Real Estate Daily News Buzz is designed to give news snippets to readers that our (yet to be award winning) editors thought you could use to start your day. They come from various business perspectives, real estate, government, the Fed, local news, and the stock markets to save you time. Here you will find the headlines and what the news buzz for the day will be.

The Dow Jones industrial average gained 85.48 points, or 0.5%, to 15,961.70. The NASDAQ composite rose 13.23 points, or 0.3%, to 3,985.97. The S&P 500 added 7.56 points, or 0.4%, to 1,798.18. Oil rose 8 cents to close at $93.84 a barrel.

JPMORGAN CHASE REACHES $4.5 BILLION SETTLEMENT

JPMorgan Chase & Co. said Friday it has reached a $4.5 billion settlement with investors over mortgage-backed securities. The settlement covers 21 major institutional investors. The mortgage-backed securities were issued by JPMorgan and Bear Stearns between 2005 and 2008. New York-based JPMorgan acquired the failing investment bank Bear Stearns in March 2008. The deal is the latest in a series of legal settlements over JPMorgan’s sales of mortgage-backed securities in the years preceding the financial crisis. As the housing market collapsed between 2006 and 2008, millions of homeowners defaulted on high-risk mortgages. That led to billions of dollars in losses for investors who bought securities created from bundles of mortgages. Those securities were sold by JPMorgan and other big Wall Street banks.

RETAILERS TAKE ON SILICON VALLEY

SAN FRANCISCO (AP) — Software engineers wearing jeans and flip flops test the latest smartphone apps. Walls and windows double as whiteboards where ideas are jotted down. And a mini basketball net is in the center of it all. At first glance, this workplace resembles any Silicon Valley startup. There’s just one exception: Target’s trademark red bulls-eye at the entrance. Target, Kohl’s and home-shopping network QVC are among a half dozen retailers opening technology test labs in the San Francisco area to do things like improve their websites and create mobile shopping apps. They’re setting up shop in modern spaces and competing for top Silicon Valley talent to replicate the creativity, culture and nimbleness of online startups.

ALTERED LANDSCAPE FOR SONY, MICROSOFT CONSOLES

NEW YORK (AP) — Remember a time before “Angry Birds,” the iPad and the iPhone? No? When Sony and Microsoft last came out with new video game consoles — seven and eight years ago, respectively, the companies touted the machines’ high-definition graphics, powerful processors and ability to play DVDs, and in Sony’s case, Blu-ray discs. But a lot has changed since then. People are playing games on a broader array of devices than ever before, and they have more options to stream movies, TV shows and music. Connecting with friends online is the norm, not an obscure activity for young people. That’s the world the Sony’s PlayStation 4 and Microsoft’s Xbox One enter. The PlayStation 4 goes on sale Friday and the Xbox One will be released next week. As Sony and Microsoft once again spar this holiday season over who has the brawnier machine and more enticing online features, hardcore gamers are all but certain to fall for the shiny, powerful new consoles. But what’s less clear is how the gadgets will compete for the attention of people who now look to their tablets, smartphones and other devices for entertainment.

DEFYING VETO THREAT, HOUSE OKAYS HEALTH LAW CHANGE

WASHINGTON (AP) — Brushing aside a White House veto threat, the Republican-controlled House voted by a healthy bipartisan majority Friday to weaken a core component of  “Obamacare” and permit the sale of individual health coverage that falls short of requirements in the law. In all, 39 Democrats broke ranks and supported the legislation, a total that underscored the growing importance of the issue in the weeks since millions of cancellation notices went out to consumers covered by plans deemed inadequate under government rules. The final vote was 261-157 as lawmakers clashed over an issue likely to be at the heart of next year’s midterm elections. The measure faces an uncertain fate in the Senate, where Democrats seeking re-election in 2014 are leading a move for generally similar legislation.

CHINA PROMISES MARKET OPENING IN REFORM PLAN

BEIJING (AP) — China’s leaders pledged Friday to open state-dominated industries wider to private competition and ease limits on foreign investment in e-commerce and other businesses in a sweeping reform plan aimed at rejuvenating a slowing economy. The changes promised in a report issued following a closely watched Communist Party conference could be China’s most significant economic overhaul in at least two decades. State media have compared the effort to market-style reforms in 1978 that launched China’s economic boom. Chinese leaders are trying to replace a growth model based on exports and investment that has run out of steam after delivering three decades of rapid growth. Reform advocates say economic growth rates will plunge, undermining the ruling party’s claim to power, if industries from energy to telecoms to banking that are controlled by state companies are not opened to competition.

US FACTORY PRODUCTION RISES 0.3% IN OCTOBER

WASHINGTON (AP) — U.S. factories increased production for a third straight month in October, as stronger output of primary metals and furniture offset declines in auto production. Manufacturing output rose 0.3 per cent last month, up from 0.1% in September, the Federal Reserve reported Friday. Factory output is the biggest component of industrial production, which also includes mining and utilities. Overall industrial production fell 0.1% after a 0.7% September gain. The mining sector, which includes oil and gas drilling, declined 1.6% after six months of gains. Utility output fell 1.1%.

US WHOLESALES BOOST STOCKPILE FOR 3RD MONTH

WASHINGTON (AP) — U.S. wholesalers increased their stockpiles in September for the third straight month, an indication that they expect more demand from businesses and consumers. Wholesale stockpiles rose a seasonally adjusted 0.4%, the Labor Department said Friday. That follows an increase of 0.8% in the previous month. August’s increase was the highest in seven months. Sales at wholesale businesses rose 0.6% in September, up from 0.4% in August.

POST OFFICE REPORTS LOSS OF $5 BILLION FOR YEAR

WASHINGTON (AP) — The U.S. Postal Service said Friday it lost $5 billion over the past year, and postal officials again urged Congress to pass legislation to help the beleaguered agency solve its financial woes. In a positive sign, the loss was a fraction of the record $15.9 billion the Postal Service reported losing last year. But it was still the agency’s seventh straight annual loss and came despite its first growth in revenue since 2008. Operating revenue rose 1.2% to $66 billion, thanks to growth in the post office’s package delivery business and higher volume in standard mail. That was not enough to offset long-term losses in first class mail — the post office’s most profitable service — where revenues declined by 2.4 per cent.

AT McDONALD’S, A PUSH FOR CUSTOMIZATION

NEW YORK (AP) — McDonald’s is looking to give people a little more wiggle room to customize their orders, as they can at chains such as Chipotle, Five Guys and Subway. The world’s biggest hamburger chain says it’s testing a “build-your-own burger” concept in Laguna Niguel, Calif., that lets customers pick from a variety of toppings. Its new Dollar Menu and More also features five sandwiches with different sauces and toppings. McDonald’s is equipping its kitchens with new “assembly tables” that can accommodate more ingredients. The tables will also help improve the speed of service, which has become an issue for McDonald’s as it has expanded its menu.

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This special op-ed was written prior to the recent Tucson City Council election and first published in the Arizona Daily Star on Friday, November 15, 2013. Reprinted here with permission.

By: Pat Darcy

As someone who grew up in Tucson I have seen the best and worst of our city, and I feel it is headed in the wrong direction.

At one time our city was well-respected and known for its strong leadership. Tucson was expanding and annexing land. The competition for jobs in the state was between Phoenix and Tucson.

Due to a lack of leadership things have changed; our city is being hemmed in by other aggressive cities surrounding Tucson. We are now competing for jobs not just with Phoenix but other cities in Maricopa, Pinal and Pima counties.

I believe this decline all started in the late 1970s due to poor leadership from the Democratic-controlled City Council and the increase in power from the neighborhood activists. We need neighborhood activists, but there also needs to be a level playing field between them and the business community. Right now the table is tilted in their direction, and they know they will have the support of the mayor and council.

A good example of this is the Broadway widening project going from Country Club Road to Euclid Avenue. This project was approved by the voters in 2007. Since that time, very few properties have been purchased by the city, and that familiar phrase “historic buildings” that always appears during road widening projects is resurfacing.

Broadway is our major arterial into downtown, and now we don’t want to widen it?

And I am not even talking about the time frame for the Grant Road widening project that is years away from completion. Imagine what would happen to elected officials in Maricopa County if they handled road projects like this. Not only do these delays put a burden on our drivers but also on property owners in the project area.

A few months ago I read a guest opinion in the Star where the writer favorably compared Tucson to Portland, Ore. I don’t know what the fixation is with Portland by some people in Tucson. We are not Portland even though our streetcars were made there. Maybe the writer thought osmosis would work.

We need to face the facts. Tucson has become a low-income city, one of the poorest of its size in the nation. We need good jobs here, which means doing everything we can to keep Davis-Monthan Air Force Base open and bring other companies into Tucson.

How can we turn this around? By having nonpartisan elections. The Pima County Democratic Party has been in control of Tucson since the 1970s. The last council member to be elected as a Republican was Steve Kozachik in 2009, and he switched parties in January. The Republican candidate who ran for City Council didn’t even have the word “Republican” on his campaign sign.

Tucson is a great place to live. We have so many positives going for us, but we just can’t keep doing the same old thing because we keep getting the same old results.

During spring training when I was playing for Cincinnati, we used to sit around the clubhouse after practice and talk about teams that could give us trouble once the season started. Someone mentioned that the then-struggling Houston Astros could be tough because they had a lot of talented players. I remember the response from one of my teammates was “just don’t wake them up.” I am sure that is what they say about Tucson up in Maricopa County.

Pat Darcy, a commercial real estate broker, grew up in Tucson and is a former major-league baseball player. Contact him at [email protected]

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PetSmart in the Broadway Square at 7727 East Broadway Blvd in Tucson sold for

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$4.04 million ($157 PSF) to an affiliate of Cole Real Estate Investments of Phoenix, Cole PM Tucson AZ, LLC. The 25,651 square-foot building (built 1981) was fully occupied by Pet Smart at time of sale and sold as a net investment.

Cole Real Estate Investments, Inc. (NYSE: COLE) recently announced a definitive agreement to merge with American Realty Capital Properties, Inc. (NASDAQ: ARCP). The merger of the two companies was announced on October 23rd.

PetSmart, Inc. (NASDAQ: PETM) is the largest specialty pet retailer of services and solutions for the lifetime needs of pets, they employ approximately 52,000 associates and operate 1,289 stores and more than 196 in-store PetSmart PetsHotels® dog and cat boarding facilities in the United States, Canada and Puerto Rico. They provide a broad range of pet products and in-store services including pet adoption, boarding, grooming and training. The stores are stocked with more than 10,000 products and they are also a leading online provider of pet supplies and pet care information.

Through their in-store pet adoption partnership with PetSmart Charities they have helped save the lives of more than 5 million pets since 1994. PetSmart Charities, Inc. and PetSmart Charities of Canada, Inc. are independent, nonprofit organizations that save the lives of homeless pets and reduce shelter intake through spay/neuter efforts. In 2012, nearly 450,000 dogs and cats found homes through the organization’s adoption centers in all PetSmart stores and by sponsoring community adoption events. PetSmart Charities is the leader in granting money to help pets in need, with more than $28 million given in 2012 throughout North America.

They operate 196 in-store PetSmart PetHotels, dog and cat boarding facilities. These overnight boarding facilities feature associates who are hand-picked for their love of pets and at least one caregiver is always on the premises 24-hours-a-day. All of our PetSmart PetHotels and some of our additional store locations also offer Doggie Day Camp.

PetSmart Grooming Salons offer a full menu including nail trimming, ear cleaning and teeth brushing. With their PetSmart® Look Great Guarantee You’re Happy or it’s Free, pet parents are guaranteed great looking results or the grooming services are free.

Dogs become more disciplined each year with help from our PetSmart accredited pet training instructors. And with our SmartPet PromiseSM policy, training customers are guaranteed 100 percent satisfaction or they can take the class again for free (see store for details).

Expert veterinarian care is available in more than 60 percent of our stores, where Banfield Pet Hospital, operates full-service pet hospitals. These in-store pet hospitals operate independently of PetSmart® and employ more than 1,000 veterinarians who provide a full range of health care and emergency services. PetSmart® holds a 20.5 percent equity interest in Medical Management International, Inc. (MMI), the operator of Banfield Pet Hospital®.

Russ Hall, SIOR, GSCS and Steve Cohen, Principals and Industrial Specialists with Cushman & Wakefield | Picor of Tucson represented the seller, Redyns Development of Tucson in the transaction. Kyle Darling with Net Leased Advisors of Little Rock, AR represented the buyer.

For more information, Hall should be contacted at (520) 546-2747 and Cohen at (520) 546-2750. Darling can be reached at (512) 410-7755. For more information on PetSmart go to https://www.petsmart.com/.

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