Daily News – September 22, 2009

Here are the news stories you might find interesting today:

Phoenix – Mike Nuessle, a long time Valley builder, has formed MPC Homes to construct entry level and move up housing in the Phoenix area. Nuessle, who served as div. pres. at Pulte Home Corp. until 2007, has private financial backers that will serve as his partners in the operation. Initially, a company formed by MPC Homes has acquired 210 fully developed cluster lots in west Phoenix.

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Phoenix area – Seven Valley apartment properties totaling 2,759 units that are owned by The Bethany Group in Irvine, Calif. are being marketed for sale by Hendricks & Partners in Phoenix. Companies formed by investor Greg Garmon of The Bethany Group paid $215.4 million to acquire the projects in June 2007 as part of a portfolio of 12 Valley apartment properties totaling 5,178 units. Ventures formed by The Bascom Group in Irvine, Calif. sold the 12 apartment communities for a total of $427.5 million ($82,561 per unit average).
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Last Gasp: Capmark Financial’s Days Are Numbered

Capmark Financial Groups is heading towards default, as the troubled lender weighs whether to file for bankruptcy after posting a $1.6 billion loss for the second quarter.

Ariz. puts feds’ money to work building affordable homes

Dozens of stalled affordable housing projects across Arizona are receiving stimulus money.

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Piper Plastics Takes Chandler Warehouse

Piper Plastics Inc., a manufacturer of high-performance polymer materials, acquired the industrial building at 3200 N. San Marcos Place in Chandler, AZ, for $1.24 million, or about $85 per square foot. The transaction was an REO sale by JP Morgan Chase…

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Scottsdale tourism sector still struggling

The latest numbers from Smith Travel Research show Scottsdale’s tourism sector continues to struggle during the recession.

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Forecast shows Arizona economic losses continuing through year-end, stabilizing in 2010

Arizona will end 2009 with a 6.5 percent loss of jobs, a 3.6 percent dip in gross domestic product and housing prices down by 8.4 percent, though 2010 offers a more flat economic picture.

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Mill Crossing lands another tenant

Another tenant is up and running at the new Mill Crossing shopping center at the Gilbert-Chandler border.

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Bashas’ President retires

Bashas’ President and Chief Operating Officer Mike Proulx has retired after more than 40 years with the company, according to an official with the Chandler-based supermarket chain.

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Office Fundamentals Fall Quicker Than Expected, Says Foresight Analytics

In a revised forecast, Foresight Analytics projects that the national office vacancy rate will hit 18.4% by year’s end, up from an earlier prediction of 17.5%. As businesses hard hit by the financial crisis began to struggle in late 2008, they shed more space than anticipated, according Susan Persin, a partner with the Oakland Calif.-based research firm.

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08/26/09 – ADDITION/ALTERATION at 5000 S. Arizona Mills Cir. for Sea Life Center Declared Valuation: $2,316,700 Plan Check No.: PC09-0683

08/26/09 – TENANT IMPROVEMENT at 100 W. University Dr. for Centerpoint Declared Valuation: $650,000 Plan Check No.: PC09-0679

08/31/09 – TENANT IMPROVEMENT at 1305 W. 23rd St. for Wells Fargo, Bldg G Declared Valuation: $480,000 Plan Check No.: PC09-0695


08/06/09 – NEW BUILDING at 1137 E. Warner Rd. for Christlife Church Declared Valuation: $4,450,000 Plan Check No.: PC07-1072

08/06/09 – NEW PARK RAMADAS at 6300 All America Way for Kiwanis Park Declared Valuation: $500,000 Plan Check No.: PC09-0362

08/10/09 – TENANT IMPROVEMENT at 1305 W. 23rd St. for Wells Fargo Declared Valuation: $550,000 Plan Check No.: PC09-0541

08/21/09 – NEW OFFICE BUILDING at 1700 N. McClintock Dr. for Okland Construction Declared Valuation: $2,600,200 Plan Check No.: PC08-1045

08/27/09 – TENANT IMPROVEMENT at 6810 S. Clementine Ct. for Meltdown Glass Declared Valuation: $350,000 Plan Check No.: PC08-0888


08/05/09 – NEW SCHOOL at 311 E. Aepli Dr. for Broadmor Elementary School Declared Valuation: $11,982,400 Plan Check No.: PC08-0856

08/07/09 – ADDITION/ALTERATION at 1050 E. Carver Rd. for CI Waggoner Elementary School Declared Valuation: $225,000 Plan Check No.: PC09-0284

08/12/09 – TENANT IMPROVEMENT at 1050 W. Washington St., Ste 214, for Sunstate Builders Declared Valuation: $299,000 Plan Check No.: PC09-0497

08/17/09 – NEW RETAIL BUILDING at 8544 S. Emerald Dr. for Total Wine Declared Valuation: $1,600,000 Plan Check No.: PC08-0955

08/20/09 – ADDITION/ALTERATION at 2008 S. Hardy Dr. for United Dairymen of Arizona Declared Valuation: $200,000 Plan Check No.: PC08-0534

08/20/09 – ADDITION/ALTERATION at 1628 E. Broadway Rd. for Sunrise Preschool Declared Valuation: $250,000 Plan Check No.: PC08-1213

08/20/09 – NEW BUILDING at 5802 S. All America Way for City of Tempe/Kiwanis Park Declared Valuation: $350,000 Plan Check No.: PC09-0015

08/21/09 – RELOCATION OF HISTORIC RESIDENCE at 1230 N. College Ave. for O’Conner House Declared Valuation: $800,000 Plan Check No.: PC08-0741

08/27/09 NEW 10 STORY MIXED USE BUILDING W/ PARKING GARAGE at 922 E. Apache Blvd. for Campus Edge Declared Valuation: $27,032,200 Plan Check No.: PC08-0663