Daily News from the desk of Nicholas L Miner, CCIM – May 20, 2009

Daily News from the desk of Nicholas L Miner, CCIM

Here are the news stories you might find interesting today:

256-Unit La Mesa Village In Foreclosure

MESA, AZ-An area broker familiar with similar properties says the market should expect more class B and C assets in the same position.


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GM to leave proving ground by June 30

More than 55 years of work at the General Motors Desert Proving Ground in east Mesa is winding down, and the automaker plans to officially close up shop on June 30.

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Wal-Mart settles Arizona lawsuit on pricing

The nation's largest retailer agreed Tuesday to an outside monitor to make sure it is complying with state laws requiring accurate prices to be posted on or near all products offered for sale.

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Metro light rail hits million mark in April

Metro light rail topped the million mark for passengers in April and increased its average daily ridership.

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Developer Pederson eyes run for Arizona governor

Shopping center developer Jim Pederson is eyeing a run for Arizona governor in 2010

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DOC: Lagging apartment construction pushes down housing numbers

The latest U.S. Department of Commerce report on housing brings more dire news, but with a silver lining.

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Destination steps in as Wigwam auction nears

Destination Hotels and Resorts will manage the troubled Wigwam Golf Resort and Spa as well as two golf courses at the Arizona Biltmore Resort and Spa.

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Mill Avenue contest to spur independent retailers

Small businesses looking for free rent and a prime location can submit their business plan to leaders in Tempe as part of the Mill Avenue District Retail Competition.

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Bank sales fuel Phoenix housing market

Sales of bank-owned single-family homes are fueling the Phoenix-area real estate market, according to the Phoenix Housing Market Letter released Monday. The data is published by R.L. Brown Reports, a Phoenix-based housing research and consulting firm.

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Good Buy or Bad Buy? Look No Further Than Rent Rolls, Says Kimco Executive

LAS VEGAS - For David Lukes, chief operating officer of Kimco Realty Corp., determining whether or not a retail property on the selling block is a good deal, boils down to one simple question: Is the rent roll below market or above market?

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Marketside Changes Hands in Chandler for $5.4M

Red Mountain Retail Group sold the supermarket at 950 N. McQueen Road in Chandler, AZ, to private investors for $5.4 million, or approximately $316 per square foot. The property sold with a capitalization rate of 7.34 percent. The 17,075-square-foot...


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Universal Exchange Buys Phoenix Facility for $1.2M

Universal Exchange purchased the industrial building at 24490 N. 20th Dr. in Phoenix, AZ, from D. Roberts Investments for $1.2 million, or $91 per square foot. The 13,181-square-foot warehouse was built in 2007 in the Alameda Business Park. It features...


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Bowling alley construction delayed indefinitely

City approves light rail expansion

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