Daily News from the desk of Nicholas L Miner, CCIM – July 15, 2009

Here are the news stories you might find interesting today:

Email me if you would like a copy of the changes to Arizona’s anti-deficiency laws that go into effect September 30, 2009. This is a good FYI for anyone owning a property in a Trust with debt on the property.

Officials fears casino would strain city services

Land purchased for strip mall

Luxury high-rise faces threat of condo foreclosures

Capitol Bancorp announces second deal this week

Capitol Bancorp Ltd. Tuesday announced plans to sell Nevada-based affiliate 1st Commerce Bank to Global Consumer Acquisition Corp. in partnership with a group of Nevada bankers led by the regional president for Colonial Bank, Mark Daigle. (CBC)

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US Airways to lay off 600 workers

US Airways Group Inc. is laying off 600 workers as it and other airlines continue to face sluggish demand for flights. (LCC)

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Cox Communications finishes connections to Phoenix ONE data center

Cox Communications has finished connections for its business services on i/o Data Centers’ Phoenix ONE facility, joining a host of other carriers that access the site.

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Wells quietly sells $600 million in troubled subprime loans

Wells Fargo sold $600 million in mostly non-performing subprime loans to Irvine, Calif.-based Arch Bay Capital, National Mortgage News reported, citing sources familiar with the sale. (WFC)

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Baskin-Robbins continues AZ push

Baskin-Robbins is hoping to expand in the Phoenix area and will host a seminar aimed at prospective franchisees on July 23.

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Vacancies, Concessions Rise in Retail

PHOENIX-Mid-year retail vacancy rates stand at 10.5%, well above last year’s 6.7%, marking the ninth consecutive quarter of increases

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Wholesale prices, retail sales rise in June

WASHINGTON — Higher energy prices rippled through the economy in June, helping to drive a bigger-than-expected gain in retail sales.

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Experts: Bashas’ to emerge leaner, stronger

In seven to 10 months, consumers can expect to see a Bashas’ chain of grocery stores with fewer numbers and more concentrated in the Valley and Tucson metro areas as it emerges from Chapter 11, analysts say.

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Economic Update: CMBS Delinquencies Spike
U.S. commercial mortgage-backed securities delinquencies grew in June by a record $2.2 billion, according to Fitch Ratings. Last month there was a 2.6 percent delinquency rate among U.S. CMBS, up 48 basis points from the previous month. In June, at least, problems in retail properties and the hospitality industry inspired much of the upward bounce in delinquencies. But there’s more to come, especially in the beleaguered hotel sector.

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