Daily News for Commercial Real Estate & Business – March 30, 2010

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

Bridging the Gap The credit crisis has had a significant impact on commercial real estate and the availability of financing. Most lenders have reduced maximum loan-to-value thresholds to 65 percent and increased debt service coverage ratio minimums. View article...

Big Tin Shed reopens in Glendale Glendale furniture store Big Tin Shed has reopened after making substantial structural and fire safety repairs. The business, 5855 N. 51st Ave., was one of three in Glendale that continued operating for more than six months despite being labeled an "imminent danger" to the public by city building inspectors. View article...

Poll: Small businesses still feel economic crunch Small business owners still feel downtrodden by the economy and say the credit crunch is still hurting them, according to a poll of 750 small business owners by Discover Card. Fifty-eight percent of those polled said the economy is getting worse while 22 percent said the economy is getting better. The 58 percent mark is up from the 43 percent of small business operators who felt the economy was getting worse in the Discover's February poll. View article...

Senate dashes bill to block west-side casino A bill that would have helped the city of Glendale block a casino proposed by the Tohono O'odham Nation has been nixed in the Arizona Senate. Senate President Bob Burns, R-Peoria, has put a stop to House Bill 2297, which would have given city governments greater ability to annex land. The measure was specifically aimed at O'odham Indian tribe's efforts to develop a $500 million casino at 91st and Northern avenues west of Phoenix. View article...

Gilbane, Ryan Cos. awarded $37M contract to finish Maricopa County Criminal Court Tower Joint contractors Gilbane Building Co. and Ryan Cos. were awarded a $37 million contract to complete interiors at the Maricopa County Criminal Court Tower under construction in downtown Phoenix. The five county supervisors voted unanimously Monday to award the contract. View article...

Shoppers emerging; do Best Buy sales signal revival? March 29 (Bloomberg) - Companies from Saks Inc. to Best Buy Co. are growing more confident that the recent revival of consumer spending is more than just a blip. New-York based Saks is "moving from defense to offense," selectively rebuilding inventory and increasing investment as consumers "come out of their shell," Stephen I. Sadove, chairman and chief executive officer of the luxury retailer, said in a March 24 e-mail. Same-store sales at Best Buy rose 7.4 percent in the U.S. during the fourth quarter, the Richfield, Minnesota-based electronic retailer said March 25. View article...

ASU report: Valley home resale prices on verge of stabilizing Phoenix-area home resale prices are on the verge of stabilizing despite the thousands of homeowners who continue to lose the battle against foreclosure each month, according to an Arizona State University report. The most recent ASU Repeat Sales Index, covering same-home resales through February, shows the price drops are slowing and likely to come to an end after about three years of falling. View article...

Trying to turn the corner After more than a year of operating under pressures from nearly every angle, including stalled consumer spending and increased operating costs, many restaurant operators have been forced to make changes. Some cut employees, others delayed maintenance or repairs to their locations and some found ways to better use what they already have to succeed. Earlier this month, Nation's Restaurant News canvassed restaurateurs nationwide to see what moves they have made to better their businesses during these difficult economic times. View article...

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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