Daily News for Commercial Real Estate & Business – May 5, 2010

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

To view the Urban Land Institute Arizona Report for Spring 2010, click here.

To view the April 2010 Multifamily Executive magazine, click here.

To view the Spring 2010 Commercial Connections publication, click here.

NNN-Leased Industrial Goes for $3.4M A California-based trust purchased the industrial building at 3701 W. Cambridge Ave. in Phoenix for $3.4 million, or approximately $80 per square foot. The facility measures 42,127 square feet and completed construction in 1981. Features include 12,784 square feet of office space, 13 loading docks, five drive-in bays, and 800 amps of power. View article...

B/E Aerospace Leases 47,400 SF in Phoenix B/E Aerospace, a commercial parts and interior aircraft manufacturer, leased 47,433 square feet at 480 N. 54th St. in Chandler, AZ. The warehouse building totals 90,196 square feet and is in the 10 Chandler Industrial Park. Lincoln Property Co. developed the property in 2008. View article...

Mobileation Takes 75,000 SF in Phoenix Mobileation Inc., a leading online toy manufacturer and distributor, signed for 74,718 square feet in the Ryan West Business Park at 8313 W. Pierce St. in Tolleson, AZ. The warehouse building totals 227,258 square feet and is near I-10. The other tenants include Owens & Minor and Quiteflex Manufacturing. Ryan Cos. US developed the property in 2007, according to CoStar information. View article...

ASU to merge departments, cut 98 positions Arizona State University plans to merge some departments and cut nearly 100 positions to address $5.4 million in budget cuts for the next school year. ASU may need to cut an additional $47.8 million if a three-year, 1-cent increase in the state sales tax fails on the May 18 ballot. View article...

Bill raises appraisal company standards A bill seeking to regulate a powerful group of intermediaries in the home-appraisal process received approval in the waning hours of the legislative session Thursday and now awaits Gov. Jan Brewer's signature. A group of Arizona real-estate appraisers helped draft Senate Bill 1351, which they said would force a group of real-estate firms known as appraisal-management companies to meet higher standards of conduct and to disclose their fees to consumers. View article...

Sales tax hikes would affect cities differently Depending on where you shop in the East Valley, 7.8 cents to 8.55 cents of every dollar goes to taxes. That would add $8.55 to a $100 clothing purchase in parts of Queen Creek or $7.80 to that same purchase in Gilbert. View article...

CMBS Delinquency Rate Hits a Record 8% The delinquency rate for commercial mortgage-backed securities (CMBS) loans hit a record 8.02% in April, according to New York-based data firm Trepp LLC. A year earlier, the delinquency rate was 2.45%. The percentage of CMBS loans at least 30 days delinquent, in foreclosure, or part of lenders' real estate owned, rose 41 basis points in April from March, Trepp noted in its monthly delinquency report. 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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