC and at 9.20 percent according to New York-city based Trepp LLC. Both firms' data had shown that the delinquency rate had fallen in October. But it then rose in both November and December and has now eclipsed the previous high point set in September 2010. View article...

Investors Tap Cash on the Sideline as Sales Velocity Begins to Rise The stockpile of capital that investors have been accumulating may finally start to shrink as investment in retail real estate picks up. Industry experts have tossed the "cash on the sidelines" phrase about so often during the last few years that the supposed mountain of money has taken on almost mythical proportions. Even though the exact dollar amount is difficult to pinpoint, brokers say it easily adds up to tens of billions of dollars - or more. View article...

62 major markets add jobs; Phoenix ranks 4th in U.S. Nearly two-thirds of the nation's major labor markets added private-sector jobs in 2010, and Phoenix was among the biggest gainers. Sixty-two of the top 100 markets posted higher private-sector employment figures at the end of last year than in the final month of 2009, according to data released Wednesday morning by the U.S. Bureau of Labor Statistics. View article...

Private employers add 187,000 jobs The Labor Department will release January jobs numbers in Washington on Friday, but payroll firm Automatic Data Processing Inc. released its estimates Wednesday, saying private employers added 187,000 jobs last month. 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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