Daily News for Commercial Real Estate & Business – September 23, 2010

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

How Immigration Reform Could Affect Retail Real Estate As Arizona's Senate Bill 1070 (SB 1070) went into effect on July 29, local media outlets predicted Armageddon for the state's retail businesses. View article...

Retail Watch: Cole Credit Cuts $296 Mil. Sale/Leaseback Deal for 33 Albertson's Grocery Stores Cole Credit Property Trust III Inc. agreed to purchase 100% of Albertson's interest in 33 retail properties comprising 1,916,854 million square feet throughout the U.S. for $276 million. View article...

BH PROPERTIES ACQUIRES $5.5 MILLION APT. COMPLEX IN VALLEY OF THE SUN MESA, ARIZ. - BH Properties has purchased the 320-unit Fiesta Park apartment complex, located at 1033 S. Longmore Street in Mesa, from Fiesta Park LLC for $5.5 million. View article...

Shoppes at Indigo Trails Sells at $2.1M The Tohono Oldham Tribe has purchased the Shoppes at Indigo Trails at 21258 E Rittenhouse Road in Queen Creek, AZ, from Armstrong Development Properties for $2.15 million, or about $170 per square foot. View article...

Fan Grabber Sportswear Acquires Facility for $1.1M Fan Grabber Sportswear purchased the industrial building at 125 W Julie Drive in Tempe, AZ, from Tempe Decorator Center for $1.1 million, or about $60 per square foot. View article...

Geyser 43P picks up retail centers for $1.8M Geyser 43P LLC has purchased two retail centers in Phoenix from the Bank of Oklahoma for $1.88 million. One of the centers, located at 10240 N. 43rd Ave. in Glendale, is anchored by a Target and had just two tenants at closing with 39 percent occupancy. View article...

Sub-Zero brings jobs to Goodyear Sub-Zero Inc. is bringing more than 100 jobs to the Valley as the company opens a Phoenix manufacturing plant in Goodyear and shifts work from Wisconsin to an existing Phoenix facility. View article...

Cave Creek council holds off development in key acreage Cave Creek residents packed Town Hall on Monday night to fight an agenda item that could have allowed big-box retailers near the future Walmart site. View article...

Virgin Is Getting into the Hotel Business Virgin Group is getting into hotels. The multinational company is diving into the hotel market, planning to put out 25 branded hotels over the next seven years. Virgin Hotels will be a "four-star lifestyle hotel brand," according to the company, and will launch first into gateway markets with the first property opening within the next 12 to 18 months. View article...

Blockbuster bankruptcy expected this week Movie rental giant Blockbuster could file for Chapter 11 bankruptcy as early as today, the Wall Street Journal is reporting. View article...

Arizona home affordability rides middle ground Despite plummeting prices, Arizona cities still tread the middle ground in housing affordability, according to Coldwell Banker's 2010 Home Listing Report. View article...

Podcast: Sustainable Upswing in Phoenix Still Just Out of Reach The latest realty studies report for the Phoenix resale home market showed that the typical fall downturn began as expected in August. The 8,790 sales recorded were a decline from the 10,860 recorded at the peak in March, but this August was slow even compared to August 2009. View article...

Census: Arizona Hispanic business count up 50% The number of Hispanic-owned businesses in Arizona jumped 50 percent to 52,667 from 2002 to 2007, according to a report released this week by the U.S. Census Bureau. View article...

Power Shifts to Tenants as Economy Brakes Amid Glut of Vacancies Roughly 25% of the nation's leased office space is set to expire in 2011 or 2012 and tenants are moving into the driver's seat in negotiating new terms with landlords already pressured by a glut of vacant space. That's the conclusion of a new report by Encino, Calif.-based real estate services firm Marcus & Millichap. View article...

Retail Investment Sales Volume May Be Poised to Surge It's been a long time coming, but investment sales specialists say deal activity in the retail sector may be poised to surge. The market for retail properties has shown clear improvement throughout 2010. In the first eight months of 2010, investment in retail properties amounted to $22 billion, according to CoStar Group figures. 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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