Daily News from the desk of Nicholas L Miner, CCIM – June 25, 2009

Here are the news stories you might find interesting today:

For Those with Money: “You Won’t Find a Better Time to Be a Buyer” (I am quoted in this article)
By Mark Heschmeyer

Although the future of commercial real estate remains murky, current operating conditions are crystal clear: There is very limited capital, extremely tighter underwriting, shrinking net operating incomes, shrinking space demand and declining property values. For companies today, that means leaner and more efficient operations and more focus on tenant retention rather than tenant attraction. The bigger question may be how long will these current conditions remain in effect….

Recession may be near bottom

San Tan Valley is area’s new name

New project will serve as center of community

Landmarc Capital seized by state; declared insolvent

Alexan Paradise Lane Sells For $22M

PEORIA, AZ-The second of sister complexes developed by Trammell Crow Residential and Opus West goes to an Illinois buyer.

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De Rito Moves Ahead on 1.1M-SF Scottsdale Pavilions

SCOTTSDALE, AZ-The local developer has drained lakes on the retail project, with 23 acres available for development. Cosmetic upgrades have also been implemented.

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Menchies Frozen Yogurt heads to Phoenix

California franchisor Menchies Frozen Yogurt is expanding into Arizona, targeting metro Phoenix, Flagstaff and Tucson.

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Glendale adds roadblock in path of Indian casino

The city of Glendale is trying to set up another roadblock in the path of a Native American casino proposed near Westgate City Center and University of Phoenix Stadium.

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Tribe may sue Glendale over casino land annexation flap

The Tohono O’odham Indian Nation says the city of Glendale is off base in its contention that some of the land the tribe wants to develop into a casino is part of the city rather than unincorporated Maricopa County land.

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Report: Sunbelt states likely to lead a slow recovery

Six Sunbelt states, including Arizona, are poised to recover from the recession faster than other regions of the country, but the pace of recovery will be slow, according to BBVA Compass’ quarterly economic report.

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Mid-America Pays $17.5M for Gilbert Multifamily

Multifamily developer and owner Fairfield Residential sold Skyview Ranch in Gilbert, AZ, to Mid-America Apartments, a Tennessee-based REIT, for $17.5 million, or about $75,000 per unit. The 232-unit, 211,811-square-foot apartment community at 4632…

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Lease Cancellations (June 21-27): GM Cancelling 41 Corporate Leases.

General Motors has presented its request to cancel 41 leases across the country to the U.S. Bankruptcy Court. Among the leases asked to be cancelled is the automaker’s 120,000-square-foot lease with Boston Properties at 153 E. 53rd St. in New York City…

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