Here are the news stories you might find interesting today regarding commercial real estate and business:
To view this weeks “Watch List” from Costar, click here. The “Employment Demand” article is quite interesting. One comment from the article is saying that the coming 3 months could be the worst of the storm.
‘Incubator’ expected to create jobs in 2 years
|Chandler’s multimillion-dollar biotechnology business “incubator,” now under construction, could begin spinning off businesses and creating new jobs within two years of its planned spring opening, city officials say.|
Gilbert home construction continues to rise
|Gilbert recorded the completion of 180 single-family homes in October, continuing a five-month upswing.|
Wal-Mart to keep stores open to ease Black Friday
|BENTONVILLE, Ark. – Wal-Mart Stores said Wednesday it will keep its stores open 24 hours and take new crowd-control measures Thanksgiving weekend after a temporary employee was trampled to death in a Black Friday rush last year.|
Conair Buys 101 Distribution Center
|Stamford-based Conair Corp. purchased the 101 Distribution Center in Glendale, AZ, for $17.4 million, or $28 per square foot. The 618,990-square-foot industrial facility is located at 7811 N. Glen Harbor Blvd. The buyer also owns and occupies the adjacent…|
First American Title Co. renewed its lease for 14,636 square feet at 1880 E. River Rd in Tucson, AZ, for five years. The 18,136-square-foot office building was built in 1985 in the Foothills submarket. It is part of the Cambric Corporate Center.
Union Distributing unveils largest solar plant
|Union Distributing flipped the switch on what the company calls the largest solar system owned by a petroleum distributor, split between locations in Phoenix and Tucson.|
Milken: Phoenix hits bottom rung in job report
|Phoenix’s job market ranks fourth worst in the country, according to the Milken Institute.|
Pew Center says Arizona is in ‘peril’
|The Pew Center on the States puts Arizona and eight other states hard hit by the recession on its list called “Beyond California: States in Fiscal Peril.”|
Best Buy gets into the health and fitness game
|Best Buy Co. Inc. will soon be offering health and fitness products at stores in eight states, including Arizona. (BBY)|
Green building could bring 7.9 million jobs to U.S. in next four years
|Green building could create an economic boom when the real estate market recovers, according to a study by the U.S. Green Building Council, which says the industry could generate 7.9 million jobs in the next four years.|
Report: Motorola unit including Tempe facility could be sold
|Motorola Inc. may be looking to sale its home and mobility networks business, according to reports Wednesday. (MOT)|
Developer acquires Goodyear adult-community project
An upstart developer is betting on a Goodyear active-adult community that stalled two years ago as the Valley’s housing industry collapsed.
5 & Diner will replace Ruby’s at Fashion Center
A new 5 & Diner restaurant is expected to open soon in the spot vacated by Ruby’s diner at Chandler Fashion Center.
Survey: 2010 Will Be Buyers’ Market for Commercial Real Estate
The ideal time to invest in commercial real estate is 2010 – that’s when commercial property prices will hit bottom, according to a recently published survey of industry experts, including investors, developers, lenders, brokers, and consultants.
Banks Hasten to Adopt New Loan Rules
Banks are moving quickly to restructure commercial mortgages under new U.S. guidelines that are more forgiving of battered property values and can help banks avoid bigger losses.
REGISTER ASAP! THERE ARE A LIMITED NUMBER OF TICKETS AVAILABLE FOR THIS EVENT! I am a panelist for the CCIM/IREM Economic Forecast on January 12, 2010. It is at the Phoenix Country Club and starts at 8AM. I will be on the Retail Panel with Daniel Pollack and Kevin Schuck. Our moderator is David Malin from Vestar. If you are in town, please come support me at the event. The website to register is www.iremccimforecast.com.
Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.