Daily News for Commercial Real Estate & Business – October 29, 2010

Arizona's largest rooftop solar project opens in Phoenix The biggest rooftop solar-power array in Arizona and one of the biggest in the nation is pumping out 2.4 megawatts of power atop a south Phoenix warehouse. Few systems nationwide even approach the scale of the new supersize array, but officials said similar projects on industrial buildings are likely to thrive in the state under a new incentive program that Arizona Public Service Co. launched last year. View article...

Operator of Papago Golf Course files Chapter 11 Phoenix officials vow to keep play moving at Papago Golf Course in the wake of a bankruptcy filing Wednesday by the firm that operates the course. AGA Management LLC filed for protection under Chapter 11 of the U.S. bankruptcy code to restructure $9.5 million of debt incurred to make renovations on the course. View article...

New Dunkin' Donuts opening in Surprise A new Dunkin' Donuts location in Surprise will celebrate its grand opening with free t-shirts and prizes next week. The first 100 customers on Wednesday at the new doughnut shop, 17031 W. Bell Road, will receive a t-shirt. When the shirt is worn in future visits, it will get them free coffee through Dec. 5. View article...

Commercial Real Estate Takes Center Stage on CNBC Hessam Nadji, managing director of research services for Marcus & Millichap, discusses the results of the NREI/Marcus & Millichap Real Estate Investor Sentiment Index and the state of the commercial real estate industry on "Squawk on the Street" on CNBC. Nadji says that "investors are feeling better because financing has loosened up a little bit compared to last year and they are seeing more visibility in terms of recovery ahead." View article...

Banks report rise in loan totals Banks are slowly beginning to loan money again amid the challenging economic environment. BBVA Compass posted more than $7.9 million in loan originations for the first nine months of 2010, a 17 percent increase from last year, according to its third-quarter earnings release. View article...

Tax Foundation: Arizona No. 34 for business taxes Arizona's tax rates put it below the average range for business friendliness compared with the other 49 states. However, the state had the second-lowest unemployment insurance tax rates. View article...

With Millions of Foreclosures on Horizon, Should States Mandate Mods? The foreclosure crisis is far from over. According to figures released by the Center for Responsible Lending (CRL), since the crisis took hold, 2.5 million homeowners have already lost their homes and another 5.7 million are at imminent risk of foreclosure. Looking ahead, the nonprofit research group says it's projected that between 10 and 13 million foreclosures will have occurred by the time this crisis abates. View article...

Foreclosure Activity Up in 65% of U.S. Metros in Q3: RealtyTrac Data released by RealtyTrac Thursday shows that foreclosure activity rose in 65 percent of the nation's major metropolitan areas during the third quarter. View article...

Unemployment claims drop to 434,000, near 2010 low Fewer people applied for unemployment benefits last week, the second drop in a row and a hopeful sign the job market could be improving. The Labor Department said Thursday that initial claims for jobless benefits dropped 21,000 to a seasonally adjusted 434,000 in the week that ended Oct. 23. 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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