Daily News for Commercial Real Estate & Business – May 4, 2010

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

CCIM/RERC Study Notes "Once-in-a-Lifetime" Opportunity A new study by two respected industry groups notes that any sustained recovery in the commercial real estate industry in 2010 is limited given continued high unemployment and weak market fundamentals. However on the upside, the headwinds are creating a "once-in-a-lifetime opportunity" to buy quality properties. View article...

Glendale lays off employees to balance budget Glendale gave layoff notices to 10 employees Thursday, as part of a plan to balance the city's $14.7 million budget shortfall. The departments most championed by residents at budget forums - police, fire, library and neighborhood partnerships - were spared in what was the city's first layoffs in 15 years, Human Resources Director Alma Carmicle said. View article...

In foreclosure crisis, demand for family homes in Phoenix rises People looking for family-size houses to rent in Phoenix-area neighborhoods have far fewer choices. Since September, the number of available rental homes in metropolitan Phoenix has dropped by 40 percent, and probably even more than that when it comes to three- to four-bedroom homes in desirable neighborhoods. View article...

Hollywood Video Closes Doors Hollywood Video chain owner Movie Gallery Inc. plans to shutter its remaining U.S. stores. The movie-rental chain, which filed for bankruptcy in February for the second time in just over two years, had already commenced plans to close more than half its 2,415 U.S. outlets. The closure of the company's remaining stores will likely take place over the next couple of months or so, said people familiar with the matter. View article...

Dave and Busters sold in $570M deal A private equity firm has bought Dave and Busters in a $570 million deal. Oak Hill Capital Partners, with offices in New York, Stamford, Conn, and Menlo Park, Calif., bought the Dallas, Texas, chain from Wellspring Capital Management. Wellspring has offices in New York. Dave and Busters has locations at Tempe Marketplace in Tempe and at Desert Ridge Marketplace in Phoenix. View article...

All Signs Point to Improving Commercial Real Estate Investment Market Real estate capital markets continue to improve. As investor sentiment rebounds, there is a large amount of equity capital chasing a relatively constrained supply of for-sale core assets. This increased liquidity has helped to boost sale prices for core assets in primary markets by more than 10% over the past few months. View article...

Consumer spending rose 0.6% Consumer spending rose in March by the largest amount in five months but the gains were financed out of savings, which fell to the lowest level in 18 months. A slight rise in incomes added to concerns that the recovery could weaken unless income growth increases more rapidly. View article...

Construction spending up 0.2% Construction spending rose in March for the first time in five months, but all the strength came in government activity as private sector building fell to the lowest level in a decade. Weakness in construction remains a major drag on the economic recovery. 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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