Daily News for Commercial Real Estate & Business – December 16, 2010

To view this weeks "The Watchlist" by Costar, click here.

Chevron USA Sells Oil Terminal, Land for $10.7M Kinder Morgan, Inc. has purchased a 10,000-square-foot oil terminal at 5110 W. Madison St. in Phoenix, AZ, along with 9.69 acres of land at 3865 E. Refinery Way in Tucson, AZ, from Chevron USA, Inc. for approximately $10.7 million. The properties include a terminal with oil storage tanks that the buyer and seller jointly developed. Kinder Morgan owns the oil pipeline that runs from El Paso, TX to Tucson and Phoenix. View article...

Rosemont Revisits Phoenix with $21M Office Buy After a lengthy absence from the market, Rosemont Realty has returned with the acquisition of Catalina Terraces, a 176,800-square-foot office building. The Santa Fe, NM-based investor bought the class A asset from Buchanan Street Partners, paying $20.75 million for the property, which is located at 7878 N. 16th Street. View article...

Heart Rhythm Center opens in Mesa Banner Heart Hospital, 6644 E. Baywood Ave., has established the East Valley's first Heart Rhythm Center, according to a news release. The center diagnoses, treats and educates patients on heart rhythm issues. Physicians also receive special training at the center. View article...

Sushi Eye opens at new location in Ahwatukee Sushi Eye, a popular spot for trendy creations of bite-size raw fish and other types of sushi, celebrates it new location Wednesday in Awahtukee. The new restaurant, a 3,500-square-foot space with a patio, moved from its first location in Tempe to Warner Road, west of Interstate 10. View article...

Houston's bids adieu, Hillstone rises Houston's at The Esplanade, a long-standing haunt for business types and movie-goers, served its last dinner Tuesday night. Beverly Hills, Calif.-based Hillstone Restaurant Group, which opened the Houston's at 2425 E. Camelback Road, opened another restaurant under the Hillstone name at the former Chevy's location, 2650 E. Camelback. View article...

Finally official: Phoenix Coyotes are staying in Glendale The Glendale City Council approved a new lease and subsidy deal for the Phoenix Coyotes hockey team Tuesday night that will keep it in the city for the long-term. View article...

State Land Department may lay off 101 workers The State Land Department may have to lay off 101 of its 115 full-time employees by the end of this month if an Arizona Court of Appeals judge doesn't rule in its favor today. View article...

While Phoenix-area Home Prices Keep Dropping, Commercial Real Estate Has Leveled Off New reports show the Phoenix-area housing market is back on a downward slide, while the commercial real estate market finally seems to have leveled off. The new residential and commercial reports both come from the W. P. Carey School of Business, and the commercial study predicts some positive movement in 2011. View article...

If you want a copy of the latest foreclosure spreadsheet, email me and I will send it to you.

Feel free to contact me regarding any of these stories, the current market, distressed commercial real estate opportunities or your property.

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