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Commercial Real Estate & Business News – June 23, 2014

A limited partnership formed by Optimus US Real Estate Fund in Calgary, Alberta, Canada, (Arthur Wong, CEO) paid $19 million ($125,000 per unit) to buy 152 units within The Allison condominium project at 14145 N. 92nd Street in Scottsdale. The seller was Holualoa Allison LLC, a company formed by Holualoa Arizona Inc. in Tucson…Read more
The Zona Hotel and Suites in Scottsdale was sold yesterday for $52m or $120,650 per key in an all cash deal that included $7.28m in furniture, fixtures and equipment. The buyer was Kissimmee, Florida-based hotel operator Orange Lake Resorts, which is strategically allied with International Hotel Group – parent company for Holiday Inn… Read more
PHOENIX – Colony American Homes has priced its second securitization. The single-family rental pass-through certificates secured by 3,727 homes carry a duration-weighted blended interest rate of LIBOR plus 164 basis points. The company expects to realize $558.5 million in proceeds when the transaction closes at the end of the month… Read more
Spades of gold symbolically speared earth in Chandler on June 18 at the groundbreaking ceremony at Ocotillo for the first Village Health Club and Spa in the East Valley. Located at 4200 S. Alma School Road, the 82,000-square-foot facility is scheduled to open in April 2015. DMB Associates Inc. founding partner Bennett Dorrance said the new club will employ more than 200 part-time and full-time employees… Read more
The predictions of rental softening may be premature. After a strong first quarter from the REITs, Axiometrics reported that apartment occupancy hit 95 percent for first time since the Dallas-based research firm backing tracking the market six years ago. In addition, May’s rent growth of 3.7 percent also marked an all-time high. Here is more national data from the release… Read more