Daily News for Commercial Real Estate & Business – June 3, 2010

Here are the news stories you might find interesting today regarding commercial real estate and business:

To view this week's, "The Watchlist," by Costar, click here. Make sure you read the Carried Interest Tax article because that will have a significant impact on commercial real estate.

"Extend & Pretend" or have we moved past that? We have all heard the phrase that lenders are using. It's kind of like the ostrich that buries his head hoping that the lion doesn't see the rest of their body standing in the open. But, what can lenders do? What is working out there? View article...

Developer defaults, lender wants Los Arcos property Los Arcos Crossing, the failed shopping center on McDowell Road whose latest developer vowed to turn it into Scottsdale's "center of life," is headed to foreclosure and a possible sale by the end of the year. View article...

CBRE BROKERS $17.15 MILLION FRACTURED-CONDO SALE IN SO. ARIZONA TUCSON, ARIZ. - CB Richard Ellis (CBRE) has negotiated the $17.15 million fractured-condominium sale of 238 units at Sonterra at Williams Center, a Class A, gated community located at 5400 E. Williams Blvd. in Tucson's business district. View article...

Western Digital to set up shop at STMicro plant Western Digital Technologies Inc., one of the world's largest designers and manufacturers of storage drives, will open its first Arizona production facility within the next year. View article...

2 light-rail projects to begin Last summer, the sagging economy spurred Phoenix to indefinitely delay construction of the northwestern extension of Metro light rail. But to prepare for future light-rail construction, work in the corridor continues. In July, the city plans to begin two projects that will beautify 19th Avenue frontage roads near Bethany Home Road and Dunlap Avenue. View article...

Scottsdale to re-examine city participation in Triangle project Valley leaders involved in a regional redevelopment effort say they're charging ahead with plans to create the Discovery Triangle with or without Scottsdale's involvement. View article...

Small business hiring up for year Small businesses across the nation posted moderate hiring gains in May - 0.3 percent over April - according to the SurePayroll Small Business Scorecard. The numbers also were up in the West marking the sixth straight month of hiring gains. View article...

Maricopa Integrated Health eliminating 145 jobs Feeling the pinch of state budget cuts, Maricopa Integrated Health System is eliminating 145 positions to save more than $7 million. View article...

Phoenix among 291 areas showing higher unemployment Unemployment rates were higher in April than a year earlier in 291 of the 372 metropolitan areas, including Phoenix. View article...

Commercial Real Estate Loans Contribute to Bank Failures The Federal Deposit Insurance Corp. (FDIC) has confirmed that commercial real estate loans played a significant role in the failure of five banks closed by the Comptroller of the Currency and state agencies over the Memorial Day holiday. 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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