Daily News for Commercial Real Estate & Business – November 16, 2010

To view the Third-Quarter 2010 Real Estate Investment Outlook, click here.

Old Spaghetti Factory opens Chandler location The Old Spaghetti Factory is opening a new location Monday at Chandler Fashion Center. The restaurant, 3155 W. Chandler Blvd., will be open daily for lunch and dinner and employ nearly 125 people. View article...

Official: $97.4 mil CityNorth deal may never be executed Phoenix's controversial $97.4 million development deal with CityNorth may never be executed, a top city official says. Deputy City Manager David Krietor, who took part in negotiations for the agreement, said last week that it is unlikely that any developer could meet the benchmarks required in the accord. View article...

Former Aquaterra site to house new police station The site of a failed condo complex in West Mesa will be used for a new police substation instead. Mesa hopes to close the $2.4 million deal by Dec. 31 for land on the northwest corner of Grove and Westwood avenues. View article...

Mesa looks forward to beverage distributor in Broadway corridor Mesa has become a "sweet spot" for one of the nation's largest beer distributors, which plans to build a facility next year near Broadway Road and Loop 101. Crescent Crown Distributing President James Moffet Jr. used the phrase in referring to 23 undeveloped acres on West Broadway Road just east of Dobson Road. View article...

HTA Continues Acquisition Streak with $86M Buy Healthcare Trust of America Inc. is under contract to acquire five on-campus medical office buildings for $86.1 million. The non-traded REIT has closed on three of the five class A buildings, paying $56.9 million, and plans to close on the other two by the end of the year. View article...

29 metros top 2 million; Phoenix 11th Twenty-nine metropolitan areas have more than 2 million residents as of Monday, according to the latest population estimates issued by Buffalo Business First, a sister publication of the Phoenix Business Journal. View article...

Market Trends: Is Retail Rounding the Corner? With retail sales ticking slightly upward this fall, available lease space should drop next year for the first time in six years, according to CB Richard Ellis. Available space in neighborhood and community shopping centers should decline from 13.2 percent to 12.8 percent in 2011 and 12.1 percent in 2012. View article...

Ready for Reform? Dodd-Frank requirements may put the squeeze on borrowers. On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law. The risk retention requirements under Dodd-Frank for asset-backed securitizations, including commercial mortgage-backed securities, have garnered substantial attention from the lending and originator community. View article...

Analysts See 7% Drop in Home Prices over Next Year Despite a bounce in home prices during the first half of 2010, Fiserv Inc. says it expects property values nationally to fall another 7.1 percent over the next 12 months before beginning to stabilize. View article...

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

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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