Daily News for Commercial Real Estate & Business – November 10, 2009

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

Healthcare Trust buys Denver offices

Healthcare Trust of America Inc. purchased a 66,400-square-foot medical office building in Englewood, Colo., for $18.6 million. Scottsdale-based Healthcare Trust, formerly Grubb & Ellis Healthcare REIT Inc., is a private real estate investment trust that buys medical offices, hospitals and assisted living facilities. It owns about 6.4 million square feet of space in 19 states, including Arizona.

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Boost Mobile preps for first Arizona retail outlet

Boost Mobile is opening its first Phoenix retail store, with a plan to donate to Amar'e Stoudemire's charity. (S)

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North American Development pays $13.2M for Val Vista center

North American Development Group of Canada purchased a Gilbert shopping center for $13.2 million. The real estate development company, which is based in Markham, Ontario, bought Val Vista Towne Center from Weingarten Realty Investors, a real estate investment trust based in Houston.

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Holiday hiring off to slow start

Holiday hiring is off to a slow start, with retailers filling just 63,500 jobs in October, according to Bureau of Labor Statistics data.

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Travel industry could add 90,000 jobs in 2010

The U.S. Travel Association is predicting the hospitality industry will add nearly 90,000 jobs next year.

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Zillow: U.S. home prices stabilizing, Phoenix outlook not as rosy

New research from Zillow.com shows signs of short-term stabilization springing up in housing markets around the U.S., but the picture is not nearly as rosy in Phoenix.

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Consumers expect to cut restaurant spending

Despite signs that the recession may be ending, restaurant customers say they plan to spend about 20 percent less per meal in 2010 than they did this year, according to a new study.

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$175M Fetches Kimco Full Ownership in 21 Shopping Centers

Shopping center REIT, Kimco Realty Corporation (NYSE:KIM), has acquired an 85% interest in the 21 retail properties held under PL Retail Portfolio, its joint venture fund with DRA Advisors. The $175 million acquisition brings Kimco's ownership in the...

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Real Estate Economists Parse October Jobs Report

The October employment report released by the U.S. Bureau of Labor Statistics last Friday reflects a familiar but troubling pattern for a commercial real estate industry desperately seeking green shoots.

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Mixed signals on commercial property

Believe it or not, the commercial-real-estate market could be close to a bottom. If so, relief to banks and other financial institutions that are struggling with troubled commercial-property loans and gives a boost to frozen commercial-credit markets - as well as the economy overall.

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Banks eye tighter terms on credit cards

WASHINGTON - Banks expect to tighten terms on credit cards in response to a new law that aims to protect consumers from sudden rate hikes, the Federal Reserve said Monday.

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New nightclub at Wild Horse Pass will have Vegas vibe

Wild Horse Pass Hotel & Casino will bring a bit of Las Vegas to the Valley when its new nightclub, Airia, opens Friday at the complex just south of Ahwatukee. The 6,000-square-foot club will be the first upscale nightclub in that part of the metro area, a place for Southeast Valley partiers to check out nearly naked go-go dancers and 65-inch plasma screens that flash an atmospheric array of images and colors.

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REGISTER ASAP! THERE ARE A LIMITED NUMBER OF TICKETS AVAILABLE FOR THIS EVENT! I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.

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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