Daily News from the desk of Nicholas L Miner, CCIM – August 4, 2009

Here are the news stories you might find interesting today:

Email me if you would like a copy of the Wells Fargo Economics Group Point of View for July 2009. This is a great global snapshot for the securities market.

Eight-lane freeway back on track

Lot north of Town Lake closed next week

“The Bank Killer”

It’s been on the lips of analysts, investors and bankers for months: commercial real estate. While the second wave of delinquencies, defaults and foreclosures could further harm the beleaguered banking industry, commercial loans are more complicated than home mortgages and some institutions will fare better than others, says Deutsche Bank analyst Richard Parkus.

Manufacturers report signs of hope

A new look at the nation’s manufacturing sector from Tempe’s Institute for Supply Management shows more contraction, but signs of economic recovery.

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Cities receive $90M light rail reimbursement from feds

Phoenix, Tempe and Mesa received a total of $90 million this week toward the $587 million they fronted for the federal government in the construction of Metro light rail.

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Mexico quake shakes some Phoenix offices

A pair of earthquakes in the Gulf of California were felt in downtown Phoenix late Monday morning.

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Small-business optimism falls

Optimism among small-business owners recently dropped to its lowest level in the six years covered by the Wells Fargo/Gallup Small Business Index.

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Castle Megastores emerges from Chapter 11 with new owner

Castle Megastores has emerged from bankruptcy with a new owner.

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Suns, Diamondbacks acquire Jefferson Street garage

The Phoenix Suns and Arizona Diamondbacks ball clubs jointly have acquired the Jefferson Street Parking Garage from the city of Phoenix. A legal entity representing both major league teams is now operating the 1,456-space parking garage at 333 E. Jefferson St.

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2Q casino contributions down 9.4 percent

The recession continues to drive down tribal casino contributions to the state of Arizona.

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NY buyer pays $12M for Arrowhead Professional Park

Arrowhead Health Office Properties LLC sold Arrowhead Professional Park at 59th Avenue south of Bell Road for $12.1 million.

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Analysis: Foreclosures stabilize in Arizona

Even as Americans suffer rising unemployment, foreclosure rates in three states hit hardest by the housing bust – California, Arizona and Florida – stabilized in June, offering hope that the worst of the real estate crisis is over, according to The Associated Press’ monthly analysis of economic stress in more than 3,100 U.S. counties.

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Clunkers mean cash for recycling yards

The federal government’s Cash for Clunkers program figures to be lucrative for the East Valley’s auto recycling yards, which will remove usable parts from the old vehicles, resell them and resell the rest for scrap.

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Canadian Snags 37 Units From Foreclosure

PHOENIX-In the second transaction of its kind in the past two weeks, a Calgary buyer takes the remaining 80-unit Biltmore Palms for $4 million.

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Survey: Economic conditions snapshot, August 2009

Executives’ optimism about their nations’ economies and their companies’ prospects has continued to grow over the past six weeks, and many companies are focusing more on growth. Yet full recovery, executives say, remains far off.
Read more on the McKinsey Quarterly >

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