Daily News for Commercial Real Estate & Business – January 10, 2011

Nicholas Miner Of Commercial Properties Inc. /CORFAC International Named To CCIM Technologies Board Of Directors Phoenix, AZ January 6, 2010) - Commercial Properties, Inc.(CPI)/CORFAC International of Scottsdale, AZ today announced that Nicholas L. Miner, CCIM, Vice President - Investments, has been named to the Certified Commercial Investment Member (CCIM) Technologies Board of Directors. View article...

Phoenix apartments sell for $13.7M The Ridge at Sun Valley, a Phoenix apartment complex, has sold for $13.7 million. ADC-Ridge at Sun Valley LLC, a company based in San Diego, Calif., purchased the 264-unit property at 801 N. 59th Ave. It was built in 2004. The property had been in foreclosure and was in possession of a private lender when it sold. View article...

Gilbert paid millions too much for land, appraisal says An independent appraisal has confirmed what land experts told The Arizona Republic months ago: Gilbert overpaid by millions for undeveloped farmland it bought two years ago for future parks. The February 2009 purchase was made without an appraisal and generated criticism from local real-estate experts, who criticized the $300,000-per-acre price as "out of tune" with market conditions. View article...

Hotel Valley Ho expansion in downtown sought Westroc Hotels & Resorts is seeking city approval to expand Hotel Valley Ho in downtown Scottsdale. According to Westroc's application, the expansion would add about 70 guest rooms and a ballroom with break-out meeting rooms and support spaces. View article...

Study: SkySong economic impact hits $113 million SkySong has pumped $113 million into the state's economy since it opened in 2009, according to a new study by the Greater Phoenix Economic Council. SkySong, a partnership between Scottsdale, Arizona State University Foundation, the Plaza Cos. and USAA Realty Co., has pulled in 733 direct jobs from the grouping of companies at the south Scottsdale location. View article...

Cole Real Estate Investments, Healthcare Trust of America continue to expand Two Phoenix-based real estate investment trusts continue to purchase properties in the U.S. Cole Real Estate Investments purchased properties in Oklahoma, Nebraska and Florida for a total of $98 million. View article...

9 communities get OK for foreign trade zone in West Valley The federal government approved the West Valley as a foreign trade zone, an overlay designation that city and business leaders can use to lure high-paying industries to the region. Foreign trade zone companies are able to import and export parts and products while reducing or eliminating customs duties and various taxes. View article...

Light-rail ridership up 11 percent Metro light-rail ridership is on the rise according to the latest numbers. During 2010, METRO says the 20-mile light rail route running from West Phoenix to Mesa served more than 12.6 million riders, 11 percent more than in 2009. An average 39,335 riders used light rail on weekdays, 29,329 on Saturdays and 19,170 on Sundays and holidays. View article...

SBA loans hit record high before breaks expired The U.S. Small Business Administration set new lending records in December as lenders and borrowers rushed to take advantage of higher government guarantees and reduced fees on SBA loans before those breaks disappeared. View article...

US jobless rate drops to 9.4 percent The national unemployment rate decreased to 9.4 percent in December and 103,000 jobs were added the U.S. economy during the month. View article...

Cautious Optimism for 2011 Members of the Lodging Hospitality roundtable believe 2011 will be better than '10 and certainly '09, but they're not completely sold. "We saw RevPAR improvements in 2010, so we're cautiously optimistic 2011 will be a stronger year, driven primarily by gains in occupancy," said Keith Pierce, president of brand operations in The Americas for Wyndham Hotel Group. View article...

2 Banks Closed on Jan. 7 (Legacy Bank in Scottsdale) Federal and state regulators closed two banks on Friday, Jan. 7. These latest failures are the first of 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.

Comments

  1. HI Nick,

    I have left Deutsch Asrchitecture Group and have rejoined RSP Architects inTempe. I always enjoyed your daily email updates, so could you add me back to the list?

    I hope all is well, please let me know if there is ever anything you need!

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