Daily News for Commercial Real Estate & Business – March 31, 2010

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

Education Management leases 47,000SF Education Management Corp. LLC, a post secondary education company, has signed one of the largest leases in the Phoenix metro area this year. Pittsburgh-based EDMC (Nasdaq:EDMC) will occupy about 47,000 square feet at Panattoni Chandler Airport Center, 2150 E. Germann Road. The lease fully occupies two buildings at the northeast corner of Cooper and Germann roads. View article...

Cody's, Big Daddy's BBQ open Entrepreneurs George and Laura Duerr have opened a restaurant in Cave Creek called Cody's. The eatery offers Southwestern menu items in a rustic-themed Western atmosphere with expansive views and a full bar. The interior features chandeliers, wood tables, a large second-floor patio and an indoor stage for entertainment and events. View article...

CityNorth foreclosure sale postponed until June A foreclosure sale of CityNorth's High Street that was scheduled for Wednesday was postponed at the last minute. The sale now will take place on June 2. The sale was postponed at the request of the lender, Capmark Financial. Capmark, which is in bankruptcy, filed foreclosure against the owners of CityNorth in late December. View article...

Master-planned community may be on horizon in Queen Creek One of the largest master planned communities in Queen Creek's history could soon be under way. If approved by the town, Church Farm would be bordered by Meridian and Signal Butte roads to the east and west and Ocotillo Road and the Queen Creek Wash to the north and south. A piece of the project juts out from the east side of Meridian into Pinal County. Altogether, the property encompasses nearly 900 acres. View article...

184 homes in South Mountain Freeway path, planners say State freeway planners have been meeting regularly with representatives from the Gila River Indian Community about the possibility of building the planned South Mountain Freeway on tribal land instead of through Ahwatukee and South Mountain Park. But Arizona Department of Transportation spokesman Tim Tait told the South Mountain Citizens Advisory Team Monday that the state still is going ahead with planning for an Ahwatukee freeway. View article...

Phoenix close to purchasing 90-acre tract Phoenix may be closer to owning a property it had been eyeing in north Phoenix now that the price is right. The 90 acres of state land is at 3901 W. Pioneer Road and houses the Phoenix Living History Museum. View article...

WestWorld upgrades may come down to voters A $75 million arena would replace tents now used for major car and horse shows at WestWorld, under a proposal being floated by Scottsdale officials. A city commission recommended the multipurpose arena be among 36 projects totaling $405 million included in a bond package that would go to voters in November. View article...

Gilbert Volkswagen dealership revs up A new Volkswagen dealership planned for Gilbert is the first new dealership announced in Arizona in more than 18 months, according to the project's owners and developers. SanTan Volkswagen is also expected to be the largest LEED-certified dealership in the region. The $8 million, 31,876 square-foot facility will be the largest Volkswagen dealership in Arizona, expecting to gross more than $40 million in sales annually. View article...

DJA Managing Distressed RP Portfolio Early in 2009, Right Place Properties, a company offering investments in class B and class C multifamily properties, closed its doors amid lawsuits and bankruptcy proceedings. These days, Dick James & Associates of Sacramento and local Vestis Group are attempting to clean up a good chunk of the portfolio Right Place owned near the end of its 15-year existence. View article...

Scottsdale, Tucson, Chandler among spendiest cities When it comes to spending big bucks, Austin, Texas, takes the cake but don't count out Scottsdale, Tucson and Chandler. Scottsdale is the second highest spending city in the U.S., according to research by New York social media firm Bundle comparing more than 100 large metros. Residents averaged $64,687 in overall household expenses in 2009 - excluding mortgage and rent - according to Bundle's breakdown of Census data. View article...

Phoenix 8th for lowest business costs Phoenix ranks eighth for competitive business costs among U.S. cities with populations of 2 million or more, according to a study by tax/advisory firm KPMG LLP. The report measured 26 cost components including labor, taxes, real estate and utilities, as they apply to 17 industries, over a 10-year planning period, as well as data on a variety of non-cost-competitive factors. View article...

Case-Shiller: Home prices down 0.6% The latest S&P/Case-Shiller Home Price Index shows Phoenix-area homes continued to drop in value in January. Prices declined 0.6 percent from December 2009 to January 2010. In January, the average price of a home in the Phoenix market was $111,760, or 4.6 percent lower than January of 2009. View article...

NHL: Coyotes have window to void Jobing.com lease, move National Hockey League Deputy Commissioner Bill Daly told a Toronto radio station Monday evening that the owner of the Phoenix Coyotes has a window of time to void the team's lease at Jobing.com Arena and perhaps move the team to another market. View article...

Consumer confidence rebounds in March After toppling in February, consumer confidence made a comeback in March, though it's little improved over a year ago, The Conference Board said Tuesday. The New York-based nonprofit's Consumer Confidence Index reached 52.5 this month, up from 46.4 in February but still below 56.5 in January. View article...

Hotel Recession Kicks in for W Brand W Hotels built in recent years in New York, Atlanta, Phoenix/Scottsdale, San Diego... you get the idea... are in deep trouble. The roots of the problem could be found starting last year, when Sunstone Hotel Investors, owner of the San Diego W, stopped paying the mortgage on the property in June 2009. According to public documents, Sunstone paid $96 million for the hotel - which opened in 2002 - near the market peak in 2006, financing its purchase with a $65 million mortgage that carried a 6.14% interest rate due in 2018. 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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