Daily News for Commercial Real Estate & Business – October 6, 2010

Shade Apartments at Desert Ridge sell for $43M The Shade Apartments at Desert Ridge have been sold for $43 million. The 342-unit complex is located at 21150 N. Tatum Blvd. in Phoenix. View article...

Fresh & Easy closing 6 Valley stores U.K.-based Tesco is planning the temporary closure of 13 Fresh & Easy stores in Arizona, Nevada and California, including six in metro Phoenix. View article...

Developer's plans for Tatum-Greenway site concern neighbors A Phoenix zoning attorney has presented plans for vacant land at Tatum Boulevard and Greenway Road, including 167 homes on 16 acres. Attorney Michael Curley shared the plans with adjacent neighbors in late September. View article...

Phoenix's First Westin Slated to Open in Early 2011 The city's first Westin hotel will open in February 2011 in downtown. The new 242-room hotel, operated by White Plains, N.Y.-based Starwood Hotels & Resorts Worldwide Inc., will be located in the Freeport McMoRan Center, a new 26-story, mixed-use complex. View article...

Tempe new home for glass art design company Glass artist BJ Katz held up a strikingly beautiful 1-square-foot tile adorned with an unusual copper-brown pattern Friday afternoon in her new Tempe studio. "You know what those are?" she asked. "Cockroaches." View article...

Credit card delinquencies hit 9-year low More Americans who've been behind on their bills are catching up, according to a quarterly report from D.C.-based American Bankers Association. View article...

Apartment Market, Rents Rebound The nation's apartment market strengthened in the third quarter, with national vacancies seeing one of the sharpest declines on record, according to new data released Wednesday by Reis Inc. Robust demand allowed landlords to modestly increase rents for the third quarter in a row. View article...

Signs of Recovery For Office Market In a sign that the country's commercial real-estate market is finally turning the corner, new statistics show that office rents that have been falling throughout the economic downturn are 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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