Daily News from the desk of Nicholas L Miner, CCIM – April 29, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

The Expert: Harsh Realities Bring Sector Full Circle
By Ken Riggs, Real Estate Research Corp.
Although we hold out hope for the best outcome and outright survival of General Growth Properties, Inc., the Chapter 11 bankruptcy of this real estate titan was a devastating event for the Bucksbaum family and the REIT’s employees.

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Here is the Second Quarter 2009 Local Apartment Report.

Gilbert light rail link may be weakening

East Mesa office market overbuilt, analysts say

SunGard upgrades Scottsdale data center

SunGard Availability Services has upgraded its Scottsdale data center to handle more recovery solutions.

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Phoenix leads nation in home price declines in February

A new report shows home prices across the country continued to drop in February, and Phoenix has the unfortunate designation of loss leader.

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Consumer confidence jumps in April

As Wall Street rallied and economic stimulus projects began to take shape, confidence among American consumers jumped in April.

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Arizona gets nearly $16M in stimulus funds for rural water projects

Arizona is getting $15.9 million in federal stimulus money for water projects.

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120-Unit Colores Del Sol Trades Hands

MESA, AZ-While the seller disposes of its sole Arizona holding for $9.2 million, the transaction is the buyer’s first in Phoenix.

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E.V. mall owners shopping for business

East Valley mall owners are in a tough position. The days of freewheeling consumerism are gone. Shoppers are dodging high-end department stores, in favor of marked-down discount shops. As a result, mall vacancy rates spiked. Many retail chains shuttered stores or fell into bankruptcy, leaving mall owners without rent and looking to fill empty retail space.

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Rockwood Latest Investor to Close Fund, Raising $964M
Hoping to capitalize on an unsettled real estate environment that could ultimately lead to the “best investment period in the last 20 years,” private real estate investment firm Rockwood Capital L.L.C. has closed an investment fund with some $964 million in capital commitments.
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