Daily News for Commercial Real Estate & Business – February 7, 2011

Owners of Tempe Irish pub eager to open one in downtown Scottsdale The founders of Robbie Fox's Public House in Tempe are eager to open a second Irish pub in downtown Scottsdale. Last summer, Moirbia Scottsdale LLC signed a lease to occupy more than half of a vacant building on the western side of Scottsdale Road just south of Second Street and next door to Salty Seńorita. View article...

Plan for luxury apartment complex clears first hurdle Gray Development Group's scaled-down proposal for its Blue Sky luxury apartment complex east of Scottsdale Fashion Square cleared the first of three hurdles Thursday with a unanimous favorable recommendation by the city's Development Review Board. The changes Gray has made were in response to negotiations with surrounding property owners, ST Residential and Triyar Properties. View article...

Peoria negotiates for possible municipal airport deal Peoria officials are in preliminary talks with developers to build a 2,240-acre municipal airport and airpark in the city's north end. The City Council Tuesday voted unanimously to enter exclusive negotiations with Osage West LLC, a company that includes Peoria resident and developer Mike Oliver and the Osage Nation, an Oklahoma-based Indian tribe. View article...

Miracle Mile Deli closes at Glendale Arrowhead Towne Center After 12 years serving New York-style dishes in the West Valley, Miracle Mile Deli has closed its Arrowhead Towne Center location. The deli closed Jan. 1. Owners were unable to come to terms on a new lease agreement and chose not to renew, Thomas Randall, the senior property manager at Arrowhead Towne Center, said. View article...

Ahwatukee losing 2 stores, but experts see retail rainbow By March, Ahwatukee will have lost two of its most popular retailers - the kind of stores that bring shoppers into the village from other parts of the Valley. View article...

Arizona has third-highest sales tax Arizona has the third-highest combined state and local sales taxes in the country, according to a new report by the Tax Foundation. Arizona has 6.6 percent state sales tax, and cities tack on an average of 2.41 percent via local consumption levies. View article...

Construction outlook for 2011 still bleak in Arizona Some new projections from a national construction group show that its members believe the health of the industry is going to improve this year. But not in Arizona. The survey by the Associated General Contractors of America found that 27 percent of construction firms said they intend to add workers in 2011, with just 20 percent anticipating further layoffs. View article...

Lending Activity Perks Up Commercial real estate lenders were much more active in 2010 than 2009, according to exclusive research conducted by National Real Estate Investor. Refinancing activity rose significantly as did financing for new acquisitions, renovation and redevelopment. View article...

National Unemployment Rate Falls to 9% The nation's unemployment rate dropped to 9.0 percent in January, although employers added just 36,000 jobs to their payrolls, according to figures just released by the Department of Labor. View article...

3 Banks, 1 Credit Union Closed on Feb. 4 Federal and state regulators closed three banks and one credit union on Friday, Feb. 4. These latest announcements of failed institutions make the total 15 so far in 2011. 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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