Daily News from the desk of Nicholas L Miner, CCIM – July 20, 2009

Here are the news stories you might find interesting today:

Dispute arises over Elevation Chandler sale


PHOENIX, ARIZ. – Phillips Edison & Co. has purchased the 170,801-square-foot Village Center retail property from a private party for an undisclosed amount. The development, located on East Cactus Road in Phoenix, is anchored by Target and shadow-anchored by REI. Lenscrafters, Subway, Great Clips and Half Price Books are also housed in the property, which is 85.36 percent occupied.

Investors should get back into real estate
Writing in Forbes, Scott Woolley suggests that now is the time to buy real estate, even though the sector fell 75% from highs in early 2007 to lows in March of this year. “Despite real estate’s battering — no, because of it — now is a once-in-a-generation chance to reload your property portfolio,” he writes

Bulk of Hawthorne Condos Sell for $12M

PHOENIX-A Canadian investor steps up to take 186 units, the lion’s share of what was once a 276-unit apartment-to-condo complex.

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Sunshine Storage Purchases Facility for $1M

Sunshine Storage purchased the Mesa Commerce Center from a private investor, for $1.07 million, or $82 per square foot. The 13,000-square-foot warehouse at 4655 E. Ivy St. in Mesa, AZ, delivered in 2003. Sunshine Storage is occupying the entire…

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Phoenix – Dunn-Edwards Corp. in Los Angeles, Calif. (Ken Edwards, CEO) is looking to buy a 304,400-square-foot warehouse-distribution project located just north of the northwest corner of Buckeye Road and 67th Avenue in Phoenix.
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Arizona/Utah – SunCor Development Co. in Tempe (Steve Betts, CEO) has hired a Valley brokerage firm to sell six golf properties in Arizona and one in Utah. Roger Garrett and Jon Knudson of Insight Land & Investments in Phoenix have been hired to sell the assets, which have a combined asking price of $38.3 million.

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Arizona, Michigan record worst work-force losses since start of recession

Arizona has lost 239,500 jobs, or 9 percent of its work force, since the recession started in December 2007. Only Michigan had a greater loss, 9.3 percent, according to the Economic Policy Institute.

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Fire destroys Richardson’s restaurant

Fire gutted Richardson’s, an iconic restaurant in north Phoenix, on Friday.

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Unemployment tops 10% in 15 states in June

WASHINGTON — Unemployment topped 10 percent in 15 states and the District of Columbia last month, according to federal data released Friday. The rate in Michigan surpassed 15 percent, the first time any state hit that mark since 1984.

Arizona’s jobless rate gains half a point

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Mesa car lot reborn as flea market

The defunct Big Two Toyota dealership at Broadway and Alma School roads in Mesa is quickly being transformed into an indoor-outdoor auction house and flea market.

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