Daily News from the desk of Nicholas L Miner, CCIM – July 13, 009

Here are the news stories you might find interesting today:

Firm offers vision for Ftn. Hills downtown

Malls work to shrink high vacancy rates

Bar Louie leaves Westgate City Center

Pottery studio in downtown Chandler up for sale

Bashas’ to close 10 stores on July 21


Phoenix area – Opus West Corp., a Phoenix-based real estate developer that recently filed for bankruptcy protection, has hired Chatham Financial in Kennett Square, Pa. to auction off many of its assets in the southwest U.S.
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Scottsdale – Just as quickly as a deal collapsed to sell the Orchidtree apartments in Scottsdale to a senior housing developer, a new buyer stepped forward to acquire the property and is likely to redevelop the site as condominiums. Optima Sonoran Village LLC, a company formed by Optima Inc. in Glencoe, Ill., paid $16 million to acquire Orchidtree.
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Four bids submitted for Phoenix landfill solar project

Four companies have submitted proposals to build Phoenix’s first utility-scale solar project at a landfill.

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Expert: Phoenix-area home sale increase may not signal recovery

The recent increase in home sales throughout the metro area likely does not translate into a market recovery, according to Jay Butler, director of Realty Studies at Arizona State University. However, it does appear investors are moving more deeply into the housing market by purchasing foreclosed homes, he said.

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WestJet expands service to Phoenix, other markets

WestJet is adding 11 new U.S. and international destinations, and one of those is Phoenix.

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Investors boost E.V. home sales, prices

The Valley’s existing home market took an encouraging turn last month as both sales and median price showed upward momentum, according to the latest report from Arizona State University’s Realty Studies Department.

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New Walgreens among changes at Poca Fiesta

Construction of a new Walgreens drug store at the Poca Fiesta shopping center is adding an additional element to the redevelopment of Mesa’s Fiesta District.

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Judge: Bashas’ can include union threats in suit

Chandler-based Bashas’ chalked up the latest point in the ongoing battle between the food workers union and the family-owned supermarket chain.

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Bashas’ files for bankruptcy, needs cash to keep most stores open

The state’s largest privately owned grocery chain is seeking protection from creditors to give the company some financial breathing room.

In legal papers filed overnight in U.S. Bankruptcy Court, Bashas’ said it has about $200 million in assets and close to $245 million in debt.

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Ruling may help Mesa tattoo parlor applicant

A court ruling Thursday that reinstated a Gilbert couple’s right to open a tattoo parlor in Tempe will bolster a Mesa applicant’s case on grounds that the Mesa City Council’s rejection of his permit application was “arbitrary,” the attorney representing the Mesa applicant told the Tribune.

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Upscale Chandler plaza struggling for tenants

Downtown Ocotillo is a daunting moniker for an architecturally stylish but mostly empty shopping center on the southwest corner of Dobson and Queen Creek roads in south Chandler.

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