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

To view this weeks "The Watchlist" by Costar, click here.

Centerpoint Towers Sale Looking Shaky; Delay of Deal Persists as Sub-Contractors Press for Debt Payment Another week -- another failure to close the sale of the high-rise Centerpoint Towers in Tempe. The deal, which was announced to great fanfare and media attention in early September, was expected to close no later than October 15. That didn't happen, as we reported last week. View article...

Mesa residents back Chicago Cubs park Mesa voters are approving by a wide margin a city measure to help build a Chicago Cubs spring training ballpark. View article...

CBRE Closes on 6 TIAA-CREF Dist. Centers for $61M CB Richard Ellis Realty Trust finalized its acquisition of six of the seven distribution centers it agreed to purchase from TIAA-CREF. The portfolio traded for $61.25 million, or about $34 per square foot. Closing on the seventh warehouse is set to close by the end of next month subject to satisfactory completion of due diligence. View article...

AZ Country USA closes months after opening in Mesa AZ Country USA, which opened in July in a former big box store at Country Club Drive and Southern Avenue in Mesa, told its Facebook fans today that it is closing. Brian Weymouth, creator of Alice Cooper'stown Phoenix Sports Bar & Grill, opened the 30,000-square-foot sports bar in July, several weeks after a boxing-themed club and restaurant in the same location closed. View article...

Have Commercial Real Estate Prices Bottomed Out? CoStar released the latest findings of the CoStar Commercial Repeat-Sale Indices (CCRSI) this week. Among the top findings: Investment grade real estate continued its positive pricing trend from August with a strong 5.48% increase in September. View article...

In Commercial Real Estate, Signs of Moderating Pain New data points are painting a picture of slowly moderating pain in commercial real estate. The delinquency rate for securitized commercial real-estate loans fell in October for the first time in more than a year, data firm Trepp LLC reported on Tuesday. The drop came as distressed loans were being liquidated at a more rapid pace, Trepp said. The biggest reason for the decline: the exit from bankruptcy in October of hotel chain Extended Stay America Inc. View article...

Retail Vacancy Rates Fall, But Does it Mean Recovery? Leasing fundamentals in the retail sector improved slightly in the third quarter of 2010, according to reports by Reis Inc., CoStar Group and CB Richard Ellis. The improvement broke a long dry spell for retail real estate during which rents slipped and vacancies rose for more than four years. View article...

Fed to Buy $600B in Securities to Hold Interest Rates Low The Federal Reserve decided Wednesday to pump another $600 billion into the economy in the hopes of bolstering what it called a "disappointingly slow" recovery. 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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