Daily News from the desk of Nicholas L Miner, CCIM – June 23, 2009

Here are the news stories you might find interesting today:

Area hotels see dip in occupancy, revenue

Phoenix tower projects vie for renters amid tough commercial market

ADOT announces $22M in stimulus contracts

Nearly $22 million in contracts were awarded Friday by the Arizona Department of Transportation for highway projects that will be funded through the 2009 American Recovery and Reinvestment Act.

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Sherman Residential pays $21.5M for Peoria apartments

Sherman Residential of Deerfield, Ill., purchased a fairly new luxury apartment complex in Peoria for $21.5 million.

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Bondurant drops flag on racing program

The Bob Bondurant School of High Performance Driving will kick off its Bondurant Championship Race Series in September – a first in the Chandler school’s 41-year history.

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Economy can’t keep Dunkin’ Donuts from Ahwatukee

A new Dunkin’ Donuts is opening up on Chandler Boulevard and 48th Street in Ahwatukee Foothills, and the first 100 people who come to the store when it opens next Wednesday will receive the shirt and free drink offer.

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Resort developer sued over low-income housing

A battle is taking shape in Scottsdale between a developer who wants to build a $600 million luxury hotel along the banks of the Arizona Canal and the federal government over the destruction of an apartment complex that served as a home for low-income earners.

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McShane Completes 186,000-SF Office Complex in Pho

On behalf of the owner, SCF Arizona, McShane Development Co. completed the six-story, 186,000-square-foot Class A office complex, located at 44th and Washington Streets in Phoenix, Ariz.

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Net Lease Market Sluggish, But Not Comatose

The net lease marketplace is hardly what it used to be, with deal volume at only a fraction of what it was during the mid-2000s boom years. But net lease never did quite grind to a halt, and there’s some evidence that the market is climbing out of the trough it found itself in during the last quarter of 2008.

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