Daily News April 30, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

Falcon Field Park's future in question

Work restricting traffic along stretch of Bell

Jobless rates rise in all US metro areas

Housing market may be changing course
There may be light at the end of the tunnel when it comes to existing home prices despite another record decline in the latest Arizona State University-Repeat Sales Index.
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Long lines for Pro's Ranch Market in Mesa
Speeches and Mariachi music flavored the opening of the Pro's Ranch Market Wednesday in Mesa, with long lines forming outside the Hispanic grocery and cars overflowing onto neighborhood side streets.
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NALS Steps Up Activity With 308-Unit Buy
GLENDALE, AZ-The Scottsdale investor pays $23.3 million for Sage Stone at Arrowhead, and wants more class A product.
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Phoenix, Detroit post worst job losses among large markets
Phoenix has lost more jobs over the past year than Detroit, according to new federal job statistics.
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SkySong celebrates first year of business
SkySong, the mixed-use development designed by Arizona State University, is celebrating its one-year anniversary Wednesday amid more businesses that have opted into the center.
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Two Valley projects among top-selling master-planned communities
Two communities developed in the Phoenix metro area were among the best selling master-planned communities in the country in 2008. National real estate consulting and research firm RCLCO released their findings Wednesday of the top 10 selling communities.
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ADOT gets first stimulus money
The Arizona Department of Transportation is one of the first state agencies to begin awarding contracts as a result of the American Recovery and Reinvestment Act of 2009.
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Mich., Ariz. Banker Looks To Divest
Capitol Bancorp Ltd. in Lansing, MI, and Phoenix, AZ, has hired Keefe, Bruyette & Woods as a financial advisor to evaluate divestiture opportunities. Capitol Bancorp is a $5.8 billion national community banking company, with a network of 17 separately chartered banks in as many states. It is the holder of the most individual bank charters in the country. The parent company listed control of some $228 million in nonperforming real estate assets at year-end, of which 21% ($48 million) was commercial real estate.

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Daily News April 29, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

The Expert: Harsh Realities Bring Sector Full Circle By Ken Riggs, Real Estate Research Corp.Although we hold out hope for the best outcome and outright survival of General Growth Properties, Inc., the Chapter 11 bankruptcy of this real estate titan was a devastating event for the Bucksbaum family and the REIT’s employees.
"Read more..."

Here is the Second Quarter 2009 Local Apartment Report.

Gilbert light rail link may be weakening

East Mesa office market overbuilt, analysts say

SunGard upgrades Scottsdale data center
SunGard Availability Services has upgraded its Scottsdale data center to handle more recovery solutions.
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Phoenix leads nation in home price declines in February
A new report shows home prices across the country continued to drop in February, and Phoenix has the unfortunate designation of loss leader.
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Consumer confidence jumps in April
As Wall Street rallied and economic stimulus projects began to take shape, confidence among American consumers jumped in April.
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Arizona gets nearly $16M in stimulus funds for rural water projects
Arizona is getting $15.9 million in federal stimulus money for water projects.
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120-Unit Colores Del Sol Trades Hands
MESA, AZ-While the seller disposes of its sole Arizona holding for $9.2 million, the transaction is the buyer's first in Phoenix.
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E.V. mall owners shopping for business
East Valley mall owners are in a tough position. The days of freewheeling consumerism are gone. Shoppers are dodging high-end department stores, in favor of marked-down discount shops. As a result, mall vacancy rates spiked. Many retail chains shuttered stores or fell into bankruptcy, leaving mall owners without rent and looking to fill empty retail space.
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Rockwood Latest Investor to Close Fund, Raising $964MHoping to capitalize on an unsettled real estate environment that could ultimately lead to the “best investment period in the last 20 years,” private real estate investment firm Rockwood Capital L.L.C. has closed an investment fund with some $964 million in capital commitments. "Read more..."

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Daily News April 28, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

Impact of EV transit funds unclear

Ahwatukee retail vacancy rate half that of Valley

Opus West owes more than $160 mil, lenders group says

Green renting: Tenants desire eco-friendly digs

Fed: Commercial property could get special lending program
The Federal Reserve might look into a new special lending program aimed at helping out the troubled commercial real-estate sector, says Dennis Lockhart, president of the Atlanta Federal Reserve Bank. He said the deteriorating condition of commercial real estate is "on our watch list this year as a risk to the [economic] outlook." Wall Street Journal, The (04/18)

Now is the time to buy retail, investor Chaim Katzman says
International shopping-center investor Chaim Katzman says there are a lot of great bargains on the market in the U.S. today and the time to buy is now. The deals made in the next few years, he says, "will determine who the big players for the next 20 years are going to be." Wall Street Journal, The

Quarles & Brady forms practice group to handle sustainability law
Quarles & Brady LLP has formed a group among its offices to specialize in clean energy, climate change and sustainability law.
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Blandford Homes buys Gilbert lots after Randall Martin Homes defaults
Mesa-based Blandford Homes has purchased 86 finished residential lots in Gilbert that were defaulted on earlier this year by Randall Martin Homes.
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Surprise plans TechCelerator at former City Hall
The city of Surprise is looking to fill much of its vacated City Hall building with technology companies as the northwestern suburb seeks to broaden its economic base.
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Australian owner adding new slides, renaming WaterWorld
An Australian amusement and water park company is putting in a slew of new water slides and water rides and will rename the WaterWorld Safari water park in North Phoenix.
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Foreclosure Prompts 402-Unit Offering
MESA, AZ-A condo converter's bankruptcy and subsequent lender REO brings Falcon Glen Apartments to market at a $16 million ask.
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Developer Arranges Financing for Glendale, AZ Main Street ProjectThe La Paz County Development Industrial Authority has approved nearly $800 million in bond financing for Main Street, a mixed-use project in Glendale, AZ developed by HB Equities. The development surrounding the state’s new Camelback Ranch Glendale spring training facility will serve as the future headquarters of USA Basketball.
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Survey: Economic Conditions Snapshot, April 2009
Executives are slightly more positive about the bigger economic picture than they were six weeks ago, and some see hope for their companies toward the end of 2009. Strong majorities support international coordination of responses to the crisis and say protectionism would harm their nation's economy.Read more on the McKinsey Quarterly >

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Daily News April 27, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

Goodwill Bldg. Sells For $2.9M
Two California-based private trusts exchanged the Goodwill store at 1726 W. Camelback Road in Phoenix, AZ, for $2.89 million or $136 per square foot. It sold at a 7.25 percent cap rate. The 21,169-square-foot retail building was built in 1974 in...
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AAMCO Purchases Chandler Condo for $1.9M
AAMCO Transmissions purchased an 11,323-square-foot industrial condo at 6948 W. Chandler Blvd. in Chandler, AZ, for $1.93 million, or about $170 per square foot. The 22,174-square-foot service building completed construction last year. Andy...
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SolFocus opens expanded solar glass facility in Mesa
SolFocus has opened the doors on an expansion of its Mesa facility, which makes glass reflectors for solar power plants. The company plans to add jobs and increase product output there through the end of the year.
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Kierland Commons among 10 ULI Award for Excellence winners in North America
Kierland Commons in northeast Phoenix received one of the most prestigious awards given by the Urban Land Institute on Friday.
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Home sales heating up in ZIP code 85206
Buying a home in Mesa's 85206 ZIP code has John Karreci beaming like the cat who swallowed the canary. He and his wife, Shannon, are purchasing a 2,700-square-foot, six-bedroom home near 39th Street and U.S. 60. They'll be moving there from Tempe. And his mother, who now lives in Glendale, also will be moving in.
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Fry's planned at Chandler Heights, Higley
A Fry’s Marketplace is planned at the southwest corner of Chandler Heights and Higley roads.
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Daily News April 24, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

Wigwam owner hopes to head off auction

Americans reclassifying luxury in recession

Bashas' considers underperforming stores for closure
Bashas’ Supermarkets is taking a hard look at its stores statewide to identify underperforming locations for closure.
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Tenants Take 24,000 SF At Fashion Square
SCOTTSDALE, AZ-As $130 million renovations on the former Robinson-May continue, first-to-market retailers LTJ Arthur and Ed Hardy join anchor Barney's as tenants.
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New Mesa solar plant expands SolFocus
SolFocus, a California-based solar energy company, announced the completion Thursday of a Mesa expansion project that will increase its capacity to make solar glass reflectors by 15 times.
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Daily News April 23, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

Housing data stir optimism for Valley

Bell Road merchants to meet with ASU

Board OKs $69.5M for Loop 303 construction

Furniture business fills big-box space in East Mesa

Balloon-based business venture may land in Valley

Another Day, Another Bankruptcy, as Opus South Files for Ch. 11Just days after one of the largest commercial real estate bankruptcies ever--that of retail giant General Growth Properties last week--another high profile firm has filed for Chapter 11. Opus South Corp., one of the divisions of Opus Corp., has also been forced to say Uncle in bankruptcy court, citing the slumping Florida condo market as the main culprit.

Mortgage applications on the rise
A growing number of Americans applied for new mortgages last week, according to the Mortgage Bankers Association.
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IMF: Global economy to contract for first time in 60 years
The International Monetary Fund predicts the global economy will contract in 2009 for the first time in 60 years.
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Towne Bancorp posts loss, remains well capitalized
Towne Bancorp, the holding company of Towne Bank of Arizona, reported on Wednesday a first-quarter net loss of $3.3 million, or $2.06 per diluted share.
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Developers get $1.2B from rural county for USA Basketball, Main Street Glendale
A Scottsdale development group is getting $1.2 billion in bond financing from La Paz County to develop the new USA Basketball headquarters as part of a mammoth project in Glendale.
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Standard Renewable Energy expands into Arizona
Standard Renewable Energy is expanding its services for solar and energy-efficient products into Arizona.
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Q.C. Marketplace adds two eateries
Yogurt Jungle will open at Queen Creek Marketplace in early July followed by Chick-fil-A in October.
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Daily News April 22, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

City ranked in top 10 micro city for business

Fresh and Easy holds off on Ahwatukee store

Saving properties in distress

How finance departments are changing: McKinsey Global Survey Results
Given the current economic situation, it’s not surprising that financial executives say they’re more focused than ever on planning and cost cutting. What is surprising, though, is a reluctance to adjust the finance function’s structure.Read more on the McKinsey Quarterly >

Audit finds community colleges broke the law
A state audit accuses the Maricopa Community College District of breaking the law by misrepresenting at least 22 employees of non-profit corporations as district employees and allowing them to take part in state retirement benefits.

P.F. Chang's plans 34 sites in Middle East
P.F. Chang’s China Bistro Inc. plans to open 34 restaurants throughout the Middle East over the next 10 years.
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Easter week retail sales flat
Retail sales remained flat for Easter week, according to data from the International Council of Shopping Centers.
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CityNorth adds two new office tenants
Two local companies recently sign leases at the new CityNorth development in north Phoenix near Loop 101 and 56th Street.
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Wigwam faces foreclosure sale as Starwood deal ends
The venerable Wigwam Golf Resort & Spa in Litchfield Park is scheduled to be sold at public auction July 9 after owners defaulted on a $65 million loan.
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Wigwam Resort, Biltmore golf courses face foreclosure

DVD rental kiosks proving profitable
People aren't renting movies like they used to. The weekly trip to the local video store has been replaced with renting movies online and stopping at DVD-dispensing vending machines.
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Daily News April 21, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

Upscale outlet site sought in SE Valley

New owners revive Rush Street Pizza in south Chandler

Study: Shortages likely on Colorado River by 2050

Home sales up, market showing more promise
The Valley’s new home market showed more promise last month as both sales and construction permits increased, according to the latest Phoenix Housing Market Letter by analyst RL Brown.
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Report: U.S. housing market undervalued
All eyes will be on Arizona and other markets that saw the biggest housing boom and bust for signs of stability and growth, according to a new report by IHS Global Insight titled “House Prices in America.” (PNC)
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American Sterling Bank reopens as Metcalf Bank
American Sterling Bank in Carefree, taken over by the federal Office of Thrift Supervision Friday afternoon, opened Monday under Metcalf Bank, which assumed all deposits of the failed bank.
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LGE, Banner among recent real estate deals
Despite the downtown, there is activity in Phoenix’s commercial real estate markets.
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Phoenix Retail Vacancy Inching to 10%
PHOENIX-Vacancies area-wide top out at 9.7%, with experts predicting they'll double before recovery begins.
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TUCSON Sam Levitz Moving to Former American Home Property Sam Levitz Furniture leased the former American Home Furniture distribution center at 2020 W. Prince Road in Tucson, AZ. The furniture retailer signed a 10-year lease that includes an option to purchase. It has three showrooms in the Tucson area, on W. Orange Grove Road, E 36th St. and N. Pantano Road. The 215,600-square-foot center includes approximately 40,000 square feet of retail space, a truck maintenance facility and finished office mezzanine. It is just east of I-10.

Fitch: U.S. CMBS and CDO Delinquencies Continue Climb
An uptick in both the number and average loan size of new commercial mortgage-backed security defaults resulted in a one-quarter point climb in March delinquencies to end the month at 1.53%, according to the latest U.S. CMBS Loan Delinquency Index results from Fitch Ratings.

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Daily News April 20, 2009

Here are the news stories you might find interesting today:

I attended the Retail Costar Webinar on Friday. You can download the report that was presented. If you want an analysis on your property and how it compares to the Phoenix Market, give me a call.

Click here for the 1st Quarter 2009 Industrial Review

Desert Ridge awaits better days ahead

Tempe hopes MADCAP could be temporary Centerpoint solution

ASU West still planning campus growth

$6.8M in stimulus funds for park and ride

Park Promenade features miniature railroad

Fed closes American Sterling Bank

22-ACRE MOUNTAIN RANCH MARKETPLACE UNDERWAY
GOODYEAR, ARIZ. — Kitchell Development and Newland Communities have partnered to develop Mountain Ranch Marketplace, a 22-acre shopping center located at the entrance to the master-planned Estrella community in Goodyear. The 109,000-square-foot first phase is currently under construction. The center will be anchored by a 49,343-square-foot Bashas’ Supermarket, which is slated to open in November. Other signed tenants include Mini-Skool Early Learning Centers, Chase, Walgreens, Papa John’s, Great Clips, The UPS Store, Estrella Family Cosmetic Dentistry and Nails of the World. Designed by Butler Design Group in a cottage-bungalow style, the center will offer 165,000 square feet of grocery and retail space when completed.

Cold Stone Creamery attributes sales spike to new ice cream cupcakes
Cold Stone Creamery posted a double-digit sales increase following the February launch of its new product, ice cream cupcakes.
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AAA Arizona moving central Phoenix customer service operations
AAA Arizona is moving its Phoenix branch office to new space this month.
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Solar power plant to be built near Kingman
PHOENIX - A Spanish company announced plans Monday to build a solar power plant in northwest Arizona that could power 70,000 homes. The solar concentrator operation to be built near Kingman would be the first U.S. operation for Albiasa Corp.
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INVESTMENT GROUP PAYS 11+ MILLION FOR 1,528 DEVELOPED LOTS AT TARTESSO WEST Full story

SORENSON GROUP HOLDINGS MUM ON DEAL FOR COMMERCIAL LOAN POOL FROM FDIC Full story

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Daily News April 17, 2009

Here are the news stories you might find interesting today:

I attended two Costar Webinars for market updates on Office & Industrial properties on the national level. Today, I will be attending the Retail webinar. You can download the reports that were presented this week and I will send a link on Monday for the Retail report. If you want an analysis on your property and how it compares to the Phoenix Market, give me a call.

Click here for the 1st Quarter 2009 Industrial Review

Click here for the 1st Quarter 2009 Office Review

Famous Dave brings his inspiration to Chandler

New downtown Phoenix park opens today

Long-awaited annexation poised to become reality

Arizona Center files for bankruptcy

Arizona's jobless rate still climbing

Interest grows for solar plant at landfill

RE Valuation Remains Missing LinkOne rippling effect of mall behemoth General Growth Properties' bankruptcy may be that it will help re-establish something that's been missing from much of the commercial property investment market for a while now: pricing.

Nissan, MAG, ECOtality push EV charging corridor
Nissan, Maricopa Association of Governments and ECOtality Inc. are working to promote a charging network for electric vehicles.
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RealtyTrac: Arizona No. 2 for foreclosures
Arizona ranked second in the nation in the number of homes going into foreclosure in the first quarter. Only Nevada had more, according to RealtyTrac.
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Foreclosures continue as home market shows signs of recovery
New numbers from Default Research shows home foreclosures continue to rise in Maricopa County.
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Unemployment jumps, but retail, heavy industry segments add jobs
Arizona’s jobless rate rose to 7.8 percent in March, up from 7.4 percent in February and 4.7 percent a year ago.
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Daily News April 16, 2009

Here are the news stories you might find interesting today:

General Growth Files for Bankruptcy Protection
CHICAGO-The company is unable to come to an agreement with creditors; 158 of its more than 200 centers are included in the filing.

Finance woes for $140 mil Town Square

Southwest Valley Chamber to hear I-10 update

Downtown pharmacy set to open next year

Hints of stabilizing economy spark late stock rally

Fed finds faint signs of hope

Metro lists busiest light-rail stations

Valley getting stations for electric cars

Volume softens on Rockford sales
Weak consumer demand turned down the volume at Rockford Corp. in the fourth quarter.
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Bank of Arizona opens three branches
Bank of Arizona will celebrate the grand opening of three branches in the Phoenix area Thursday.
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Builders gain confidence in new home market
The market for new homes is slowly improving, according to the National Association of Home Builders.
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Kitchen Market Cafe begins breakfast catering
The Kitchen Market Cafe and Wine Bar launched a catering service that offers breakfast buffets, boxed lunches, company dinners and holiday events.
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Qwest relocating small-business operations to regional hubs
Qwest Communications International Inc. will close its Arizona small-business services call center and shed 61 local jobs in the process. (Q)
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SBA loans fall 67 percent in Arizona
SBA lending continues to decline across the state, according to figures from the Arizona district office of the U.S. Small Business Administration.
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Summit to highlight South Scottsdale potential
More than a dozen experts in business and economics, real estate development, urban design, community planning and the automotive industry will gather for an economic checkup of South Scottsdale this Saturday.
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Knoll furniture heads list of new retail at Hayden Ferry
Three retailers will open at Hayden Ferry Lakeside within the next three weeks: Knoll Inc., an internationally known furniture showroom and design firm; Segway of Tempe; and City Market and Deli, a high-end boutique grocer and prepared-foods purveyor.
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Progressive Insurance signed a 17,184-square-foot office lease on the third floor of 2550 W. Union Hills Drive in Phoenix. Progressive will occupy the space in July after the build-out is complete. The three-story, 146,000-square-foot office building was built in 2007 in the Union Hills Office Plaza.

Tata Consultancy, an Indian software services and consulting company, signed a lease for 21,647 square feet of office space at the Union Hills Office Plaza in Phoenix. Tata will begin its 69-month term in July. The three-story, 146,000-square-foot office building was built in 2007 on 15-acres. Tenants include Progressive Insurance and the University of Phoenix.

Economists: Arizona in for long recovery
Early indicators of a turnaround in the economy may be emerging, economists said Thursday. But they also cautioned the pullout from the deep recession is likely to be long and slow, and it will still feel like a recession long after technical numbers say the downturn is over.

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Mesa firms honored for community service
A decades-old family business, a locally owned fast-food restaurant and a military contractor were given awards by the Mesa Chamber of Commerce Wednesday for their charitable efforts to help the community.

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ASU-RSI: Economic Malaise Slowing Arrival of Real Estate Relief Malaise in the economy is slowing down the arrival of relief for Phoenix real estate and lengthening what is already a record-breaking run of declining prices, according to an analysis of the Arizona State University-Repeat Sales Index (ASU-RSI). The rate of decline had been showing signs of leveling off last fall, but then the financial crises hit, further injuring the limping market, said Finance Professor Karl Guntermann, who compiles the index with research associate Alex Horenstein. Home prices in the metro-Phoenix area dropped 33 percent in 2008, and in January and February prices are projected to drop even more. Prices have been declining for 22 months now, exceeding the previous record: a 17-month plunge in prices between 1989 and 1991.

Forecast: After Residential Market Bottoms Out, Commercial Construction Will Continue To Fall The 13 economists who track the real estate construction industry for the Greater Phoenix Blue Chip Economic Forecast are projecting that the metro area's residential market will bottom out in 2009, however down times will continue on for the multi family and commercial sector. The Greater Phoenix Blue Chip Economic Forecast appears quarterly on Economy@W. P. Carey, a new web site offered by K@WPC that covers the economy in the western United States.

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Daily News April 15, 2009

Here are the news stories you might find interesting today:

Board focusing on Loop 303 development

Glendale's Citadelle plaza has new owner

Mesa light rail - your chance to weigh in

Long-awaited annexation poised to become reality

Phoenix will seek bids for large-scale solar plant

Glendale's Bead Museum faces closure

Retail Sales Dip Unexpected -- Except by ConsumersOn Tuesday President Obama spoke of "glimmers" of hope for the economy, while Fed chairman Ben Bernanke, speaking separately, also waxed a tad optimistic by noting that there are "tentative signs" that the decline of the U.S. economy is slowing. Bernanke also said that the U.S. is faring better than other train-wreck economies around the world, though he was too diplomatic to put it quite that way, or name any names.

33,502-SQUARE-FOOT BUILD-TO-SUIT FACILITY FETCHES $5.1 MILLIONPHOENIX — Orange, Calif.-based American Technologies has acquired a 33,502-square-foot build-to-suit facility at Parkside Business Center, which is located on the northeast corner of Parkside Lane and 23rd Avenue in Phoenix. Phoenix-based LGE Corp. sold the property for $5.1 million.

The crisis: Timing strategic moves
Timing is key as companies weigh whether to make strategic investments now or wait for clear signs of recovery. Scenario analysis can expose the risks of moving too quickly or slowly.Read more on the McKinsey Quarterly >

Food, energy costs push down wholesale prices
Wholesale prices dropped sharply in March, lessening worries of an inflationary economy, according to the U.S. Department of Labor Producer Price Index.
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Oakland A's owner opens Hyatt Place in Mesa
A prototype Hyatt Place hotel is now open at Mesa Riverview shopping center in north Mesa.
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Embry-Riddle sets up altitude sickness lab
Embry-Riddle Aeronautical University has become the first university in the U.S to establish a simulation laboratory to train pilots for the onset of altitude sickness.
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PRstore aims at small business with first local franchise
The PRstore, a new franchise aimed at helping small businesses with marketing and public relations, has opened on Glendale Avenue in Phoenix.
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Wells Fargo nixes CityScape-Wachovia anchor deal
Wells Fargo & Co. will not be moving into the CityScape office tower being built in downtown Phoenix. (WFC)
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Downtown may get another shopping center
Queen Creek's downtown may soon host another shopping center. Heritage Square is what developers are calling a proposed 107,991-square-foot mall at the southeast corner of Rittenhouse and Ellsworth roads. Of that total, 87,948 square feet is dedicated to stores and 20,043 square feet is for restaurants.
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Daily News April 14, 2009

First Half 2009 Medical Office Research Report is available. Please click here for a free copy of this report.

EV becoming aerospace business hub

Stimulus funds to bring traffic relief in Tolleson

Retail vacancies on the rise

Chandler weighs options to ease planning

Experts: Office Market Belongs to Tenants
PHOENIX-With office vacancies moving into 20% territory, landlords fight for every deal.
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Chapter 7 bankruptcy filings double
Filings for Chapter 7 bankruptcy, which doesn’t require any debt repayment, soared more than 95 percent in the first quarter compared with first-quarter 2008 across Arizona and the Valley.
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Metro records decrease in daily ridership in March
The Metro light rail system carried a record number of passengers in March, though the average daily ridership dipped slightly.
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Video: Robert Shiller on the economy
Shiller, a professor at Yale University and cocreator of the Case-Shiller House Price Index, discusses four aspects of the current crisis: regulating for financial innovation, reducing trust in models, redesigning institutions, and the time line for turnaround. His perspectives are informed in part through his research that psychology—particularly an understanding of human irrationality—can play a key role in explaining economic breakdowns and exploring effective solutions.Read more on the McKinsey Quarterly >

Glimcher Opens First Phase of Scottsdale Quarter, Starts Phase Two Glimcher Realty Trust (NYSE: GRT) opened the first phase of its Scottsdale Quarter lifestyle center in March 2009. Located upon 28 acres at the southeast corner of Scottsdale Road and Greenway-Hayden Loop in Scottsdale, AZ, the company said Phase One is 90% leased. Phase one tenants include Williams-Sonoma Home (opened 3/26/09), Nike, H&M, Oakville Grocery, BRIO Tuscan Grille, and Martini Park. Glimcher has already started construction on the second phase, with demolition of a former Dial building complete and the foundation poured. Two-thirds of the retail space in all phases is "spoken for," said Glimcher. When complete, Scottsdale Quarter will include 370,000 square feet of mixed-use retail and restaurant space; 35,000 square feet of entertainment space; 205,000 square feet of office space (already 33% leased); a hotel; and residential space.

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Daily News April 13, 2009

Here are the news stories you might find interesting today:

Tempe Marketplace thrives as others falter

CityNorth legal fight has fallout for business

Construction jobs coming - but not enough to cover losses

Top Fountain Hills developer files for Chapter 7

Broadening of TARP could be good news for commercial real estateIf, as recent reports in The Wall Street Journal suggest, the TARP program is going to be extended to life-insurance companies, that development could indirectly free up some capital for commercial real estate. Life insurers have been important sources of funds for the industry, although their allocations to the industry have been cut back since the credit-market meltdown.

MANY INVESTORS CHASING NOTES, BUT GETTING DEALS DONE IS DIFFICULT FOR MOST Full story

SECURITY PROPERTIES REPORTED TO BE IN DRIVER’S SEAT TO BUY NOTE ON SCOTTSDALE APARTMENTS Full story

First-quarter industrial vacancy rates up in Phoenix area
A year ago, 9.3 million square feet of industrial space was under construction in the Valley. Today, that figure is about 2.9 million -- and that’s a good thing, according to a report released this week by CB Richard Ellis.
View article...

Forum: Stimulus not enough to spur full green transition for Arizona economy
Arizona and the Valley can become sustainable centers, but it’s going to take more than federal stimulus dollars and time to transform several factors, according to experts who assembled for a panel Thursday.
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Existing-home sales up, but foreclosure percentage down in Phoenix area
The number of existing-home sales in Maricopa County increased slightly in March, but the percentage of foreclosure sales dropped sharply.
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USAA to relocate 145 workers to Phoenix area
As USAA continues the consolidation of its offices in Sacramento, Calif., and Norfolk, Va., 145 of those workers will be relocated to the Phoenix area.
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Retailers dump 8.7M square feet of U.S. mall space in 1Q
New figures from New York-based real estate research firm Reis show that strip malls, neighborhood centers and regional malls are losing stores at the fastest pace in at least a decade.
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Fresh & Easy Sells for $2.8M
Fresh & Easy Neighborhood Market Inc. purchased the 1.6-acre parcel at 1904 W. Glendale Ave in Phoenix, AZ, for $2.8 million, from Arizona Partners Retail Investment Group. Fresh & Easy had been leasing the property on a ground lease. It occupies...
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Chandler Industrial Sells for $1.7M
Pennington Investments acquired the industrial building at 6313 W. Commonwealth in Chandler, AZ, for $1.7 million, or about $90 per square foot, from AZ Speed & Marine. Built in 1997, the 18,915-square-foot manufacturing building features a clear height...
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Fulton confident despite Chapter 11
Tempe-based Fulton Homes remains on solid ground, despite filing for Chapter 11 bankruptcy protection earlier this year, and it views the south East Valley as the key to its future prosperity, according to a company executive.
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2,300 turn out for jobs at Mesa market
Officials of Pro's Ranch Market interviewed about 2,300 job applicants over three days and hired about 500, some of them part time, to staff a new supermarket the company will open at the end of this month in Mesa.
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Sears to be first to open at Mill Crossing
A Sears Appliance Store will be the first retailer introducing shoppers to the new 17-acre Mill Crossing center when it opens next week near the Gilbert-Chandler border.
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TEMPE SPECIFIC NEWS:
PERMITS ISSUED

03/03/09 - ADDITION/ALTERATION at 5705 S. Kyrene Rd. for Southwest Gas Tempe Solar
Declared Valuation: $250,000 Plan Check No.: PC08-1076

03/09/09 - ADDITION/ALTERATION at 2005 E. Technology Cir for Wipro Infocrossing Data Center
Declared Valuation: $1,400,000 Plan Check No.: PC09-0068

03/10/09 - NEW BUILDING at 1565 E. Warner Rd. for Mission del Sol Church
Declared Valuation: $2,142,800 Plan Check No.: PC08-0794

03/12/09 - ADDITION/ALTERATION at 7414 S. Harl Ave. for Coca-Cola Enterprises
Declared Valuation: $2,500,000 Plan Check No.: PC08-0652

03/17/09 - NEW RETAIL BUILDING & FUELING STATION at 2080 E. Rio Salado Pkwy. for Sam's Club
Declared Valuation: $6,040,000 Plan Check No.: PC07-1063

03/19/09 - TENANT IMPROVEMENT at 3011 S. 52nd St., Ste 115, for ADT
Declared Valuation: $410,000 Plan Check No.: PC08-1189

03/23/09 - ADDITION/ALTERATION at 1601 W. Rio Salado Pkwy for Spring Hill Suites
Declared Valuation: $400,000 Plan Check No.: PC08-0334

06/16/08 - NEW RETAIL BUILDING at 815 E. Baseline Rd. for Lakes Towne Center - Shops B
Declared Valuation: $1,226,800 Plan Check No.: PC08-0595

03/30/09 - ADDITION/ALTERATION at 800 E. Southern Ave. for Walmart
Declared Valuation: $5,400,000 Plan Check No.: PC08-0823


PERMITS FINALLED

03/05/09 - ADDITION/ALTERATION at 2055 E. Technology Cir. for T Systems
Declared Valuation: $200,000 Plan Check No.: PC08-1120

03/20/09 - ADDITION/ALTERATION at 5801 S. Rural Rd. for Tempe Emanuel
Declared Valuation: $900,000 Plan Check No.: PC06-0885

03/23/09 - ADDITION/ALTERATION at 3201 S. Evergreen Rd. for Resurrection Catholic Church
Declared Valuation: $1,200,000 Plan Check No.: PC08-0332

03/30/09 - ADDITION/ALTERATION at 1150 W. Grove Pkwy for Grand Canyon University
Declared Valuation: $500,000 Plan Check No.: PC08-1073

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Daily News April 10, 2009

Recycling plant on way in W. Valley

At last, economy leveling off - but bumps aren't over

Phoenix a finalist for Diamondbacks' new spring home

1,100 line up for 300 jobs at Mesa market
About 1,100 people lined up for 300 available jobs at Pro’s Ranch Market in Mesa Thursday.
View article...

Coury Buick car dealership purchased
An auto dealer with interests in California and Texas snapped up a major dealership in east Mesa, possibly preventing its closure and saving a small army of workers from losing their jobs.
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Macy’s sales drop 9.2 percent, still beat outlook
Macy’s Inc. reported sharply decreased sales in March, as massive job losses and a mercurial stock market caused wary consumers to hold off on most discretionary spending. (M) (DDS) (JWN) (WMT) (TGT) (SKS) (JCP) (LTD) (GPS)
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Four Arizona Starbucks locations among closures
The list of stores Starbucks Corp. is closing includes four in Arizona, including a location in Sedona. (SBUX)
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Shopping Center Industry’s Pace of Decline Accelerates in First Quarter
The U.S. shopping center industry experienced rapid deterioration in real estate fundamentals during the first quarter, according to preliminary data released Tuesday by real estate research firm Reis.

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2009 National Office Report

To access the entire document you need to click here.

When reviewing the report, keep in mind that the Office Market is closely tied into employment. There is a direct correlation between jobs/employment and how much supply is needed in the Office Market to house those jobs/employees.

I would like to hear your thoughts after reviewing the report!