Daily News for Commercial Real Estate & Business – March 16, 2011

Mormons moving forward with Phoenix Temple While construction on the Phoenix Temple is expected to start soon, project opponents are vowing to continue to fight the project. The Church of Jesus Christ of Latter-day Saints is moving ahead with its planned temple, a 30-foot-tall, single-story building with basement, totaling 58,000 square feet, at 5220 W. Pinnacle Peak Road, next to the church's existing meetinghouse. View article...

Chicanos por la Causa unit buys $9M apt. project San Marino Affordable Apartments LLC, an entity created by Chicanos por la Causa Inc., an Arizona nonprofit organization, purchased San Marino Apartments for $9 million. The 400-unit property is located at 7002 W. Indian School Road in Phoenix. View article...

Banner Health plans Verrado center Banner Health announced Tuesday that it will build an 8,000-square-foot primary care health center in Verrado, just off Interstate 10 on the west side of Verrado Way, in Phoenix's far west suburbs. An architect and general contractor have yet to be selected for the center, which will occupy a 60-acre site. The health center is projected to open during the second quarter of 2012. View article...

Phoenix rises to No. 17 in Energy Star rankings Phoenix ranked No. 17 among U.S. cities with the most Energy Star Certified Buildings, according to new data released Tuesday from the U.S. Environmental Protection Agency. Phoenix reported 98 buildings, with 16.3 million square feet, having the energy efficiency certification. That's enough to save about $15.7 million in energy costs, the report states. View article...

Phoenix the poster child for suffering construction sector In a national press conference held in downtown Phoenix, the Associated General Contractors of America used the backdrop of the largely unfinished Hotel Monroe project as an example of the construction industry's troubles, pegging most of the problem to needless government regulation and taxation. View article...

Desert Schools among weakest credit unions More than a third of the nation's 7,500 credit unions are on Weiss Ratings' Weakest list, including Desert Schools Federal Credit Union in Phoenix. A little over 10 percent made the Strongest List, according to the independent provider of bank and insurance company ratings. View article...

Scottsdale mayor, other leaders share ideas for redevelopment Scottsdale's next steps in revitalizing the city will involve redevelopment along McDowell Road and new development along Bell Road near WestWorld, according to civic leaders. Four top executives and Mayor Jim Lane discussed economic development of the city during an hourlong forum being broadcast on City Cable 11. View article...

Broadcast Your Business (I am quoted in this article) Pocket camcorders aren't always appropriate for business use, but their affordability and simple user interface have inspired many commercial real estate professionals to create videos for marketing campaigns and in-house training exercises, among other things. As a result, more CCIMs are stepping behind - and in front of - these small cameras to carve out their space in the Web video landscape. View article...

Market Trends "As lenders find it more difficult to serve a narrow slice of the market in 2011, they'll be forced to broaden the range of deals that they'll finance in order to put their money to work, suggesting that there may be some hope for those who still struggle to find debt." View article...

Buyers Are Back Commercial real estate investors are lumbering out of the woods and back into the game. The menagerie of buyers shopping for properties in today's market runs the gamut from private individuals to billion-dollar institutions. But one thing they all have in common is that competitive spirit and a belief that commercial real estate markets have hit bottom. View article...

Lessons Learned What has the commercial real estate market taught us in the past three years? Humility in many cases, and perhaps balance, as market participants measure the pain of a 40 percent loss in value against more intangible items, such as the steadfastness of friends and family in difficult times. But if nothing else, the recent excursion to the bottom of the trough reminds us that commercial real estate is a cyclical business. View article...

Report: Percentage of CMBS Loans Paying Off at Balloon Holds Steady The percentage of commercial mortgage-backed securities (CMBS) loans paying off on their balloon date held steady last month according to the Trepp February payoff report. Overall, 38.4% of the loans reaching their balloon date paid off in February, Trepp noted Tuesday. In January, the level was almost identical at 38.7%. Over the last 12 months, the average percentage of loans by balance paying off each month has been 35.8%. 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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