Daily News from the desk of Nicholas L Miner, CCIM – July 24, 2009

Here are the news stories you might find interesting today:

District votes to sell buildings, land

Longtime Gilbert candy shop closes

Canal Restaurant to close with a party

The Canal Restaurant and Lounge at the SouthBridge project in Scottsdale will close Saturday, ending a two-year run with a celebration that will include $3 glasses of wine, half-priced bottles of wine and drink specials.

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North Scottsdale Classic Residence facility to include National Bank of Arizona branch

Classic Residence at Silverstone in North Scottsdale has signed a lease agreement with National Bank of Arizona, which plans to open a branch at the senior living facility early next year.

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Smattering of lease deals continue

Commercial real estate transactions nearly have been at a standstill for months, but some Phoenix brokerage firms have closed some smaller deals and leases.

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Integra Telecom restructures, looks to expand in Phoenix area

Integra Telecom Inc. has restructured more than $1.3 billion in debt, freeing up capital that could help the company expand its footprint in the Phoenix area.

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Holsum Bakery Leases 98,230 SF

Holsum Bakery Inc. leased 98,230 square feet at 9180 W. Buckeye Road in Tolleson, AZ, from First Industrial Realty Trust. Holsum plans to reside in the space for three years, distributing baked goods to locations throughout Arizona and Colorado. The...

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GM opens new test facility near Yuma

GM's new testing facility near Yuma, developed through an agreement between the automaker and the Army, opened Wednesday, replacing the company's 50-year-old complex in Mesa where urban encroachment had brought two-story homes to the very edge of the test courses.

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Boxer's restaurant pegged to open Aug. 31

Developers of the much anticipated Julio César Chávez Campeones restaurant and entertainment center in Mesa have targeted Aug. 31 as the tentative date for the public opening.

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Gilbert's industrial real estate takes hit

Gilbert's industrial real estate market had the Valley's fifth-highest increase in vacancies during the second quarter, behind the south Phoenix, Phoenix-Sky Harbor International Airport area, Tempe and Grand Avenue submarkets.

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Has the Market Overly Penalized CMBS?

The credit crunch effectively ended a period characterized by the availability of abundant, inexpensive commercial real estate debt. Anxiety regarding residential mortgage-backed securities (RMBS), which spiked in the wake of growing subprime foreclosures, spilled over to affect commercial lending.

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Two Leases Signed at 197,000-SF Office

PHOENIX-The leases, totaling a little under 32,000 square feet, bring the class A building on the Camelback Corridor to 99% occupancy.

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Multifamily Financial Distress Doubles

Distress is piling up in the multifamily market, but it's still not as bad the other real estate sectors, according to the most recent Troubled Assets Radar from Real Capital Analytics, a New York-based research firm that tracks commercial real estate.

Arizona Foreclosures Highlight Industry-Wide Problems

The recent struggles of two Irvine, Calif.-based apartment firms have shone the spotlight on exactly how bad things are on the West Coast, particularly in Arizona.

17,064 Square Feet Leased at Lincoln Sky Harbor in Phoenix

PHOENIX - Premier Lighting, a Southwest-based distributor of electrical fixtures and lighting supplies, has signed a 6-year lease for 17,064 square feet at Lincoln Sky Harbor, a multi-tenant, industrial project located at 2050, 2060 and 2070 S. 16th St. in Phoenix.

PHILLIPS EDISON & CO. ACQUIRES VALLEY SHOPPING CENTER . . . WORKING WITH $300 MILLION FUND
Phoenix - A company formed by Phillips Edison & Co. in Cincinnati, Ohio (Michael Phillips, Jeffrey Edison, principals) paid just over $11.912 million to buy a shopping plaza located adjacent to Paradise Valley Mall at 4304-4326 E. Cactus Road in Phoenix. The seller was a company formed by The Macerich Co. in Santa Monica, Calif.

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JEN PARTNERS BUYS 352 LOTS WITHIN SAN TAN HEIGHTS COMMUNITY IN PINAL COUNTY
Pinal County - A company formed by JEN Partners in New York City (Reuben Leibowitz, principal) paid $5.175 million to buy 346 finished lots and 6 completed model homes within the San Tan Heights community in Pinal County. The buying entity, which paid cash, was JEN Arizona Acquisitions 1 LLC. That company was formed by JEN Partners and Mike Jesberger, formerly a principal with Element Homes in Phoenix. The seller was a company formed by GMAC Mortgage Corp. in Duluth, Ga.

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