Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

Warehouse burns for nearly 40 hours

Developer drops plans for concrete mixing plant

Zoning rules blocking move of Chandler clothing bank

Former adult store to become Sunrise Preschool

Power Road widening to begin in 2011

Biltmore optimistic about prospects for resort addition

Commercial construction down 71% in June

The Associated General Contractors of America reported a national drop in commercial construction of 71 percent during June compared with the previous month.

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Tribe sues Glendale over casino opposition

The Tohono O’odham Indian Nation has filed a lawsuit against the city of Glendale — the latest volley in the battle over a casino the Arizona tribe wants to build west of Phoenix.

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The Apothecary Shops Buys Phoenix Flex for $3.3M

DeMore Development sold 1606 W. Whispering Wind Drive in Phoenix to The Apothecary Shops for $3.3 million, or about $140 per square foot. The 23,455-square-foot flex building was constructed in 2005 in the Happy Valley Commerce Center. It consists…

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Tiffany & Bosco P.A. expanded into 24,214-square-feet of office space in Phase II of the Squaw Peak Corporate Center in Phoenix. The law firm was already residing in the Phase I. Located in the Piestewa Peak Corridor, the business park totals approximately 287,394 rentable square feet. Tiffany & Bosco has provided legal services in Phoenix since 1967 and for the next eight years will use the Squaw Peak Corporate Center space to combine its national default and financial services, REO closing services and loan servicing groups.

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BMHC Looks To Quit Paying on 35 Leases

Building Materials Holding Corp. (BMHC) based in Boise, ID, is looking to cancel 35 leases through bankruptcy court reorganization. BMHC is a leading provider of building materials and construction services to professional residential builders and contractors…

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Former Motorola site lands large tech firm

The former Motorola semiconductor plant site at Broadway and Dobson roads in Mesa will soon house the international headquarters of PCT International Inc., a Tempe-based manufacturer of broadband and optical communication products.

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Transaction Volume Sets Record Low as Apartment Deals Suffer

The Moody’s/REAL national Index from Real Estate Analytics, LLC (REAL) shows that transaction volume has fallen to a new low level. The index of all property types measures 125.04 for May 2009, a decline of 7.6% from the previous month.

The index, which captures price data through the end of May, is 28.5% lower than a year ago and 34.8% below the peak measured in October 2007. Its analysis also indicates a 32.6% drop in prices over the past two years.

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GLENDALE, ARIZ. – Phoenix-based Irwin Union Bank has completed the $1.7 million disposition of Glen Park, an 88-unit multifamily property located at 6301 N. 64th Dr. in Glendale. The Class C property consists of 10 two-story buildings offering one-, two- and three-bedroom units, which average 795 square feet. Community amenities include covered parking, an on-site laundry facility, a pool, courtyards and landscaping

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