Here are the news stories you might find interesting today:
Valley expert sees economy on the rebound
Valley economist Elliott Pollack sees reason to be optimistic that we are headed out of the recession, despite recent ups and downs.
Although Wall Street took a tumble Monday, Pollack said don’t confuse the stock market with the economy.
ASU-RSI: Slower Rate of Decline Equals Improvement
Although prices in metro Phoenix dropped 33 percent in May compared to May 2008, the rate of decline once again slowed, adding another month to an improving trend in the market, according to the ASU-Repeat Sales Index (ASU-RSI). The latest data also shows that unlike the last downturn, lower-priced homes are the hardest hit sector.
Tempe Flex Changes Hands for $1.8M
|All Copy Products acquired the flex building at 1407 W. Drivers Way in Tempe, AZ, from the Mawhinney Trust for $1.85 million, or $100 per square foot. The 18,548-square-foot flex building was constructed in 2001 in the Tempe Southwest Industrial submarket…
Phoenix Nightclub Sells for $2.3M
|Black Canyon Highway LLC purchased the nightclub at 1902 N. Black Canyon Highway in Phoenix for $2.28 million, or $143 per square foot from VCG Holding Corp. The retail building measures 16,000 square feet and was constructed in 2000. There were…
Big O Tires Trades for $1.9M
|RADCW Investors LP purchased the Big O Tires store at 15625 S. Desert Foothills Parkway in Phoenix for $1.95 million, or $383 per square-foot. The capitalization rate was 7.4 percent. The auto repair shop measures 5,100 square feet and was constructed…
Rome Towers Condo Nets $2.7M
|Security Acceptance Services LLC purchased an office condo at Rome Towers in Gilbert, AZ, from Xomsa Co. for $2.66 million, or $382 per square foot. The capitalization rate was 7.75 percent. This office condo measures 6,945 square feet. It located…
Phoenix Industrial Sells for $2M
|Sinbad LLC purchased the industrial building at 4101 W. Gibson Lane in Phoenix for $2 million, or approximately $45 per square foot. The buyer will own and occupy the property as a packing and distribution company. The 44,316-square-foot distribution…
Heritage Academy Purchases Mesa Office for $1.2M
|Heritage Academy Inc. purchased 42 S. Center St. in Mesa, AZ, from LPC Holding Corp. for $1.2 million, or $82 per square-foot. The two-story office building was built in 1962 and totals 14,536 square feet.
Phoenix MOB Trades for $1M
|Dr. Kelly Roy, a Phoenix gynecologist, purchased the medical office building at 1008 E. McDowell Road in Phoenix from Dr. Peter Thomas for $1 million, or $263 per square foot. The medical office building was built in 1975 in the Midtown/Central Phoenix…
Glendale in balancing act between helping Coyotes, keeping Cardinals happy
|The city of Glendale finds itself in a balancing act between offering the Phoenix Coyotes hockey team incentives and subsidies that will help the financially struggling team stay in Arizona, while at the same time not upsetting the Arizona Cardinals and the Bidwill family that owns the football team.
Shareholders OK Pulte-Centex merger
|Pulte Homes, a major home builder in the Phoenix area, won shareholder approval Tuesday to purchase Centex Corp., a deal that will create the nation’s largest home-building company with combined revenue of $11.6 billion. The deal closed Wednesday, according to Jacque Petroulakis, a spokeswoman for Pulte in Phoenix.\
Merrill Lynch: Investor optimism highest since 2003
|Investor optimism about the global economy has soared to its highest level in nearly six years, with portfolio managers putting their cash back into equity markets, according to a survey of fund managers conducted for August by Merrill Lynch.
APS seeks more money for commercial solar systems
|Arizona Public Service Co. is looking to raise an additional $143 million to boost the rollout of commercial solar power systems as demand outstrips the utility’s allocation of incentives.
Results Marketing Group shuts down
|Results Marketing Group Inc., the largest media buyer in Arizona, has closed its doors after a 16-year run in Phoenix.
Foreclosed La Mesa Village Ready for Bid
|MESA, AZ-The 256-unit complex makes it to the sales block for an asking price just under $7 million.
PetSmart Q2 Figures Show Growth
|PHOENIX-The pet retailer had a net income of $39 million, versus $37.2 million during the same period in 2008, with 10 new stores opening.
Arizona’s credit rating downgraded to negative
|A credit watch placed on Arizona because of its budget mess is going to cost taxpayers more money.
Commercial real estate activity has suffered from a severe credit crunch for commercial sectors, sustained job losses and weak consumer spending, although the decline appears to be slowing. A forward-looking indicator shows commercial real estate will remain weak into 2010, but recent actions by the Federal Reserve should improve some flow of capital into commercial lending, according to the National Association of Realtors (NAR).
The Commercial Leading Indicator for Brokerage Activity declined 1.3% to a reading of 101.5 in the second quarter from a downwardly revised reading of 102.8 in the first quarter. It is 13.7% below the 117.6 recorded in the second quarter of 2008. The index is at the lowest level since the first quarter of 1994; NAR’s track of the commercial leading indicator dates back to 1990.
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