Daily News for Commercial Real Estate & Business – October 15, 2010

VA Building Trades for $20M A high-net worth individual from the Netherlands has paid $20 million for a 95,558-square-foot office building leased to the U.S. Department of Veterans Affairs. View article...

First Solar announces plans for 2 new factories Solar panel maker First Solar Inc. said Thursday it will build new factories to help meet strong demand for its panels. The plants, expected to be built in the U.S. and Vietnam, will raise the company's manufacturing capacity by nearly 500 megawatts when the factories are completed in 2012. View article...

New yogurt shop opening Saturday in Ahwatukee After the soft opening of Ahwatukee's newest yogurt shop last week drew a standing-room-only crowd, owners and Club West neighbors Brian and Sue McHugh and Bill and Janyce Hazlett are wondering what this Saturday will bring. View article...

Avondale seeking public input on PIR expansion plan Avondale is drafting a proposed sports-and-entertainment zoning district that would allow Phoenix International Raceway to expand near the racetrack. View article...

Assessment of Scottdale Airport runway moves forward Scottsdale's plans for an environmental assessment of the Scottsdale Airport runway to make sure it can support heavier jets in the long term are moving forward. View article...

Foreclosures account for 46 percent of existing-home sales In one of the epicenters of the foreclosure crisis, the tremors are evidently not abating. View article...

Mesa moves closer to new hotel-motel rules An ordinance that would require guests at Mesa hotels and motels to prove their identities came closer to reality Thursday. The final wording is still in progress, however, and Thursday's discussion by the City Council's public-safety committee showed how complex such a seemingly simple idea can be. View article...

Forbes: AZ No. 23 for business, up 13 spots from last year Arizona is the No. 23 state in the nation for business, a strong improvement over its No. 36 ranking last year, according to Forbes magazine. View article...

Arizona survey reports improved consumer confidence It's been a long time coming. But Arizonans are starting to feel better about the economy, according to the latest state consumer confidence index. The uptick in the numbers, the first all year, is more than just an abstract set of statistics. View article...

Distress is a Global Phenomenon with Few Solutions Ever since the commercial real estate market turned south in early 2007, investors have speculated about when this cycle's distressed real estate opportunities would materialize. That conversation has not been limited to the United States. It turns out that investors in Europe and Asia have largely seen the same process play out there as has happened here; distressed real estate exists, but banks are working at a glacial pace in resolving problems. 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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