Daily News for Commercial Real Estate & Business – November 8, 2010

I am the Chair of Newtown CDC. We are having our first annual "Affordable Fundraiser for Affordable Housing" on Sunday, November 14, 2010 from 11:30AM to 2:30PM. The mission of Newtown is to help increase the supply of permanently affordable housing while developing and supporting homebuyers through innovative programs and partnerships. If you do not have any plans, please make it a point to show up! You can click here to sign up! If you are interested in being a sponsor, let me know!

Now, for the news!

Apple REIT Acquires 16-Hotel Portfolio for $291M Apple REIT Nine Inc. has acquired 16 Marriott and Hilton branded hotels from White Lodging Services Corp. for $291.5 million. View article...

Whitestone REIT Pays $6.4M for Phoenix Retail Center Whitestone REIT, a fully integrated real estate company that owns, operates and re-develops community-centered properties, acquired the retail center located at 115 E Dunlap Ave in Phoenix, AZ, for $6.4 million, or about $66 per square foot. View article...

Bealls Outlet opens in Buckeye Bealls Outlet at Sundance Towne Center in Buckeye will have its grand opening at 9 a.m. today. The store will offer gift cards to the first 300 shoppers to visit the 28,312-square-foot building, near Watson Road, south of Interstate 10. View article...

Deal for Centerpoint condos sale falls through A deal to sell the Centerpoint Condominiums has fallen apart, and a legal battle is now expected that will keep the unfinished towers in limbo for months - or longer. View article...

Pecos Center office space available for non-profits Non-profit groups interested in using four office cubicles at Pecos Community Center in exchange for a small payment toward the center's utility bills and other maintenance costs may submit proposals to the Phoenix Parks and Recreation Department by Dec. 31. View article...

Ahwatukee retail vacancies are slightly higher this year Retail vacancies are slightly higher in Ahwatukee Foothills than they were a year ago. In the third quarter of 2010, Ahwatukee's shopping centers were just under 7 percent empty compared with a little more than 5 percent during the same time period a year ago, according to CB Richard Ellis in Phoenix. View article...

Consumer spending key to area's recovery, expert says Gilbert residents and others in the Southeast Valley have the potential to increase their economic success by spending more money. "Consumers need to stay in the game and spend money in order to speed up the business cycle," Arizona State University economics Professor Lee McPheters told guests at Gilbert's 2010 Economic Summit at the Higley Center for the Performing Arts on Thursday. View article...

Repeat Sales Index (RSI) ASU - W. P. Carey School of Business Center for Real Estate Theory and Practice November 2007 The use of repeat sales is the most reliable way to estimate price changes in the housing market because the repeat sales approach obviates the need to deal with the many issues associated with the heterogeneous nature of housing. View article...

Steady Improvement Predicted for Commercial Market While still experiencing challenges, the commercial real estate market could see signs of steady improvement in the near future, specifically concerning lending. This is according to two economists at the Economic Issues and Commercial Real Estate Business Trends Forum at the 2010 Realtors® Conference & Expo in New Orleans today View article...

Four Banks Fail on Nov. 5 Federal and state regulators closed four banks on Friday, Nov. 5 These closures raise the total number of failed institutions to 165 so far in 2010. 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.

Speak Your Mind

*

CommentLuv badge

footer script.