Daily News for Commercial Real Estate & Business – May 12, 2010

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

Strategic Storage Trust Invests $4M Strategic Storage Trust Inc. has acquired two self-storage facilities totaling 880 units for $3.5 million. The non-traded REIT bought the 1980s-era properties in an all-cash transaction. The two facilities - one located in Phoenix and one located in Tempe, AZ - were acquired from a local owner-operator. View article...

Phoenix-area bankruptcy filings still sky-high Phoenix-area bankruptcy filings weren't quite as high in April compared with March, but that's about all you can say about the situation that's good. The 2,989 Valley filings in April were still the second-highest of the current economic cycle, with many consumers and small-business owners feeling the impact of the tough economy. View article...

Phoenix construction costs drop, but show signs of stabilizing Construction costs continue to decline in Phoenix, but at a slower pace than in the past few months. There also is a hint that construction is gaining traction, according to a study by Ryder Levett Bucknall, the international consulting firm with offices in Phoenix. View article...

Arizona immigration law hits Hispanic businesses in Phoenix On a weekday afternoon during normal business hours, many business near northeast Phoenix's Palomino neighborhood were empty. Some were closed despite signs saying they were normally open for business. View article...

Annexation bill dies; stalls Glendale plan to halt casino Legislation that would have helped Glendale block the Tohono O'odham Nation's proposed casino and resort near Northern and 91st avenues won't become law anytime soon. View article...

Neighbors unhappy with unfinished Scottsdale project near canal area If you ask Liz Dawn Donahue, she will say that the failed Reflections on the Canal project does not reflect well on her downtown neighborhood. She is angry that the townhouse and condominium project has disrupted the area southwest of the Arizona Canal and Chaparral Road for close to five years. Donahue is still looking at construction fencing and vacant lots. View article...

Tucson, Tempe get behind trolley idea When the Valley's light-rail line was taking shape, some critics labeled it a trolley, suggesting it was a failed century-old technology. But modern, electrified streetcars are making a comeback around the country, including in Arizona. View article...

Distressed Retail Mortgages Present CMBS Special Servicers with Unique Challenges Up until recently, lenders and special servicers have done little to deal with the mounting volume of distressed mortgages in CMBS pools because it is so difficult to get all interested parties on the same page. But now the sheer volume of distress is forcing their hand. View article...

Markets With Pervasive Distress Offer Treasure Trove of Deals There are several metrics that investors can use to identify deals on distressed assets. However, investors typically take a silo approach, focusing on specific property types. Rarely is distress examined across properties. After all, if you're targeting the office sector, how often do you assess the state of multifamily and retail? View article...

Distress Report Card: Resolutions Have a Long Way to Go Less than a third of all distressed properties across the country have been resolved, according to a new study from New York-based researcher Real Capital Analytics (RCA). View article...

NMHC Survey Finds Strengthening U.S. Apartment Market Washington, DC–According to the National Multi Housing Council's latest survey of the U.S. apartment market executives, the sales volume of apartment properties is up; debt and equity are more available to the industry; and markets are tighter. For the first time since October 2005, all four survey indexes recorded better market conditions than three months ago. 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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