Daily News for Commercial Real Estate & Business – March 11, 2010

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

To view this weeks, "The Watch List," by Costar, click here. The article, "2005 Loans Drive U.S. CMBS Delinquencies Higher" is a quick read. Approximately 30% of the newly delinquent loans were from 2005 transactions. In fact, the four largest newly delinquent loans (ranging in size from $65 million to $112 million) are from the 2005 crop of deals. Three of these four loans are past their 2010 maturity dates and are, therefore, categorized as non-performing matured loans.

Pima Commerce Center condo sells for $2.5M

A 12,200-square-foot office condo in Scottsdale sold for $2.5 million. Adancho Properties LLC of Phoenix purchased the condo at the Pima Commerce Center, 14287 N. 87th St., Building C. The property is leased to Driggs Title Agency, Pinnacle Bank of Arizona and Saxa Inc. View article...

Baxter-Harriss Leases 70,200 SF in Phoenix

Baxter-Harriss Co., a North Carolina-based logistics firm, signed a three-year lease for about 70,249 square feet at 4441 W. Polk St. in Phoenix. The 91,281-square-foot manufacturing building was constructed in 1985 in the Papago Industrial Park. DATS Trucking is one of the tenants. View article...

Yuma Road in Goodyear closed indefinitely due to flooding

Yuma Road is closed between Bullard Avenue and Estrella Parkway at the Bullard Wash in Goodyear due to road damage caused by the stormy weather, authorities said Wednesday. The flooding damaged the shoulder of the road and created safety concerns, city spokeswoman Nora Fascenelli said. The road has been closed since Monday and will remain closed indefinitely until the road is repaired. View article...

Scottsdale, Tempe approve bed tax measures

Voters in two East Valley communities approved raising bed taxes to support tourism marketing initiatives. According to unofficial Maricopa County Election results, Scottsdale's Proposition 200 was approved by 56 percent of voters. Tempe's Proposition 400 was approved by 70 percent of voters. View article...

AZ jobless rate up 114% since recession began

Arizona's unemployment rate has gone up 114 percent since the start of the recession at the end of 2007. The trend mirrors that in other Western states including California and Nevada, which also have seen unemployment rates more than double. View article...

AZ construction jobs: Down for 2009, up in January

An estimated 26 percent of the construction work force in Arizona lost jobs in 2009. That percentage puts Arizona second among states, behind only Nevada, according to a study released Wednesday by the Associated General Contractors of America. View article...

Arizona exports drop 30 percent from 2008

Arizona exports dropped by $5.8 billion in 2009 with the recession taking a toll on cooper, computer and semiconductor trade. Arizona exports totaled just over $14 billion in 2009, according to U.S. Department of Commerce. That is down 30 percent from $19.8 billion in 2008. It's also the lowest level since 2003. View article...

Same-Store Sales Soar in February

After a home run in December and a strong January, retailers continued their hot streak with same-store numbers that soared in February. ICSC, Retail Forward, Retail Metrics and RetailSails have all crunched the numbers from the publicly-traded retailers that report same-stores sales and the figures show that the post-holiday shopping period went well for most firms. Retail Metrics said same-store sales rose 4.1 percent. Retail Forward and RetailSails recorded the gain as 3.9 percent. ICSC said sales rose 3.7 percent. View article...

Rent Relief Requests Take New Form as Tenants' Focus Shifts to Long-Term Health

As consumers start heading back into stores, retail landlords are finally getting some relief from widespread rent concession requests from struggling tenants, according to industry insiders. In the past year, many retailers have improved their financial standing or disappeared from the landscape altogether. Instead, landlords now face a new trend in negotiations; healthy tenants are asking for permanent changes to their leases in exchange for signing longer contracts or for giving up restrictive clauses. View article...

CMBS Delinquencies Jump in January

In January, the delinquent unpaid balance for CMBS surged to $45.94 billion from $41.64 billion the month prior, according to Horsham, Pa.-based Realpoint LLC. It was the third straight month when the unpaid balance jumped by more than $3.7 billion. Overall, the delinquent unpaid balance is up 326 percent from a year ago and is now more than 20 times the low point of $2.21 billion in March 2007. View article...

REIT Stocks Jump as Investors Bet on Recovery

Despite poor commercial real estate fundamentals, retail and apartment real estate investment trusts (REITs) are enjoying a powerful resurgence. For the 12-month period ending February 28, a key equity REIT index soared 95.19%, outdoing both the Nasdaq and Standard & Poor's 500 index of stocks, according to a new report. View article...

Is the Recession Over? (podcast - about 30 minutes long)

Rick Mattoon, a senior economist and advisor in the economic research department of the Federal Reserve Bank of Chicago, says the economy is experiencing a fairly sharp rebound from the bottom of the Great Recession and getting close to growing at a historic growth trend relative to the GDP. Listen to the podcast...

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

Comments

  1. Nice blog, just looking around some blogs, appears a fairly nice platform you’re using. I am presently using WordPress for a couple of of my sites but looking to alter one of them more than to a platform comparable to yours like a trial run. Anything in particular you’d recommend about it?

Speak Your Mind

*

CommentLuv badge

footer script.