Daily News for Commercial Real Estate & Business – June 7 2010

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

To view the June 2010 Multifamily Executive magazine, click here.

Distressed Construction Loans and REO Report Q1 2010 Late and non-performing construction loans as well as construction REO jumped again. But before I get into that we have two announcements. View article...

Digital Realty Buys Rockwell/365 Main Portfolio For $725M Digital Realty Trust Inc. (NYSE: DLR), the San Francisco-based developer and operator of data centers, has unleashed a powerful jolt of new acquisitions and development projects over the last few weeks. View article...

PHX Sky Train bridge to carry airport trains over taxiway The $1.1 billion PHX Sky Train at Phoenix Sky Harbor International Airport has reached a dramatic construction milestone. Workers are building a bridge for the train that's 100 feet in the air and crosses an airport taxiway. View article...

New theater opens at PV Mall For years, northeast Phoenix has had only three movie theaters. Today, it has four. Picture Show at Paradise Valley Mall opens today at the Phoenix mall. View article...

Stoudemire's Downtown changes name to Downtown Sports Grill Stoudemire's Downtown isn't Stoudemire's Downtown anymore. The upscale sports bar at 3 S. Second St. (steps away from the Suns home at US Airways Center) has been re-named Downtown Sports Grill. View article...

Reserve residential community planned as 'eco-resort' Lyle Anderson, a developer of luxury golf communities, is planning what he calls an "eco-resort" and residential community adjacent to the Golf Club Scottsdale. If approved by the city, it would include up to 80 hotel rooms, 100 casitas and 24 residential lots on 220 acres northwest of 122nd Street and Rio Verde Drive, Anderson said. View article...

West Chandler area chosen as best buy for real estate It was a specific house that attracted Lysa Fitzhugh to her west Chandler neighborhood 10 years ago. It wasn't until she moved in that she learned to love the neighborhood. View article...

Gilbert tries to ease sign code restrictions during tough times As businesses continue to battle for survival in a weak economy, Gilbert officials have moved one step closer to easing restrictions in the sign code in hopes of helping small shops attract more customers. View article...

First Solar ready to move on new plant Tempe-based First Solar Inc. plans to break ground this summer near Yuma on its first big Arizona power plant following California regulators' approval this week to sell the power to Pacific Gas and Electric Co. View article...

Phoenix surpasses $400M in stimulus funding The city of Phoenix has received $423 million to date through the American Recovery and Reinvestment Act, Mayor Phil Gordon said Friday. View article...

House tax bill could hurt many businesses Retailers may like the House's latest tax bill, but real estate developers and venture capitalists hate it. View article...

Hotels Hit Hard as CMBS Delinquencies Reach Historic High The delinquency rate for commercial real estate loans in commercial mortgage-backed securities (CMBS) jumped in May, rising 40 basis points to 8.42%, the highest rate in the history of the CMBS industry, according to research analytics firm Trepp. View article...

U.S. unemployment eases to 9.7% as census boosts jobs U.S. payrolls gained 431,000 workers in May, but most of that was due to the hiring of census workers, and the nationwide unemployment rate dipped to 9.7 percent, the U.S. Department of Labor said Friday. View article...

Three Banks Closed on June 4 Federal and state banking regulators closed three banks on Friday, June 4, raising the number of failed institutions to 89 so far in 2010. 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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