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Daily News for Commercial Real Estate & Business – December 14, 2009

Here are the news stories you might find interesting today regarding commercial real estate and business:

Phoenix – A company formed by Dunn-Edwards Corp. in Los Angeles, Calif. (Ken Edwards, CEO) paid just under $11.872 million ($39 per foot) to buy a 304,400-square-foot industrial project located just north of the northwest corner of Buckeye Road and 67th Avenue in Phoenix. The building, located at 520 S. 67th Avenue, was developed and sold by Duke Realty Corp. of Indianapolis, Ind.

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Scottsdale – A company formed by Avenir Group of Cos. in Scottsdale and Vancouver, B.C., Canada (David “Les” Craik, pres.) plans to develop a luxury senior housing community just east of Pima Road and south of Legacy Lane within the DC Ranch area in north Scottsdale. The 460-unit complex, which is expected to cost more than $100 million to develop, is being called The Krystall.

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Regulators shut banks in Mesa, Fla., Kan.

Regulators on Friday shut down banks in Arizona, Florida and Kansas, bringing to 133 the number of U.S. banks that have failed to hold up this year against the struggling economy and a cascade of loan defaults.

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Power corridor of knowledge, possible jobs

Power Road has long been considered the spine of east Mesa and is a crucial artery for traffic heading up through Gilbert from Queen Creek and San Tan Valley.

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Hip Scottsdale hotel headed toward foreclosure

Behind on its loans, a New York hotel group is prepared to take the Mondrian Scottsdale hotel into foreclosure. The Morgans Hotel Group has been unable to restructure $40 million in delinquent loans on the 194-room hotel in the Civic Center complex in downtown Scottsdale.

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Developer resolves Vue on Apache dispute

The developer of Tempe apartments designed and marketed for Arizona State University students says it has resolved a payment dispute and lawsuit with a construction contractor.

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New Sea Life deal to detail Tempe’s return

Facing a second legal battle with the Goldwater Institute, Tempe has amended its deal with the developers of Sea Life Aquarium to spell out what the city will get in return for a $218,000 tax incentive.

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Housing appraisers pushing for reform

Home appraisers are expected – and trusted – to provide honest and accurate reports on a property’s value for the buyer, seller and lender. Appraisals are the first link in the chain of decisions and agreements that result in a mortgage and the stated value of a home.

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How big is Christmas to economy?

Imagine if we set aside one day of the year, call it White Sunday, during which millions of Americans madly prime their houses and walls for painting.

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AZ economy: 1 step forward, 1 step back

The state economy in the past month remained in its usual ambivalent mood, not sure if it wanted to get better or worse. Every improvement seemed to be counterbalanced by something negative. But that beats the overwhelming negativity of a year ago.

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REGISTER ASAP! THERE IS A LIMITED NUMBER OF TICKETS AVAIALBLE FOR THIS EVENT! Just a reminder: 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.