Daily News from the desk of Nicholas L Miner, CCIM – June 18, 2009

Here are the news stories you might find interesting today:

Walmart wins Cave Creek council approval

Census opening office in Peoria

Economy leaves many Valley projects unfinished

L.A. Angels Owner Buys Biltmore Court

Los Angeles Angels owner Arte Moreno and business partner Joseph Fitzgerald acquired the Biltmore Court apartment complex in Phoenix from the National Bank of Arizona for $2.3 million, or $165,000 per unit. The bank had taken title in lieu of foreclosure...

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Eclectic Chandler theater closes Sunday

Matthew Yenkala overcame a lot to make Chandler Cinemas a success at Arizona Avenue and Warner Road, but it wasn't enough to keep the 10-screen independent theater open.

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Foreign Investors: U.S. Real Estate to Recover in the Second Quarter of 2010

Foreign real estate investors say they expect to see a recovery in the U.S. real estate market by the end of the second quarter of 2010, according to the results of a new survey released by the Association of Foreign Investors in Real Estate (AFIRE). Completed in the past month among the association's nearly 200 members, the survey was conducted by The James A. Graaskamp Center for Real Estate, University of Wisconsin - Madison. This is the first mid-year survey to be conducted by AFIRE.

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186-Unit Redwood Place Bought From Lender

PHOENIX-Local ESI Ventures makes its first multifamily buy, acquiring the class C complex from Vestin Mortgage for just shy of $6 million.

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Lease Cancellations (June 14-20): Z Gallerie To Cancel 25 Store Leases

Z Gallerie, a Los Angeles-based eclectic home furnishings, art and accessories retailer, has asked the U.S. Bankruptcy Court to cancel leases on 25 closed stores across the country. The retailer currently operates 77 stores in 24 states that, according...

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Phoenix economy among nation's weakest

New research from the Brookings Institution shows the Valley's rising unemployment rate and falling home values position the area as one of the nation's weakest economically.

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Most Eddie Bauer stores to stay open

Eddie Bauer has struck a deal to be bought by a private equity firm for $202 million with an agreement to keep most of the retailer's stores open and employees on the payroll.

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Barcelona to close for summer renovation

North Scottsdale nightclub and restaurant Barcelona is closing for the summer as it undertakes an extensive renovation.

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ASU-RSI: Beginning of the End of Price Plunge?
Sales data from March indicate that a trend change in housing prices might be underway in the beleaguered Phoenix metro market. According to the ASU-RSI (Arizona State University-Repeat Sales Index), prices in the metro area declined at the same rate in March 2008 -- 37 percent -- as they did in February, suggesting that the 25-month swoon may be easing.

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