Daily News for Commercial Real Estate & Business – January 21, 2011

To view the Costar: State of the US Office Market-2010 Review and Forecast, click here. Great information on the National Office Market. I highlighted Phoenix for you in the report.

Spanish Solar Firms to Invest $95M in Manufacturing Plants Arizona is quickly becoming the solar manufacturing capital of the US. Two Spanish solar manufacturers have acquired a total of 45 acres in Skyway Business Park to build new facilities. Rioglass Solar Inc. and Gestamp Solar Steel US Inc. purchased 18 acres and 27 acres, respectively, in the master-planned industrial development west of Cactus and Dysart Roads. The sites are rail-served by BNSF. View article...

Digital Realty Trust breaks ground on huge data center Digital Realty Trust, a San Francisco real estate investment trust, broke ground Thursday on a massive data center in Chandler. The company already owns a data center at 2121 S. Price Road, but saw the need for more space. The 226,000-square-foot addition will be available to current tenants looking to expand operations. View article...

Talbots at CityNorth to close Saturday; Coldwater Creek already closed The Tuesday before Talbots at CityNorth was planning to close, the women's clothing store was empty of people aside from the manager and another employee. It may have been a sign of times. The store will shut its northeast Phoenix location on Saturday. View article...

Spanish Fly lounge taking over former Drift site in downtown Scottsdale A lounge with the atmosphere of a hotel pool "without the $90 million hotel" is coming to the property that used to house Drift, a Tiki lounge in downtown Scottsdale. Spanish Fly is the latest creation of Greg Donnally, the entrepreneur behind Drift, Stingray Sushi, Geisha-A-Go-Go and Jimmy Woo's. View article...

Brilliant Sky toy store in Ahwatukee closes Brilliant Sky Toys, a store that brought shoppers into Ahwatukee from other parts of the Valley, has closed, a victim of the rough economy. "Rent was a large issue but for us it was not the only issue," said owner Janet Hoo. "We really had a perfect storm of (competition from) Amazon.com, lower retail sales and high rent." View article...

Fund could help create urban living along Mesa light-rail A planned investment fund may help create a taste of urban living similar to that of Boston or New York without leaving the Arizona sunshine. The $30 million Sustainable Communities Development Fund would create incentives to build affordable housing along the Metro light-rail line in Mesa, Tempe and Phoenix. View article...

Southeast Valley transit system to take 2 big steps Monday The Southeast Valley's public transit system is poised to take two giant steps into the future. Beginning Monday: The Link, an express bus service with limited stops, will run from downtown Chandler up Arizona Avenue and Country Club Drive to Main Street in Mesa. View article...

State's unemployment rate remains at 9.4 percent Arizona's seasonally adjusted unemployment rate remained at 9.4 percent in December as the state added only 3,400 jobs. The lack of change comes as the federal jobless rate dropped four-tenths of a point over the same period, to 9.4 percent. View article...

CBRE Analysis: Say Goodbye to "Extend and Pretend" as Commercial Real Estate Markets Slowly Recover The controversial practice of "extend and pretend," in which regulators grant banks and other lenders wide latitude to extend performing loans while avoiding sharp write-downs in value that could otherwise result from marking performing loans to market, is on its way out, according to a new analysis by CB Richard Ellis Econometric Advisors. View article...

Existing home sales up 12% in December Real estate agents were busier than expected in December, with sales of existing homes jumping to a seven-month high. Existing home sales, by far the majority of housing sale transactions, rose 12.3 percent nationwide from the previous month in December, to an annual rate of 5.28 million. View article...

LPS: 6.87 Million Mortgages Delinquent or in Foreclosure As of the end of December, 6.87 million mortgages in the United States were delinquent or in the process of foreclosure, according to Lender Processing Services (LPS). 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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