Daily News – September 15, 2009

Here are the news stories you might find interesting today:

Hale Theater still going strong after 6 years

Surprise makes top retirement list

Surprise with its Sun City Grand community is the sole Arizona representative on the CNNMoney.com's list of 25 Best Places to Retire.

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Element Homes lots sold for $3.6M

A Mesa private equity firm purchased 102 residential lots in Queen Creek for $3.6 million.

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Home sales continue to outpace 2008

Home sales in August continued at a fairly strong clip throughout the Phoenix metro area, but the pace slowed down from July, according to data released Monday by Arizona State University through its Realty Studies program.

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Market still flooded with foreclosure sales

More homes are being sold in the Valley now than a year ago, but the market is still flooded with foreclosure sales, according to the latest Realty Studies report from the W. P. Carey School of Business at Arizona State University.

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McShane Completes 186,000-SF Office Complex in Phoenix

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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Vestar center awarded with LEED silver
Vestar Development earned a silver LEED certification for its Oro Valley Marketplace in the Tucson, Ariz., suburbs. The center, completed last year, is the first such center in Arizona to be LEED-certified.

Starbucks Takes 30 Stores off of Closure List
In July 2008, Seattle-based coffee magnate, Starbucks Corporation (NASDAQ: SBUX ), announced the closure of 600 coffee shops across the country. In January 2009, the retailer announced it would close another 200 underperforming company-operated stores. This 800-restaurant closure initiative was scheduled for completion this September. In a bit of good news last week, Starbucks removed 27 U.S. stores from its closure list, after sales and profits improved at these locations.

Click here for the list of Starbucks' closings announced July 2008; click here for the closings announced January 2009, and click here for the list of 27 stores taken off the closure list.

Obama: No more bailouts for Wall St. titans

NEW YORK - President Barack Obama sternly warned Wall Street Monday against returning to the sort of reckless and unchecked behavior that threatened the nation with a second Great Depression. Even as he noted the U.S. economy and financial system were pulling out of a downward spiral, Obama warned financial titans on the first anniversary of the Lehman Brothers collapse they could not count on any more bailouts. Related: One year later, worries linger on economy

Main Street's lessons from Lehman's collapse

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TEMPE SPECIFIC NEWS:

PLAN CHECK SUBMITTALS

08/26/09 - ADDITION/ALTERATION at 5000 S. Arizona Mills Cir. for Sea Life Center Declared Valuation: $2,316,700 Plan Check No.: PC09-0683

08/26/09 - TENANT IMPROVEMENT at 100 W. University Dr. for Centerpoint Declared Valuation: $650,000 Plan Check No.: PC09-0679

08/31/09 - TENANT IMPROVEMENT at 1305 W. 23rd St. for Wells Fargo, Bldg G Declared Valuation: $480,000 Plan Check No.: PC09-0695

PERMITS ISSUED

08/06/09 - NEW BUILDING at 1137 E. Warner Rd. for Christlife Church Declared Valuation: $4,450,000 Plan Check No.: PC07-1072

08/06/09 - NEW PARK RAMADAS at 6300 All America Way for Kiwanis Park Declared Valuation: $500,000 Plan Check No.: PC09-0362

08/10/09 - TENANT IMPROVEMENT at 1305 W. 23rd St. for Wells Fargo Declared Valuation: $550,000 Plan Check No.: PC09-0541

08/21/09 - NEW OFFICE BUILDING at 1700 N. McClintock Dr. for Okland Construction Declared Valuation: $2,600,200 Plan Check No.: PC08-1045

08/27/09 - TENANT IMPROVEMENT at 6810 S. Clementine Ct. for Meltdown Glass Declared Valuation: $350,000 Plan Check No.: PC08-0888

PERMITS FINALLED

08/05/09 - NEW SCHOOL at 311 E. Aepli Dr. for Broadmor Elementary School Declared Valuation: $11,982,400 Plan Check No.: PC08-0856

08/07/09 - ADDITION/ALTERATION at 1050 E. Carver Rd. for CI Waggoner Elementary School Declared Valuation: $225,000 Plan Check No.: PC09-0284

08/12/09 - TENANT IMPROVEMENT at 1050 W. Washington St., Ste 214, for Sunstate Builders Declared Valuation: $299,000 Plan Check No.: PC09-0497

08/17/09 - NEW RETAIL BUILDING at 8544 S. Emerald Dr. for Total Wine Declared Valuation: $1,600,000 Plan Check No.: PC08-0955

08/20/09 - ADDITION/ALTERATION at 2008 S. Hardy Dr. for United Dairymen of Arizona Declared Valuation: $200,000 Plan Check No.: PC08-0534

08/20/09 - ADDITION/ALTERATION at 1628 E. Broadway Rd. for Sunrise Preschool Declared Valuation: $250,000 Plan Check No.: PC08-1213

08/20/09 - NEW BUILDING at 5802 S. All America Way for City of Tempe/Kiwanis Park Declared Valuation: $350,000 Plan Check No.: PC09-0015

08/21/09 - RELOCATION OF HISTORIC RESIDENCE at 1230 N. College Ave. for O'Conner House Declared Valuation: $800,000 Plan Check No.: PC08-0741

08/27/09– NEW 10 STORY MIXED USE BUILDING W/ PARKING GARAGE at 922 E. Apache Blvd. for Campus Edge Declared Valuation: $27,032,200 Plan Check No.: PC08-0663

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

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