Here are the news stories you might find interesting today regarding commercial real estate and business:
University of Phoenix Leases 439,000 SF
The University of Phoenix has leased two planned office buildings totaling 439,070 square feet at Fountainhead Business Park in Tempe, AZ. The education provider is taking occupancy in Building A in June 2011. Occupancy of Building B is scheduled for November 2011.
Developer proposes Gilbert commercial center
A developer is proposing a 30-acre office and commercial center at the northeast corner of Greenfield and Queen Creek roads in Gilbert.
44 Monroe luxury condos in Phoenix on the road to foreclosure
Most of the units in 44 Monroe, the swank, 196-unit luxury high-rise could be headed for foreclosure. The bank has filed a notice of trustee’s sale, the first step toward taking over 182 unsold condos.
Scottsdale Healthcare opens infusion center
Scottsdale Healthcare has opened an outpatient treatment center near its Osborn Medical Center where patients can receive certain treatment and infusion services.
Phoenix drops in small business vitality ranking
Phoenix took a tumble in a national ranking of best places to launch a small business by Portfolio.com/bizjournals. The city fell to the No. 79 spot from No. 46 in 2009 on the list of 100 metro areas. Tucson moved up a few notches to 84 from No. 90 last year.
Maricopa second only to LA in county job losses
Maricopa County lost the second highest number of jobs among U.S. counties between second quarter 2008 and 2Q 2009, according to federal labor data released Tuesday.
Matter of Debate: Bottom in Commercial-Property Values
While the pace of commercial real-estate sales remains anemic, a few gutsy real-estate experts are saying prices have stabilized and are even, in some cases, rising from their lows of the recession.
Unfinished Projects Weigh on Banks
Other stalled projects around the country include the redevelopment of the Filene’s Basement site in downtown Boston; CityNorth, the mixed-use project that Related Cos. and Thomas Klutznick Co. were building in Phoenix; and the Xanadu retail project in the New Jersey Meadowlands.
Failed Banks and Credit Unions, 2010
This is an interactive map of failed banks and credit unions in the U.S. in 2010. Click on any state to see the list of failed institutions in that state, including the size of the bank or credit union, whether it was acquired, and the projected cost to the federal insurance fund.
To view my responses at the CCIM/IREM Economic Forecast from last week, click here. I look forward to hearing your comments from the presentation.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.