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

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

CyraCom Signs 7-Year Call Center Deal CyraCom International of Tucson signed a 55,089-square-foot office lease in Foothills Corporate Center I in Phoenix. This transaction brings the Class B office building to 100% occupancy. CyraCom's 7-year commences on June 1 and will allow the company to expand its language interpretation call center operation that services the growing health care industry. The building features fiber optics, extensive parking and is close to restaurants, hotels, shopping and Sky Harbor International Airport. View article...

Westgate City Center in Glendale facing foreclosure Notices of trustee sale have been filed against the two Ellman Cos. entities that own the land and the retail and restaurant complex that comprise Westgate. "As a result of the national recession and ongoing questions about the future of the Phoenix Coyotes, it is unfortunate but understandable that notices of trustee sale have been filed against the two entities (Entertainment Center Development LLC and Coyote Center Development LLC) that separately own the entertainment center and vacant land comprising much of Westgate City Center," the Ellman Cos. said via publicist Jason Rose. View article...

Maracay Homes moving offices to Scottsdale Quarter Maracay Homes likely will bait a different kind of shopper to the Scottsdale Quarter when it moves its headquarters to the retail-oriented center later this month. The Arizona-based homebuilder will relocate its corporate office and combine with a design studio in roughly 20,000 square feet on the third floor above anchors Pottery Barn and Gap, the company said last week. View article...

Scottsdale Ice Den expanding with third rink The Ice Den hockey center in North Scottsdale is adding a third ice rink that can also accommodate indoor soccer and other turf sports. Ice Den president Mike O'Hearn said the hockey and ice skating facility is building the new 30,000-square-foot addition to meet growing demand. View article...

ASU plans dorm, dining hall at Polytechnic campus Arizona State University Follow this company will break ground June 21 for a 318-bed freshman residence hall on its Polytechnic campus in Mesa. Construction of the $13.4 million residence hall is being funded by Inland American Communities. A $10.1 million student dining room also will be built on the campus, with Aramark contracted as the dining service provider for the 20,000-square-foot structure. View article...

Fiat roars back into Arizona with 5 dealerships The first of an initial five Arizona Fiat dealerships is set to open June 27 near the Interstate 10 and Loop 101 in Avondale. Fiat of Avondale will have the market to itself until late summer when showrooms open in Scottsdale and Tucson. Fiat dealerships in north Phoenix and Chandler will follow. View article...

Shop's closure leaves brides in distress A flurry of distraught brides-to-be suddenly left dress-less over the past few weeks are trying to get their gowns or a refund. I Do I Do Bridal, a store that has operated in the state since 1973, closed its doors at the beginning of June with no explanation or communication. Some of the nuptials were only weeks away, and the brides had ordered their dresses months in advance. View article...

Glendale Centerline project gets the go-ahead Revitalization efforts for downtown Glendale moved forward Tuesday. The City Council unanimously approved the establishment of the Centerline Overlay District to give property owners more flexibility when it comes to building in the Glendale Avenue corridor from 43rd to 67th avenues between Myrtle and Ocotillo avenues. View article...

Phoenix employment won't recover until 2016 A new report from the United States Conference of Mayors states metro areas will be slow to regain their pre-recession employment levels, and the Phoenix-area economy faces a particularly steep uphill climb. The report states the Phoenix area has lost more than 244,000 jobs since its peak employment level in late 2007. View article...

Census: Children on rise in Arizona Arizona may be regarded as a haven for retirees, but it was among the most prolific in adding children over the past decade, census data show. In 2010, the number of children under 10 years old in Arizona topped 909,000, an 18 percent increase over the previous census, placing the state fifth in the U.S. in total numbers added over the decade. View article...

Delinquencies Decline for CRE Collateralized Debt Obligations Delinquencies on U.S. commercial real estate loan collateralized debt obligations (CREL CDOs) decreased last month, reversing the previous month's increase, according to the latest index results from Fitch Ratings. From March to April, the delinquency rate rose from 14.1 percent to 14.8 percent. But by the end of May, Fitch says it had fallen back to 14.1 percent. View article...

Analysts Don't Foresee Rise in Home Prices Until 2014 Markets across the country are in full-fledged correction mode. That combined with the prevalence of foreclosures has analysts at the research firm Capital Economics convinced that the double dip in home prices will continue throughout this year. In fact, they say the structural factors that are constraining demand, such as higher down payment requirements, probably mean that prices won't rise consistently until 2014. View article...

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

Speak Your Mind

*

CommentLuv badge

footer script.