Commercial Real Estate & Business News – June 9, 2015

Host Hotels Pays $400M for Scottsdale Resort

Bethesda-based Host Hotels & Resorts has acquired the Phoenician, a 643-room resort in Scottsdale, Arizona, for $400 million. The Phoenician sits on 300-acres at the base of Camelback Mountain. The AAA Five-Diamond property includes nine restaurants and bars, 83,500 square feet of meeting space, a 27-hole golf course, seven swimming pools and a 25,000-square-foot spa and fitness center… Read more »

Canadian Investor Strikes Again . . . Pays $41.65 Million for 330 Apartments in Scottsdale

EGW Ancala Investment LP in Vancouver, B.C., Canada paid $41.65 million ($126,212 per unit) to acquire the 330-unit Broadstone Ancala apartments at 11545 N. Frank Lloyd Wright Boulevard in Scottsdale. The seller was Broadstone Scottsdale LLC, formed by Alliance Residential… Read more »

YAM Properties Adds to Holdings…Spends $32.5 Million to Buy Harkins Retail Plaza

A company formed by YAM Properties LLC in Scottsdale paid $32.5 million ($277.72 per foot) to acquire a retail plaza located along the north side of Shea Boulevard and just east of Scottsdale Road that is anchored by a Harkins Theater. The seller was a company formed by Karlin Real Estate… Read more »

Lennar Multifamily Moves Forward With 395-Unit Complex East of ASU

Lennar Multifamily assembled 6.7 acres at the intersection of Dorsey Lane and Apache Boulevard in Tempe to build a 395-unit apartment complex. ?The Hayden at Dorsey Station? will total 600,000 square feet, with a podium-style ground floor parking and retail, and floorplans of one, two, and three bedrooms. The project shares an intersection with the Dorsey Lane light rail stop. Two respective properties, a 101-unit two-story hotel and a 78-unit two-story multifamily of ten buildings, currently occupy on the proposed project footprint – all to be demolished. Lennar purchased these properties for a combined value of $11,475,000 or $1,712,687 per acre… Read more »

Ignore the Rankings; Phoenix is Plenty Business-Friendly

Every year, various analysts and publications compile lists of the best places to do business in the United States. Arizona usually ranks somewhere in the middle. Phoenix landed at 59 in a recent report by ranking the 100 most business-friendly cities in the country… Read more »