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

Here are the news stories you might find interesting today:

CENTRAL AVENUE PROPERTIES OWNED BY SCOTT COLES ESTATE SOLD TO INVESTOR
Phoenix - Two parcels located east of Central Avenue and north of Indian School Road in Phoenix that were owned by the estate of the late Scott Coles have been sold to a Valley investor. Harold Gries in Phoenix paid $1.275 million in cash to buy the property, which has C2 and R5 zoning in place. The selling entity, SM Coles LLC, is represented by trustee Jerald Smith of the Phoenix lawfirm Lewis & Roca.

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OPUS WEST PREPARING TO FILE BANKRUPTCY IN JUNE . . . PHOENIX OPERATION TO BE SCALED BACK
Phoenix area - Opus West Corp. in Phoenix is expected to file for Chapter 11 protection in the United States Bankruptcy Court by the first week of June, according to sources familiar with the company. In addition to the bankruptcy filing, Opus West plans to lay off most of its employees in the Valley. Representatives of the parent company confirmed that Opus West has retained counsel to explore restructuring options, but the real estate developer has not finalized a head count for work force reduction.

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Fresh & Easy to occupy vacant Gilbert space

Fresh & Easy Neighborhood Market will take over part of a Sunflower Market that closed more than a year ago, leaving a gaping hole at a major Gilbert crossroads

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Ariz. credit unions struggle in 1st quarter

Arizona's credit unions have been hit hard by the real-estate downturn, a weak job market and mounting bankruptcies.

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Phoenix Mayor Phil Gordon proposes green college campus downtown, looks for stimulus aid

Phoenix Mayor Phil Gordon wants to create a "green" college campus just west of downtown Phoenix that would offer university, community college, work force training and high school offerings in the sustainability arena. Gordon will be in Washington next week lobbying the Obama administration to help fund the green campus via outlays from the federal stimulus package.

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Recession hits state, U.S. exports

Arizona exports are down $1.6 billion - 31 percent - for the first quarter of 2009 compared to 2008.

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Construction costs down 5.5 percent with projects hard to find

Mixed-use development emphasizes research, technology and global commerce

Surprise buys land for a park-and-ride lot

Light rail off the table for Rural Road

Developer asks for emergency hearing

Win case or lose, CityNorth may be out millions

Receiverships grow amid foreclosures (As a side note-Eagle acts as a Receiver as well - so, if you know anyone that might be in need, please have them call me)

For a FREE market evaluation of your property, contact me immediately!

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