Here are the news stories you might find interesting today regarding commercial real estate and business:
INVESTOR SPENDS $17.3 MILLION IN CASH FOR SCOTTSDALE CONDOMINIUMS
Scottsdale – A company formed by Gilbert “Buzz” Silverman of the Silverman Cos. in Detroit, Mich. paid $17.3 million ($240,278 per unit) to acquire 72 units within The Mark, a 85-unit condominium project in Scottsdale. The seller was Toll Brothers AZ Construction Co. in Scottsdale.
MICHIGAN FIRM BUYS SAN MELIA APARTMENTS IN $47.8 MILLION DEAL WITH PENSION FUND
Phoenix – An affiliate of Investment Property Associates in Grand Haven, Mich. (Robert Diamond, manager) paid $47.8 million ($97,951 per unit) to buy the 488-unit San Melia apartments located at 14435 S. 48th Street in Phoenix. The seller was a pension fund operated by TIAA-CREF in New York City (Teachers Insurance And Annuity Association of America).
Strike looming for 20,000 grocery workers
|In about a week, workers at Fry’s and Safeway in Arizona could be walking a picket line instead of stocking shelves and bagging groceries.|
Jobless rate tops 10% for first time since ’83
|The unemployment rate has hit double digits for the first time since 1983 – and is likely to go higher. The 10.2 percent jobless rate for October shows how weak the economy remains even though it is growing. The rising jobless rate could threaten the recovery if it saps consumers’ confidence and makes them more cautious about spending as the holiday season approaches.|
Where there’s a will, there’s a gelato
|When Carl Lombardo contemplated opening his first gelato shop at 734 E. Broadway Road, Mesa, everyone told him to stay away.|
Five Banks Closed on Nov. 7
|2009 Tally Now Stands at 139 Failed Institutions
Five more banks were closed by state and federal regulators on Friday, Nov. 7 – the largest of them being United Commercial Bank, an $11.2 billion institution, which now has been acquired by East West Bank.
Forecast still gloomy for Valley housing market
|Analysts at the national Urban Land Institute conference called Phoenix the ”poster child” for the nation’s bad housing market. Predictions point to a slow real estate recovery in Arizona.|
Missing the Boat
Amid an avalanche of pessimistic commercial real estate forecasting, many investors continue to wait for a market bottom before buying distressed notes, properties and securities. Buyers are often grossly undershooting price targets, while sellers are overshooting. And the result has been the stalemate that – combined with the credit crunch – has gripped the industry for the past 15 months. Rather than continue their elusive search for a market bottom while letting opportunities go by the wayside, investors should consider shifting their focus and identify viable real estate investment strategies tailored to meet their needs.
Red tape casts giant shadow on solar projects in state
As solar technology moves toward the mass market, early adopters of photovoltaic systems are finding a wide range of red tape and fees associated with going green.
U.S. Property Investors Deem 2010 Worst Time to Sell
Nov. 5 (Bloomberg) — U.S. commercial property prices are likely to hit bottom next year after falling more than 40 percent from their 2007 peaks, real estate executives said in a survey conducted by PricewaterhouseCoopers.
Borders to close 200 Waldenbooks stores, cut jobs
NEW YORK — Borders Group Inc., the second-largest U.S. bookstore chain, said Thursday it would shutter more of its small-format Waldenbooks stores in January as it focuses on its more profitable superstores
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.