Daily News from the desk of Nicholas L Miner, CCIM – July 6, 2009

I hope you had a Great Independence Day Weekend!

Here are the news stories you might find interesting today:

Buyer still sought for old Kmart property

Citrus Café replaced with restaurant

Rising debt may be next crisis in the U.S.

Neighbor: Abandoned Gilbert project a hazard

Ken Soucy is not happy his home overlooks a deteriorating construction site. The Gilbert resident said his 11-year-old son and his peers routinely ride their bicycles through the neighborhood, and Soucy is concerned that the defunct Tierra Office Park poses a danger.

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Carveout Consequences

Court rulings shed light on non-recourse loan provisions.

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SO. CALIF. OPPORTUNITY FUND SHOPPING FOR DISTRESSED REAL ESTATE/LOAN POOLS IN WEST
Phoenix area - Turner Development Corp. in Newport Beach, Calif. (Rusty Turner, pres.) has put together an investment fund to acquire real estate properties and loan pools in Arizona, California and Nevada. Turner Opportunity Fund I, L.P. wants to purchase distressed commercial real estate assets and pools of performing and non-performing loans. The asset target size is between $3 million and $30 million.

Full story

WOODSIDE HOMES STILL BUILDING IN VALLEY DESPITE BANKRUPTCY AND FORECLOSURES
Phoenix area - Woodside Homes of Arizona in Tempe (Gene Morrison, division pres.) continues to sell homes in the Phoenix area despite the parent company being in bankruptcy and now a foreclosure proceeding filed on several Arizona properties. Affiliates of the parent company are facing a September 2 trustee's sale on a $130 million loan that is in default.

Full story

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