Daily News for Commercial Real Estate & Business – June 15, 2011

Here are the news articles you might find interesting today for commercial real estate and business:

To view the June 2011 issue of Knowledge Leader, click here.

Q&A With Ann Hambly: Restructuring CMBS Loans Is An Uphill Battle Ann Hambly compares the challenge of modifying a CMBS loan to climbing a mountain. "You could maneuver it on your own," says the CEO and president of 1st Service Solutions, "but I liken it to using a Sherpa. You could maybe get to the top of Mt. Everest by yourself, but would it be better to take someone who's been up there 2,000 times?" View article...

Acacia Capital Pays $12.2M for River Ranch Apartments PHX Oakland 2010 LLC, a shell company for Acacia Capital Corporation, acquired the 186-unit River Ranch Apartments at 6152 W. Oakland Street in Chandler, AZ from US Bank National Association for $12.2 million, or about $65,600 per unit. The 138,550-square-foot complex was constructed in 1986 on 9.7 acres. The property was 96-percent occupied at the time of sale and features 98 one-bedroom and 88 two-bedroom units ranging in size from 500 to 1,025 square feet. View article...

Tempe senior apartment complex set to be done by Dec. By year's end, a new affordable-housing development is expected to beckon those 55 and older to downtown Tempe. Encore on Farmer, a 56-unit apartment complex near Fifth Street and Farmer Avenue, will have one- and two-bedroom units. The five-story building is under construction and expected to be completed by December. It is the first phase of the Farmer Arts District, a downtown mixed-development. View article...

Arizona State University's West campus will build residence hall Starting in 2012, freshmen entering Arizona State University's West campus will be expected to live in a new residence hall, eat in a new dining room and leave their commuting habits behind. It will be one of the largest transformations yet for a campus that opened to upper-classmen more than 25 years ago on the Phoenix-Glendale boundary. The only dormitory on campus today is an apartment-style building created for older students, complete with kitchenettes for home meals. View article...

Marie Callender's closes all Arizona locations Marie Callender's, a longtime metro Phoenix mainstay for after-church gatherings and takeout pies, abruptly closed all of its Arizona locations after its parent company filed for Chapter 11 bankruptcy protection. The four restaurants in the Phoenix area and one in Tucson were among 58 locations that were closed after the Perkins & Marie Callender's Inc.'s bankruptcy filing Monday. The restaurants each employ about 30. View article...

Western-themed recreational park planned for North Scottsdale A plan to build a Western-themed recreational park in North Scottsdale is moving forward. The Scottsdale City Council approved a proposal by Stagecoach Gap LLC to build a mixed-use project featuring Western art, culture, entertainment and history at Bell Road and 94th Street. View article...

Will Cap Rates Rise or Fall in 2011 and 2012? The Answer May Surprise You After rising 300 to 500 basis points in 2009, average transaction-based cap rates fell in 2010 through early 2011. Why have cap rates fallen so quickly when fundamentals have yet to show meaningful gains? Won't cap rates increase if inflation and interest rates begin to rise? Cap rates represent the initial return to the investor based on the purchase price and the annual net operating income the property generates. View article...

Phoenix IDA Keeps Cash Local, Invests in Arizona The Phoenix Industrial Development Authority is pulling IDA deposits totaling $1 million out of a national bank and placing the money into four Arizona community banks actively lending money to businesses within the state. The organization wants to help jump-start the state's economy and make sure its money is working for Arizona, said Don Keuth, an IDA board director and president of the Phoenix Community Alliance. View article...

Manpower: Phoenix-area hiring to pick up in third quarter Hiring in metro Phoenix is expected to increase during the third quarter compared to last year, but job losses may still rise, according to the Manpower Employment Outlook Survey. The monthly report, a result of interviews with 18,000 employers across the U.S., projects future hiring practices for companies nationally and by state. View article...

Chandler Safelite call center hiring 300, including part-timers Safelite AutoGlass, which repairs and replaces vehicle glass, is hiring 300 people for part-time and full-time jobs at its call center at 2080 W. Chandler Boulevard in Chandler. View article...

New Peoria hospital will employ 250 Visionary Health LLC, which operates Gilbert Hospital, is planning to break ground next week on a hospital in Peoria. The 40-bed Peoria Regional Medical Center will employ about 250 people when it opens in summer 2012. The hospital will be built on a 47-acre campus on North Lake Pleasant Road. View article...

Scottsdale home sales up, prices fall in May Scottsdale median prices for homes and condominiums fell again in May from the previous year, according to the latest monthly report from Arizona State University Realty Studies. Sales were up 12.9 percent for homes and 4.6 percent for condos. 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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