Daily News from the desk of Nicholas L Miner, CCIM – June 29, 2009

Here are the news stories you might find interesting today:

PetSmart closing Chandler store

Bloomingdale's still committed to a Valley store

Phoenix-based Arvizu ad agency files for Ch. 11

Experts: The best real estate "emerging market" is the U.S.
If you're looking for a hot market that offers an opportunity to make money in commercial real estate, you don't have to go to Brazil, Russia, India or China, experts say. Now that prices have adjusted, the place to look is the U.S., said Tom Shapiro, president of the GoldenTree InSite Partners, a real estate investment firm. "Now that the meltdown has happened, the new emerging market is the United States," he said.

Local businesses offer 20% discounts

Americans celebrate Independence Day on July 4, but the lesser-known Independents Week - a Valley shopping holiday of sorts - starts Monday.

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House endorses bill to entice clean energy firms

The state House gave preliminary approval Friday to legislation designed to convince renewable energy firms to locate or expand their operations in Arizona.

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Planned Mesa supermarket to hold job fair

Mi Pueblo Supermercado, an upscale Hispanic market being developed in Mesa, has scheduled a job fair July 15 to fill many of the 300 jobs available at the store.

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Solar companies eye Chandler, tax incentives

More than a dozen international solar industry companies are eyeing Arizona for a major U.S. operations base, and Chandler is on the short list of at least half of them, local economic experts said. But it all hinges on whether a budget-distracted state Legislature is willing to OK tax incentives to entice the sun-centered businesses.

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Bondurant school brings big spenders to E.V.

Dozens of corporate leaders and other high-powered and high-income risk takers from around the country are expected to spend nine long weekends and lots of money in the Valley this fall.

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Financial firm executive links economic rebound to housing market

The recession will end by the first quarter of 2010, but the economy won't rebound until the housing market stabilizes, UMB Financial Corp. Chief Investment Officer Bill Greiner said Friday morning to a private group of clients in Phoenix.

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Starbucks announces new store design

Coffee chain Starbucks Corp. on Thursday announced a new store design strategy employing local workers and materials that are reused and recycled.

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Goldwater Institute sues Glendale over Coyotes documents

The Goldwater Institute watchdog group is suing the city of Glendale over possible lease concessions and incentives the West Valley suburb is offering potential bidders for the Phoenix Coyotes hockey team.

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Minnesota equity firm buys Aimco Precision

A Minneapolis private equity firm has acquired Aimco Precision Inc.

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Budget deal includes impact fee freeze, may include property tax cuts

The state budget being finalized by Arizona Gov. Jan Brewer and Republican legislative leaders includes property tax cuts and a two-year freeze on development impact fees assessed by city governments on home builders and developers.

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FAIRFIELD RESIDENTIAL FACING TRUSTEE's SALE ON 454-UNIT APARTMENT PROJECT IN PHOENIX
Phoenix - The 454-unit Diamonte on Bell apartments at 3202 W. Bell Road in Phoenix is scheduled to be sold at a trustee's sale on September 9. According to Ion Data, a Mesa-based provider of real estate information, Nicole Perrault of the Scottsdale lawfirm Kutak Rock is the trustee on the pending sale

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SHERMAN RESIDENTIAL RETURNS TO VALLEY MARKET . . . PAYS $21.5 MILLION FOR 240 APARTMENTS

Peoria - A fund formed by Sherman Residential in Deerfield, Ill. (David Sherman, chairman) paid $21.5 million ($89,583 per unit) to acquire the 240-unit Alexan Paradise Lane apartments at 8092 W. Paradise Lane in Peoria. The seller was a venture formed by Trammell Crow Residential in Scottsdale (Bruce Hart, div. partner) and Opus West Corp. in Phoenix (John Greer, pres.).
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