Here are the news stories you might find interesting today:
Email me if you would like a copy of the Special Outlook on Government Programs and Debt Maturities report. A quote from the report, “Investors waiting to redeploy capital into commercial real estate until economic growth resumes or a central clearinghouse for distressed properties is established, similar to the Resolution Trust Corporation (RTC) in the early 1990s, run the risk of missing solid acquisition opportunities.”
Are struggling community banks prepared for a new threat?
Most community banks in Arizona are losing money, lending is down, and a veteran banker concedes that every day is a challenge.
It was a little too challenging for two Arizona banks, which were closed by state and federal regulators Aug. 14. A third bank is operating under federal orders to improve what were found to be “unsafe and unsound banking practices.”
SRP BUYS 500+ ACRES IN PINAL COUNTY FOR PEAKING POWER PLANT
Pinal County – Salt River Project in Phoenix has acquired 500+ acres in Pinal County that is targeted for a proposed peaking power plant. The project, which will be built in phases, could eventually have a solar component. An entity formed by SRP paid just under $13.226 million ($26,000 per acre) to acquire the property.
TAYLOR MORRISON SPENDING $21 MILLION FOR GILBERT SITE PLANNED FOR 1,871 HOMES
Gilbert – In a deal scheduled to close at press time, Taylor Morrison/Arizona Inc. in Scottsdale was expected to pay $21 million to buy a 549-acre (net) parcel in Gilbert that is planned for a residential community called Adora Trails. The seller is AmTrust Bank in Cleveland, Ohio.
Cities West, Superior Home on the move
|Superior Home Services and Cities West Publishing have signed leases at Scottsdale Quarter, an open-air center at Greenway-Hayden Loop and North Scottsdale Road.|
Mass layoffs up in July in Arizona
|There were 35 mass layoffs in Arizona last month, up from 27 in June and 15 a year ago, according to a report released Thursday by the U.S. Bureau of Labor Statistics.|
AZ tops nation in construction job loss
|Construction employment in Arizona dropped 2.8 percent in July, and is down 28 percent since last year, the largest year-to-year hit among states, according to a report issued Friday by the Associated General Contractors.|
E.V.’s fastest-growing companies recognized
|A Chandler company that has been screen printing T-shirts for three decades raked in $7.6 million last year, logging nearly 1,005 percent revenue growth during the last three years. A Mesa construction company beat even that stunning statistic by boosting business 1,096 percent during the same time period.|
Action! Mesa eyes movie studio project
|With the housing market slow, a Gold Canyon home developer is focusing on a new goal – turning east Mesa into east Hollywood. Vince Stark, president of CBC Inc., plans to develop a $70 million movie studio complex on 55 acres that he partially owns at the northeast corner of Hawes and Germann roads.|
PLAN CHECK SUBMITTALS
07/09/09 – TENANT IMPROVEMENT at 120 E. 5th St. for Tempe Police and IT Departments Declared Valuation: $4,230,400 Plan Check No.: PC09-0535
07/13/09 – TENANT IMPROVEMENT at 1305 W. 23rd St. for Wells Fargo Declared Valuation: $250,000 Plan Check No.: PC09-0541
07/22/09 – TENANT IMPROVEMENT at 680 S. Mill Ave. for five Guys @ Centerpoint Declared Valuation: $550,000 Plan Check No.: PC09-0585
07/23/09 – ADDITION/ALTERATION at 126 W. Gemini Dr. for Verizon Tempe MSC Battery Room Declared Valuation: $2,000,000 Plan Check No.: PC09-0586
07/01/09 – NEW BUILDING at 210 S. Smith Rd. for Fisher Tools Declared Valuation: $495,100 Plan Check No.: PC09-0137
07/13/09 – TENANT IMPROVEMENT at 1050 W. Washington St., Ste 214, for Sunstate Builders Declared Valuation: $299,000 Plan Check No.: PC09-0497
07/15/09 – ADDITION/ALTERATION at 2155 E. Conference Dr. for Reproductive Medical Institute Declared Valuation: $400,000 Plan Check No.: PC09-0096
07/16/09 – ADDITION/ALTERATION at 1949 E. University Dr. for The Element @ ASU Declared Valuation: $300,000 Plan Check No.: PC09-0351
07/21/09 – ADDITION/ALTERATION at 3500 S. Rural Rd. for Tempe Public Library Declared Valuation: $1,750,000 Plan Check No.: PC09-0210
07/23/09 – ADDITION/ALTERATION at 1610 S. Priest Dr. for Ellison Machinery Declared Valuation: $442,900 Plan Check No.: PC09-0446
07/25/09 – NEW BUILDING at 1845 E. University Dr. for Wash Wizard Auto Spa Declared Valuation: $650,000 Plan Check No.: PC09-0204
07/29/09 – ADDITION/ALTERATION at 2200, 2206 & 2210 S. Priest Dr. for Colton Constructors Declared Valuation: $620,000 Plan Check No.: PC08-1077
07/30/09 – ADDITION/ALTERATION at 3159 S. McClintock Dr. for Ross @ Bashas Valley Plaza Declared Valuation: $200,000 Plan Check No.: PC08-0310
07/30/09 – ADDITION/ALTERATION at 1001 E. Knox Rd. for Kyrene Elementary School District Declared Valuation: $200,000 Plan Check No.: PC09-0374
07/09/09 – ADDITION/ALTERATION at 1215 S. 52nd St. for Northrop Grumman Declared Valuation: $1,150,000 Plan Check No.: PC07-1515
07/28/09 – ADDITION/ALTERATION at 3225 S. Hardy Dr. for Pinnacle Education Declared Valuation: $310,000 Plan Check No.: PC09-0316
07/29/09 – ADDITION/ALTERATION at 2720 S. Hardy Dr. for Infincom Declared Valuation: $300,000 Plan Check No.: PC09-0281
07/30/09 – ADDITION/ALTERATION at 50 E. Knox Rd. for Kyrene Elementary School District Declared Valuation: $869,700 Plan Check No.: PC08-0839
07/30/09 – ADDITION/ALTERATION at 2005 E. Technology Cir for Wipro Infocrossing Data Center Declared Valuation: $1,400,000 Plan Check No.: PC09-0068
07/30/09 – ADDITION/ALTERATION at 1310 W. Drivers Way for Supplemental Nutrition Tech Declared Valuation: $200,000 Plan Check No.: PC09-0167
Each day I sort through various industry publications and local news sources and narrow down the top local articles that matter to commercial real estate owners and business owners.
Please feel free to contact me regarding these stories, the current market, distressed opportunities or your property.
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