Daily News for Commercial Real Estate & Business – March 25, 2010

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

To view this weeks, "The Watchlist," by Costar, click here. One article predicted that Hotel CMBS defaults could hit 30% by 2012.

To view the February/March 2010 Real Estate Forum magazine, click here.

Closed transaction on OREO Property - March 24, 2010 Nicholas L Miner, CCIM and David G Verwer, CCIM recently represented the seller, Central Arizona Bank, in the sell of a 4,000 Sq. Ft. industrial-flex condo near Falcon Field in Mesa, Arizona. "The interesting part of the transaction was the fact that the buyer was the original developer. He purchased the property back at what it originally cost him to build it," according to Miner. The buyer, The Reeb Group, was represented by Cassidy Turley Commercial. View article...

944 Media abandoning Valley for Los Angeles The Scottsdale-based publisher of monthly fashion and entertainment magazines in nine U.S. markets is moving its headquarters to Los Angeles to be closer to a larger pool of creative talent, according to the company's chief executive. 944 Media LLC hopes to complete the move by the end of April. View article...

Light rail just the ticket for One Lexington The condominium high-rise One Lexington is the first company to advertise at a Metro light rail station. On March 15, the development launched a campaign that includes four ads at the Washington Street and Central Avenue station, a mesh banner behind seating, two columns with logos on the side of the seats and three floor graphics, dominating the area with its brand. View article...

Scottsdale still waiting for SkySong payments When Scottsdale and the ASU Foundation struck a deal in 2004 to build a high-tech development on the site of a faded shopping mall in south Scottsdale, the city agreed to pay for the land and new infrastructure, while the foundation agreed to repay the favor with revenue from the project. View article...

Glendale offers tax amnesty The city of Glendale is offering a tax amnesty program for business owners and landlords that operate or own property within the city limits. The effort is aimed at helping small business during the economy. From March 24, through April 30, companies can pay delinquent sales tax and license fees with all penalties, fees and interest waived. View article...

Glendale hotels see boost in occupancy Smith Travel Research reports a 12.2 percent increase in occupancy rates at Glendale hotels in January compared to the same month last year. Meanwhile, the average daily rate on rooms dropped from $137.57 in January 2009 to $119.31 this year, a decline of about 13 percent. Despite that, revenue per available room, another key metric, remained more stable at $64.37, a decline of about 2.6 percent over the same period. View article...

Improvement district bill advances in Legislature A bill the city is counting on to help revitalize south Scottsdale made it out of the state House of Representatives and will move on to the Senate. House Bill 2003 passed by a vote of 42-12 on Tuesday. View article...

BofA to start reducing mortgage principal Bank of America Corp. is giving some of its most troubled mortgage borrowers relief from the threat of foreclosure. The bank, the largest mortgage servicer in the country, said Wednesday it will forgive up to 30 percent of some customers' total mortgage balances. The homeowners must have missed at least two months of mortgage payments and owe at least 20 percent more than their home is currently worth. View article...

Health Overhaul Beneficiary: Medical Offices? Some parts of the health-care overhaul, such as the prospect of a new tax on rental income, have raised concerns among landlords. But some real-estate developers see a silver lining: the prospect that 32 million additional people with health insurance will drive new demand for medical office space. View article...

Health Care Reform: Boon for Commercial Real Estate? As President Obama signed health care reform into law Tuesday, the medical industry gained something greater than the prospect of adding 32 million Americans to the ranks of the insured - it gained a sense of certainty. "Hospitals and doctors now know how many more people will be insured, and will be able to calculate how much and what kind of new space they will need to meet the historic surge in demand," says Jeffrey Cooper, executive managing director of Savills US, who works in the London-based company's New York office. View article...

Net Lease Deals Become a Bright Spot in a Slow Sales Market While total investment sales activity in the retail real estate sector remains slow, single-tenant net lease deals are picking up steam, according to industry insiders. The lower price tags associated with single-tenant properties have translated into greater demand from investors. View article...

Uneven Recovery for Industrial Seaport Markets A new research report from Colliers International finds that industrial occupancy rates in and around the nation's most active export-focused seaports appear to have stabilized. One major reason: The weak dollar that has driven strong demand for U.S. goods abroad. View article...

SHAMELESS PLUG: My wife entered Jacob in the Great American Photo Contest. The baby photo with the most votes this month wins $2,500 (that could be a nice amount to put away now for college!!). Please do me a big favor and click on the link to vote http://gapc-vote.com/?p=2150585 Please forward as well 🙂 I really appreciate it, and so does Jacob.

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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