Daily News from the desk of Nicholas L Miner, CCIM – July 9, 2009

Here are the news stories you might find interesting today:

Email me if you would like a copy of the CMBS Delinquency Report from May 2009. There is over $18B CMBS loans that are now delinquent. The report goes to say that the delinquency rate could grow as high as 6% before the end of 2009.

Key SE Valley freeway to get jump start

First TCAP Funds Announced

The Department of Housing and Urban Development announced it is approving plans for $1 billion in Tax Credit Assistance Program (TCAP) funds to 26 state housing finance agencies to jump-start stalled low-income housing tax credit (LIHTC) projects.

Unemployment’s Uneven Impact
The U.S. unemployment rate went up again in June, rising to 9.5 percent (seasonally adjusted). Although the whole economy is affected by this worst contraction since the Great Depression, the impact of growing unemployment hits harder at certain demographic groups and industries, says Lee McPheters, editor of Economy@W. P. Carey.

Ancala Medical Plaza Sells for $1.2M

AMP Scottsdale LLC purchased the Ancala Medical Plaza at 11390 E. Via Linda Road in Scottsdale, AZ, for $1.25 million, or $82 per square foot. The 15,068-square-foot office building at 11390 E. Via Linda Road was built in 1997 and was 75 percent occupied…

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Scottsdale Night Club Sells for $1M

The restaurant building at 7018 E. Main St. in Scottsdale, AZ, sold for $1 million, or about $290 per square foot, in a sale between private parties. The new owner plans to renovate the property and continue to operate it as a restaurant/night club, as…

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LMI Solutions Buys Phoenix Warehouse for $4.3M

LMI Solutions, a manufacturer of printing products, purchased 46 N. 49th Ave. in Phoenix, from First Industrial Realty Trust for $4.32 million, or about $55 per square foot. The 82,288-square-foot warehouse was built in 1986 and is part of the Triangle…

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Arizona tribes get $8 million in stimulus

Arizona’s American Indian tribes will receive about $8.2 million in federal stimulus money for a host of water-related projects.

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Gateway Community College plans on-campus bioscience incubator

GateWay Community College is moving ahead with its plans to build a $6 million bioscience incubator project on its Phoenix campus.

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Apartment Sales Hit All-Time Low in May

Just when it looked as if transactions were picking up, along came May. Apartment transactions fell 46 percent to $481 million from April to May, making it the slowest month ever tracked by New York-based research firm Real Capital Analytics.

Opus bankruptcy won’t affect Chandler plaza

A J.C. Penney-anchored shopping plaza under development in south Chandler will be completed even if the developer folds, a spokeswoman for Opus Corp. said this week.

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