Daily News from the desk of Nicholas L Miner, CCIM – April 21, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

Upscale outlet site sought in SE Valley

New owners revive Rush Street Pizza in south Chandler

Study: Shortages likely on Colorado River by 2050

Home sales up, market showing more promise

The Valley’s new home market showed more promise last month as both sales and construction permits increased, according to the latest Phoenix Housing Market Letter by analyst RL Brown.

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Report: U.S. housing market undervalued

All eyes will be on Arizona and other markets that saw the biggest housing boom and bust for signs of stability and growth, according to a new report by IHS Global Insight titled “House Prices in America.” (PNC)

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American Sterling Bank reopens as Metcalf Bank

American Sterling Bank in Carefree, taken over by the federal Office of Thrift Supervision Friday afternoon, opened Monday under Metcalf Bank, which assumed all deposits of the failed bank.

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LGE, Banner among recent real estate deals

Despite the downtown, there is activity in Phoenix’s commercial real estate markets.

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Phoenix Retail Vacancy Inching to 10%

PHOENIX-Vacancies area-wide top out at 9.7%, with experts predicting they’ll double before recovery begins.

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Sam Levitz Moving to Former American Home Property
Sam Levitz Furniture leased the former American Home Furniture distribution center at 2020 W. Prince Road in Tucson, AZ.

The furniture retailer signed a 10-year lease that includes an option to purchase. It has three showrooms in the Tucson area, on W. Orange Grove Road, E 36th St. and N. Pantano Road.

The 215,600-square-foot center includes approximately 40,000 square feet of retail space, a truck maintenance facility and finished office mezzanine. It is just east of I-10.

Fitch: U.S. CMBS and CDO Delinquencies Continue Climb

An uptick in both the number and average loan size of new commercial mortgage-backed security defaults resulted in a one-quarter point climb in March delinquencies to end the month at 1.53%, according to the latest U.S. CMBS Loan Delinquency Index results from Fitch Ratings.

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