Daily News from the desk of Nicholas L Miner, CCIM – June, 11, 2009

Here are the news stories you might find interesting today:

Surprise moving to new City Hall

Stressed but Not Distressed: CRE Pricing Disconnect Spreads to Mortgage Investments
Increasingly frustrated in their attempts to acquire income-producing property at pricing levels lower than what sellers have been willing to accept, commercial real estate investors have turned their attention to commercial mortgage-related investments. But they're finding sales conditions in that arena are not too different than those for the brick-and-mortar assets: the pricing that sellers are willing to accept isn't matching up with what buyers are offering.

Relief for Commercial Real-Estate Debt? It Seems Possible
Wall Street Journal
We are hopeful that Treasury acts soon, as each day the commercial-real-estate markets deteriorate further," said Jeffrey DeBoer, chief executive of the Real Estate Roundtable, a lobbying body for the commercial-real-estate industry. ...

Orion Acquires 178 Condos For $12.4M

Orion Residential purchased 178 condominium units within the Citi on Camelback complex in Phoenix, AZ, for $12.46 million or about $70,000 per unit, from Sunvest Development. Built in 2001, the 360-unit complex is located at 909 E Camelback Road. Sunvest...

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New Hope Fellowship Acquires Office Bldg.

The New Hope Fellowship of Sun City West acquired the office building at 19424 RH Johnson Blvd. in Phoenix from Active Rehabilitation Association for $1.3 million, or about $160 per square-foot. New Hope Fellowship takes occupancy in July. The single...

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Ross Dress for Less Leases 30,000 SF in Phoenix

Ross Dress for Less leased 29,765 square feet from Kimco Realty Corp. at the North Mountain Village shopping center in Phoenix. The ten-year term is estimated to commence in October. The 147,510-square-foot shopping center at 3401-3431 W. Thunderbird...

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NOL Relocates Regional HQ to Scottsdale

NOL Group, parent company of shipping giant APL, is relocating its regional headquarters in the Americas from Oakland, CA, to Scottsdale, AZ. The Singapore-based company has signed a 70,000-square-foot lease at MAX at Kierland, a six story, 257,476...

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Chase Bank Sells for $2M

A private trust purchased the Chase Bank building at 3148 E. Indian School Road in Phoenix, from Carlyle/Cypress Dublin LLC for $2 million, or $784 per square foot. It sold at a 7 percent cap rate. The 2,552-square-foot retail building delivered in...

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Chrysler-Fiat deal is completed

What remains of the bankrupt automaker Chrysler LLC was sold to Fiat Wednesday, after the U.S. Supreme Court got out of the way of the deal late Tuesday.

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Bureau of Indian Affairs leases 58,000SF on Central

The U.S. Bureau of Indian Affairs has signed a 20-year lease valued at nearly $25 million for 58,000 square feet of office space at the 2600 North Central Tower in midtown Phoenix.

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National Retail Federation: Retail crime up 8%

Organized retail crime has increased 8 percent from last year, according to a survey of store owners commissioned by the National Retail Federation.

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Coyotes move could take Jobing.com off arena name

If the Phoenix Coyotes end up moving to Canada, that would leave Jobing.com Arena without its main tenant.

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Shuttered Mill Avenue theater reborn

The old Harkins Centerpoint theater on Mill Avenue and Seventh Street in Tempe is vacant no more.

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Marketside grocery stores add Wal-Mart name

A subtle change is occurring at Wal-Mart's four Marketside grocery stores, which the company is testing with Arizona shoppers.

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Solon Gobbles Close to 45,000 SF

TUCSON, AZ-Less than a year after moving into 101,000 square feet, the solar panel company takes on more space in the building next door.

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Wal-Mart opens Supermercado in Phoenix

Wal-Mart is trying to dive deeper into the $90 billion-a-year Hispanic grocery market by opening a new supermarket in west Phoenix on Wednesday.

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Maricopa County foreclosures rise in May

Foreclosure activity in Maricopa County and Arizona resumed its upward climb in May, according to the latest report by RealtyTrac, an Irvine, Calif.-based foreclosure reporting service.

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