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Commercial Real Estate & Business News – September 6, 2013

Phoenix ranks as the one of the most transient cities in the U.S., according to new survey by United Van Lines. The moving company looked at the top markets that Americans are moving to and from this summer – the prime moving season in the U.S… Read more
Colony American Homes, which buys and manages single-family homes for rent, has closed on a $500 million credit facility with JP Morgan. The facility also offers an accordion feature allowing CAH to increase it to $1 billion… Read more
A vacant commercial land parcel abutting the south side of Scottsdale Airpark’s runway sold for $5.78M to an entity formed by renowned Arizona architect Bing Hu and his wife Wenchin Shi. The parcel totals 9.54 gross or 8.56 net acres and is zoned I-1. The site was previously planned in 2007 for an 85K SF office/hangar development, the plans for which are referenced here. Larry Miller – who had previously assembled the land in on January 3rd, 2005 for $10,102,500 or $24.31 per ft2 – was the seller… Read more
Metro North Corporate Park recently signed the following two new Leases at their 13450 N. Black Canyon Highway facility in Phoenix, Arizona… Read more
The ORION Multifamily Group of Orion Investment Real Estate is pleased to announce the closing of the 70-unit, San Simeon Condominiums for $3,465,000 ($49,500 per unit). The property was originally built in 1963 and rebuilt in 2012. The seller, San Simeon Apartment Partners, LLC, purchased the property in 2011 for $700,000 ($10,000 per unit) from a lender who had foreclosed on the property and in 2012 completely rebuilt the property… Read more