Daily News from the desk of Nicholas L Miner, CCIM – July 27, 2009

Here are the news stories you might find interesting today:

Used-furniture stores also trying to hold on

Tempe optic cable firm moves to Mesa

I-10 widening could start in September

Farming food ideas on the Power Road Corridor

Vacant property has mystery owner

Banks try to delay foreclosing on CRE mortgages
Banks have been forestalling commercial real estate foreclosures by extending loans. “In today’s environment, it’s obviously not very attractive to foreclose on a borrower,” said Matthew Anderson, co-founder of Foresight Analytics.

Economic Update: Has Housing Tread on the Bottom?
Could spring 2008 have been the housing bottom everyone has been waiting for since the pop of the bubble? Residential real estate specialists hope so. According to the National Association of Realtors, U.S. existing home sales were up 3.6 percent in June to an annualized rate of 4.89 million. That’s more than economists were predicting, and the most since October 2008.

Fully Leased Office Building Sells in Scottsdale

Lukan Company LLC acquired the office building at 8669 E. San Alberto Drive in Scottsdale, AZ, from private investors for $1 million, or $187 per square foot. The 5,390-square-foot, two-story office building was built in 1987 and was fully leased…

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Investor Acquires Portion of The Hawthorne for $12M

A private investor acquired part of The Hawthorne Phoenix Condominiums in Phoenix from Corus Bank NA for $12 million, or about $64,500 per unit. The 186-unit sale included 72 one-bedroom units, 98 two-bedroom units and 16 three-bedroom units. The complex…

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Ritz Camera sale approved

The sale of Ritz Camera to its former CEO and a team of investors was approved in U.S. Bankruptcy Court in Delaware Thursday evening.

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More people moving in than leaving AZ

United Van Lines released numbers this week that show about as many people moving into Arizona as those who are leaving the state. Those numbers are based on the 4,117 household shipments that United Van Lines handled in Arizona from January through June 2009. Of those shipments, 2,126 were households moving into the state, and 1,991 that were moving out.

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CNBC poll puts Arizona 18th for business

Arizona tied with Oregon at No. 18 in a survey released Friday by CNBC ranking states in terms of business climate. Virginia was No. 1, while Alaska trailed the pack.

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New-home sales surge twice as strong in the West

A major surge in new home sales across the nation was twice as strong in the West, the U.S. Department of Commerce reported Monday.

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Scottsdale hotels suffer 14 percent drop in occupancy

Scottsdale’s hotels were barely half-occupied in May as the recession continues to eat into the city’s tourism business.

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Longtime Gilbert chocolatier closes doors

A 20-year-old Gilbert chocolatier with major corporate accounts including Eddie Bauer, Dillard’s and Toyota has shut its doors, another victim of the recession.

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Barneys New York sets Oct. 15 opening date

Scottsdale Fashion Square will add one more jewel to its crown of super high-end luxury retail stores on Oct. 15 when Arizona’s first Barneys New York opens.

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A to Z Equipment expanding in Gilbert

A local chain of equipment rental and sales stores for contractors and homeowners will more than triple the size of its Gilbert location, relocate about 20 employees from Phoenix and hire 10 new workers.

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