Daily News from the desk of Nicholas L Miner, CCIM – July 1, 2009

Email me if you would like a copy of "How to Handle Your Center in Trying Times." This article points out the need to work with experienced individuals and companies; real estate is a cycle; and make sure you communicate.

Here are the news stories you might find interesting today:

City-owned lots are downtown eyesores

Red Robin Gourmet Burgers opens

Bill aims to suspend new appraisal rules

Carveout Consequences

Court rulings shed light on non-recourse loan provisions.

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MERIDIAN CAPITAL ARRANGES $7.5 MILLION INDUSTRIAL PROPERTY LOAN PHOENIX

Meridian Capital Group has arranged $7.5 million in permanent financing for an 188,000-square-foot, single-tenant industrial warehouse and manufacturing facility in Phoenix. Located at 7822 S. 46th St., the property is occupied by a company engaged in the aerospace industry. Alex Katz of Meridian Capital Group negotiated the fully non-recourse, 5.76 percent fixed-interest rate 5-year loan. The financer was American United Life Insurance Co.

How US consumer spending is changing

In a recent McKinsey survey, 90 percent of US respondents said that their households had reduced spending as a result of the recession - one third of them "significantly." More than half said they expect to keep their expenditures down after the recession. As consumers return to more traditional spending patterns, companies need to develop a deep understanding of how this profound behavioral change affects strategies fundamental to value creation.
Read more on the McKinsey Quarterly >

Direct Alliance hiring 100 in Tempe

Direct Alliance plans to hire 100 people in Tempe in the next few weeks.

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Consumer confidence down in June

Confidence in the economy is waning among American consumers. The Conference Board's Consumer Confidence Index fell by 5.5 points to 49.3 in June.

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Restaurant outlook dampens

Restaurants continue to see a decline in customers. Restaurant operators report negative same-store sales for the 12th consecutive month in May, according to the National Restaurant Association.

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Slide in Phoenix home values slows

Home values continue their fall in Phoenix, but the month-to-month rate of decline is slowing.

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Unemployment continues to rise, Arizona lags national average

Unemployment rates in every major metro area of the country were higher in May than a year earlier, but rates around Arizona generally are lower than national averages.

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Shop Glendale campaign kicks off

The Glendale Office of Tourism is launching Shop Glendale 2009-2010. The marketing program is aimed at engaging businesses within the community and encouraging residents and visitors to patronize local shops, so tax dollars remain in the community.

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Phoenix hotel revenue to take 27% hit

The Phoenix-area hospitality industry continues to suffer as business and families cut expenses to save on their bottom lines.

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Diamonte Moves Into Foreclosure

PHOENIX-Fairfield Residential defaults on a loan for the 454-unit Diamonte on Bell. An auction is scheduled for early September.

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Bashas' plans to close more stores

Bashas' supermarkets will shutter more locations this summer, including a 13-year-old store at Cooper and Ray roads in Chandler and one in Gilbert at Baseline and Greenfield roads.

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