Daily News for Commercial Real Estate & Business – February 23, 2011

Trustee sale date set for San Marcos resort Chandler's historic Crowne Plaza San Marcos Golf Resort is headed for foreclosure March 31, but the real-estate agent hired to market the property said it could sell before then. Operation of the 98-year-old icon was taken over by a court-appointed receiver in October after San Marcos Capital partners defaulted on a $23.9 million loan from Guaranty Bank and Trust Co. View article...

Gestamp Renewables to build steel facility in Surprise Gestamp Renewables will set up shop in Surprise in a new building designed to build steel for large solar projects around the state and the Southwest. View article...

Ellman sees another development era Westgate City Center owner Steve Ellman sees another real estate and development build up in greater Phoenix's future. Ellman recently spoke before the Glendale Chamber of Commerce's State of the City event. View article...

Arrogant Butcher opens at CityScape The much anticipated and much publicized Arrogant Butcher restaurant has opened at CityScape in downtown Phoenix. The Sam Fox-owned American restaurant is the most upscale eatery to open at CityScape. View article...

Caffe Boa chef leaves to start own place Tempe's Caffe Boa Bistro executive chef Payton Curry has left the restaurant to open a new independent eatery expected to launch early this summer in the Arcadia district of Phoenix. View article...

Apollo Management Merging Henry's and Sprouts Farmers Markets Two separated cousins of the natural foods business are planning to re-unite: Henry's Farmers Market and Sprouts Farmers Market. The two companies that were founded by the same family years apart, but which have always operated under separate owners -- are planning to combine forces under the majority ownership and sponsorship of private equity firm Apollo Management LP. View article...

Robb & Stucky files for bankruptcy, puts itself up for sale High-end home furnishings retailer Robb & Stucky Limited LLLP filed for Chapter 11 bankruptcy protection and said it will seek a sale of the company. View article...

Medtronic: Will cut up to 2,000 jobs Medtronic Inc., which employs about 930 people at its Microelectronics Center in Tempe, says it plans to cut its work force by as many as 2,000 people despite posting gains in sales and profits in the third quarter. View article...

Phoenix leads nation in retail job gains Phoenix set the pace as about half of America's major markets added retail-sector jobs during the past year. Fifty-one of the 100 biggest markets had more retail jobs in December 2010 than in the same month a year earlier, according to a review of federal data by Buffalo Business First. View article...

Plan would bring engineering jobs to Gateway airport An engineering company that provides services to reduce aircraft operating costs would move its operations and 230 high-paying jobs to Phoenix-Mesa Gateway Airport under a plan under consideration by the airport's governing board. Able Engineering and Component Services would move its facilities from Phoenix into a 180,000-square-foot warehouse and manufacturing facility that would be built near the south side of the airport if the proposal wins approval. View article...

S&P Case-Shiller Index Posts Another Drop as Home Prices Near Trough Data through December 2010, released Tuesday by Standard & Poor's show that the S&P/Case-Shiller national home price index declined by 3.9 percent quarter-over-quarter during the last three months of 2010. 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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