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Show TTvY PACE 6 TUESDAY, MARCH 11, 2008 Grace Leong BUSINESS EDITOR Ixjal Indiistiy News & Notes V V V Dow Jones Nasdaq S&P500 Gold Silver Final Final Final 2,169.34 -- 43.15 1,273.37 -- 20.00 Fer ounce $969.90 -- $2.30 Per ounce $19,698 -- $0.46 1 1,740.1 5 -- 153.54 V 344 2910 EXCHANGING V gleong3hera!dextra,com THE DOLLAR Yen Euro Pound Canadian dollar Mexican peso Monday Friday 102.04 $1.5352 $2.0101 1.0024 10.8578 103.09 $1.5335 $2.0173 1.0175 10.8578 Real Estate A JCPenney distribution center in Spanish Fork reopens JCPenney distribution center in Spanish Fork reopened on Monday after roof damage caused the center to close for a month. The Spanish Fork distribution center, which ships merchandise to stores in the western United States includsection of ing nine in Utah, closed on Feb. 11 after a the roof collapsed due to heavy snow and ice accumulation. center leases 400,000 square feet of space at The 4000 E. Highway 6. J.C. Penney has one store in Provo. "No One was injured and we don't have a dollar amount on merchandise losses," said Tim Lyons, senior manager of corporate communications for J.C. Penney Co. "Employees continued to receive pay during the closure." For the past month, the alfected stores nation wide were served by a JCPenney distribution warehouse in Buena Park, Calif. 50-pl- L'""il V.' 50-fo- .'' mf"'' j"r'iili 1 :'t:' v ti '"v- I 50-pl- Technology iMergent to issue cash dividend of 1 1 cents a share software seller, will iMergent Inc., an Orem issue a quarterly cash dividend of 1 cents a share payable on March 28, to shareholders of record on March 20. 7 1 Orem software developer opens satellite offices AtTask Inc., an Orem management software developer, opened two satellite offices in London and Beijing. c The software market is in its early stages of growth and is likely to see explosive uptake over the next three years, said AtTask 's CEO Scott Johnson. "The top project management concerns for Asia Pacific executives heading into 2008 include minimizing risk, bridging the operational maturity gap, adopting international standards to improve the business process, boosting the use of mobile applications while providing multiple-languag- e support in English, Spanish, German, French, Chinese and Japanese," he said. 1,11 Ll .jJ ll'"N ,, ! fl 1: .'4.- - Asia-Pacifi- .p Ir . i " t, a t MARIO The new owners of Alpine Village on Freedom Boulevard in Provo are pushing to fill the retail space ii the mixed-us- e RUIZDaily Herald development. Business picking up at Alpine Village National Briefing wants six more commercial Record oil could push gas to $4 a gallon ' NEW YORK Retail gasoline prices haven't kept pace with the historic rally in the crude-oi- l futures market, but the cost of filling up the gas tank is still on the rise despite the fuel being in plentiful s.upply domestically. The average retail price of a gallon of gasoline rose 9 cents in the past two weeks to stand at $3.19 a gallon for self serve regular, according to the latest Lundberg Survey of 7,000 stations around the nation. Midgrade averaged $3.31 a gallon and premium was $3.42 a gallon, according to fortnightly survey data released over the weekend. On a percentage basis, the increase amounts to a jump of barely 3 percent in the past 14 days, much less than the 9 percent jump in crude futures to Monday's record of $108.21 a barrel. Just about two weeks ago, oil was way down at $98.81 a barrel. Gasoline hasn't kept up for a variety of reasons. U.S. inventories continue to build, and oil's rally has been tied more to the weakness in the dollar and international demands, rather than the frequency with which Americans drive up to the pump. Still, gasoline remains about 25 percent above the y ear-ag- o level of $2.55 a gallon and could continue creeping higher as the U.S. summer driving season draws nearer. In the futures market, April reformulated gasoline rose 1.37 cents to $2,708 a gallon on Monday. of the $1.5 billion U.S. Global InEvan Smith, vestors Global Resource Fund, said gasoline priced at $4 a gallon appears likely in the near future unless a dramatic decline in oil prices takes place. Much of the rise in inventories is due to accumulations of winter-grad- e gasoline in storage, which will get cleared out in March and April, he said. "There's still a structural shortage in some of the blending gasoline," Smith said. components that make summer-grad- e "You combine that with $100 oil, and it looks likely we could have over $4 gasoline." For now, the nation's gasoline market appears to be adequately supplied. Last week, gasoline stocks set a new five year-hig- h for the fifth week in a row, standing 8 percent above year-aglevels with 234 million barrels of the fuel on hand, according to government data. Gasoline production also increased slightly, to 9.042 million barrels a day. o Stocks of local interest performance of selected publicly traded companies Yesterday's Bank of American Fork; Bart Coon, a local developer and Gary Maxwell, president of Gary Maxwell Real Estate DeGrace Leong ; wich shop, a frozen yogurt velopment ir Provo. New Star had acquired shop, a bridal gown maker, a Alpine Village in March 2006 copier shop and several phoCommercial activity is pickfrom James Moyle of Moyle tographers. These businesses could bring up to 50 retail jobs ing up at the Alpine Village, a Enterprises in Provo. Moyle ; mixed-us- e e had owned the BYU student to the area, he said. prop"Freedom Boulevard is an housing project on 1350 N. Freeerty since Jury 2005 after he link through dom Blvd. in Provo comprising bought the land from his foreasy north-sout- h 163 condominium units with mer business partner, Jason .; Provo, and we could cater to the needs of 3,500 BYU 15,500 square feet of retail, resReam, for $4 million. The project was completed taurants and sporting amenities. students from other nearby at a cost of around $38 million, student housing communities Sayres Brickhouse Deli, a some $5 million more than within one block of the projsandwich and ice cream shop owned by Stephen Pughe of ect," Heal said. The project, initially projected because of a sharp run-u- p in the costs of bordered by Paul Ream AvOrem, a former Subway sandenue and Freedom Boulevard, wich franchisee in Wyoming, building materials including also includes a club house, a will open on June 1, said Tom lumber, steel and concrete, in recent years, Moyle said. Heal of Tom Heal Sperry Van gym and a swimming pool. Construction of the first, Ness Commercial Real Es"There was a bit of a bump after the credit crunch last tate in Provo. In the past two phase of Alpine Village, which fall. But our local economy is months, both Suncrest Jewelcomprised 90 units, was comstill strong and the commerers and Deseret First Credit pleted in September 2007, while the second phase, which comUnion opened at the site of the cial sector is quite active even former "Ream's Turtle," which though the residential market prised 73 units, was completed has slowed down and lending was demolished in February just two months ago. About 161 units are sold, 43 of which are 2006 to make way for the requirements have tightened. mixed-us- e owned by Alpine's principals inMost of our commercial tenproject. ants are self funded. They have cluding Moyle. The remainder Heal is leasing the property were sold to investors, and all on behalf of Jim Oliphant, an capital to do their own startup units are available for leasing without having to get loans." Oregon investor who bought at an average rate of $380 a comthe Oliphant, who also owns ofmonth this year. The 163 fice space at 200 N. Freedom mercial property from Alpine condominium units Village's principals in fall 2007 Blvd. in Provo, acquired Alpine for an undisclosed sum. occupy about 171,000 square Village's commercial space feet from the second through Heal hopes to find six more from New Star Properties, fourth floors of the project. The a partnership that includes tenants over the next three Thone Hepler, former regional units sold for between $225,000 to four months and is now in talks with a hair salon, a Mexi- president for Zions Bank; Dave and $254,000. Maxwell said the Freedom can restaurant, a second sand Hatton, a former banker with Developer tenants for BYU student housing project 4.2-acr- -- SYM COMPANY LAST CHANGE ALCOA INC 3564 ABSY ABSOLUTESKY ABX BARRICK GOLD AEP AMER ELECTRIC POW AIG AMER INTL AM0 ADV MICRO SVM COMPANY MU MICRON Anne D'lnnocenzio MYGN Myriad Genetics, INC 0.04 CP 49 05 1.37 NATR NATURES 40.29 0.35 NETM 41.95 0.93 N0VL NetMarage, Novell Inc. GROUP DEVICES AMGN Arngenlnc BK Of AMERICA BAC CP ASSET TECHNOLOGY Inc. 641 0.47 34.78 1.34 SUNSHINE 8.36 0.04 Inc. 3.66 0.05 6.18 0.01 17.14 0.14 .88 0.13 6.16 0.33 NUS NU SKIN ENT INC 44 68 0.50 NWN NORTHWEST 35.31 1.43 0MTR Omniture. 27.54 0.81 PCG PG&E CP 42.55 1.16 Q QWEST 21.33 0.55 RZ BASER TECHNOLOGIES 19.69 U2 SCOXQ SCOGROUPINC NAT GAS Inc. 41 19.50 0.75 37.41 0.44 4.94 0.20 8.25 0.18 0.17 0.00 BAM BR0OKFIELD BLL BALL BMY BRISTOL MYERS SQIBB C CITIGROUP CMCSK Comcast Corporation Costco Wholesale Corp. 19.11 0.30 SHLO Sears Holdings 91.00 1.36 COST 60i5 0.02 Sll SMITH INTL INC 59.45 2 CVX CHEVRON CORP 84 73 0.53 SKYW SkyWestlnc 21.39 0.39 CP INC C0MM INTL Corp. 00 DAL DELTA AIR UNESNEW 11.98 0.91 SNTO SENTOCORP 0091 0.00 DS WALT 3046 0.30 STR QUESTARCP 55.31 0.80 DNEX Donex Corporation 70.27 0.06 SY SYBASE INC 25 J5 008 ERIC LM 1975 0.10 T AT&T 34.65 0.36 ETC ENTERGY 0.70 TGT TARGET CP 5U3 0.77 FC FRANKLIN COVEY CO TRV THE TRAVELERS CO 46.26 GE GEN ELECTRIC 22 25 037 033 HRB H HSIC HeniySchmlnc IBM IBM INK Intel Corporation JBLU JCP JetBlue Airways Corp. PENNEY J C CO 1WN NORDSTROM 32 81 LEE LEE R Ericsson Telephone CP 104 CO BLOCK INC 78 INC ENTERPRISES INC 31.70 0.53 UDR UDRINC 17.53 0.17 UNH UNITEDHEALTH USB US BANCORP 0.07 USEG U.S. 20.12 0.15 4.71 40.42 114.01 45.07 0.14 30.59 0.29 0.24 USNA 3.52 Energy Corp. USANA Health Sciences 27.46 0.30 UTMD Utah Medical Products 30.00 021 VZ VERIZON COMMUN 34.37 0.71 WB WACHOVIA CP 26.19 103 WEN WENDY5 INTL INC 23.54 0.17 0.22 GROUP 1.51 9 79 058 006 021 12 07 0.12 WFC WELLS FARGO & CO 27.89 68 WMT WAL MART STORES 48 85 1.05 WNI SCHIFF NUTRIT INTL 6.114 0.02 IUV SOUTHWEST MCK MCKESSONt'OKP 55.72 1 MER ML CO CMN STK 4284 2.35 MER MERRILL LYNCH X UNITED STATES STEEL MMSI Mem Medkal Systems 14.41 Murosoft Corporation 2805 0 69 XEL XCEL ENERGY INC 19 65 0 07 0.18 7J0N Zions Bancoiporation 45.00 0.00 MSFT AKLINES 0 LH -- ..,lf . ASSOCIATED I i; M PRESS LAST CHANGE 096 000 103.60 5 67 , it square feet and 1,500 square feet, are for sale for between $250,000 and $310,000. The remaining 46 units were sold to its investors and are available for lease. Developed by Astle & Co. and Gary Maxwell Development, the project will have LC secured underground parking, a clubhouse, and play areas for children. Both Astle and Maxwell are also developing Huntington Downtown, a 42- - unit townhome and condominium project at 520 S. 500 East in Salt Lake City. That project is expected to be completed by June. Maxwell is also partnering with Moyle to develop Crystal Springs, a light industrial property in 47,000-square-fo- Springville. Construction on 25 warehouse suites and 600 storage units will begin this summer. Mall vacancies rise as industry retrenches THE AA e ' 4.2-ac- Boulevard location is ideal for student housing a mixed-usproject especially since BYU stopped approving student housing outside of a designated area around its campus last year. BYU officials say the area stretches from 2230 North down to Center Street on the south end, and from 500 West to 1450 East. Separately, The Huntington, townhome and con-- , a dominium project at 170 W. u 200 South in downtown Provo is now completed. But only 16 units, varying between 1,045 The signs that smaller retailers are struggling are unavoidable at malls across America: "Going out of business" sales at many Wilsons Leather stores. "Up to 70 percent off" at KB Toys. At the Paradise Valley Mall in Phoenix, the space once occupied by Bombay Co., the furniture chain that went bankrupt last year, is empty. Wilsons just finished liquidating its inventory. KB Toys. AnnTaylor and American Eagle feature bold posters advertising steep discounts. "I don't think it brings much business when all these stores are closed," said Michelle Green, a sales clerk at Fred Meyer Jewelers. Around the country, mall centers are starting to feel the recoil from a rapid expansion in recent years that allowed retailers to aim stores at almost every niche, from shoppers who wanted Talbots clothes for their children to those who craved Bombay's little wood tables. Now, consumers who are closing their wallets amid once-sizzlin- g rJM" f ( 'H it " 5 NICK UTAssoclated Press ruptcy of catalog retailer Lillian Vernon Corp., marks the beginning of a wave of retail bankruptcies that's expected to go well beyond the home furnishings stores hurt by the housing malaise. "This is economic Darwinism," said Dan Ansell, a partner at Greenberg Traurig LLP and chairman of its real estate operations division. "Those retailers and businesses that have a product that is desired by consumers will survive, and those who do not will not." Unless the economy dramatically improves, Ansell believes retail bankruptcies this year could reach the highest . level since the 1991 recession. More closings could leave bankruptcy protection last month and plans to shutter nearly gaping holes in the nation's retail centers, which have alhalf of its 184 stores. ready seen average vacancy rates creep up to between 7 lor Stores Corp., Talbots Inc. rising gasoline prices and a percent and 8 percent from and Pacific Sunwear of Califor- 5 percent over the last six housing slump are forcing months, according to data specialty retailers to pare back nia Inc. have closed hundreds their brands. While still healthy of stores so far this year. Gadfrom NAI Global, a commeroverall, mall centers in areas get seller Sharper Image Corp. cial real estate services firm. filed for bankruptcy protection hardest hit by the housing David Solomon, president like Paradise Val- last month and plans to shutter and CEO of ReStore, NAI downturn are suffering the most Global's retail division, expects ley nearly half of its 184 stores. That retrenchment, along store shutdowns. the vacancy rate could hit 10 Retailers including AnnTay with the Chapter 11 bank percent by the end of the year. Pedestrians walk by a Sharper Image store in Beverly Hills, Calif., on Feb. 27. Gadget seller Sharper Image Corp. filed for |