Monday, March 27, 2017

The Vizzda Weekly - Phoenix - March 27th, 2017

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THE VIZZDA WEEKLY
March 27th, 2017
 
 
Last week in Phoenix, Vizzda tracked $162,039,201 in commercial real estate transactions
including 53 sales and 7 new projects. Below are Vizzda's top reports of the week. 
 
 
 
 
PLANNING & ZONING 
 
 
Spotlight
Final Plat Introduced for Layton Lakes Village Commercial Development in Chandler   
 
The Chandler City Council introduced a Final Plat last Thursday for the commercial development Layton Lakes Village, as part of the Layton Lakes master planned community.
 
(1 of 7 planning & zoning events last week)
 
LAND
 
 
Spotlight
66 Lots of Ritz-Carlton Parcel B Sell for $45 Million
 
Shea Homes acquired 66 platted and engineered lots of Ritz-Carlton Parcel B residential development, which totals 23.85 acres with typical lot dimensions of 80' x 125'.
                 
(1 of 13 land sales last week)
 
 
 
OFFICE
 
 
Spotlight
Unit 4 of Sonoran Corporate Center in Scottsdale Transacts for over $5 Million
    
Cass Construction purchased this 2-story office building for $5,525,000 funded by $3.45 million in new debt with Standard Insurance Company.
            
(1 of 12 office sales last week)
 
 
 
MULTIFAMILY
 
 
Spotlight
505 West Apartments in Tempe Purchased for over $37 Million
 
Aragon Holdings purchased this 334-unit apartment complex for $37.25 million last Tuesday from FPA Multifamily, funded by $26.8 million debt with NorthMarq Capital.
 
(1 of 13 multifamily sales last week)
 
 
INDUSTRIAL
 
 
Spotlight
Parkside Lane Warehouse Sells for over $2 Million
 
The 15,700 square foot warehouse at 2215 W Parkside Ln in Phoenix sold for $2,191,000 to local investor Dennis Schroeder. This single-tenant building was built in 2005 on 1 acre.
                   
(1 of 13 industrial sales last week)
 
 
RETAIL
 
 
Spotlight
Long Beach Investor Purchases Walgreens on Main Street in Mesa
   
Ronaldo J Bennett of Long Beach, California purchased the freestanding Walgreens retail at 2024 W Main Street in Mesa for over $5.6 million. Seller traces to Weissberg Corp.
             
(1 of 3 retail sales last week)

Monday, March 20, 2017

The Vizzda Weekly - Phoenix - March 20th, 2017

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THE VIZZDA WEEKLY
March 20th, 2017
 
 
Last week in Phoenix, Vizzda tracked $199,554,762 in commercial real estate transactions
including 58 sales and 18 new projects. Below are Vizzda's top reports of the week. 
 
 
 
 
PLANNING & ZONING 
 
 
Spotlight
Hotel Addition Proposed for CopperWynd Resort & Club in Fountain Hills  
 
The Fountain Hills Town Council introduced a Development Agreement on March 16th which includes proposed redeveleopment with a 300-room hotel, conference facility, restaurant, and other uses.
 
(1 of 18 planning & zoning events last week)
 
LAND
 
 
Spotlight
Dollar Self Storage Buys Land Proposed for New Peoria Facility
 
For $1.9 million, Dollar Self Storage purchased 4.5 acres near the northwest corner of Lake Pleasant Parkway and Pinnacle Peak Road. The site is proposed for a 901-unit storage facility.
                 
(1 of 15 land sales last week)
 
 
 
OFFICE
 
 
Spotlight
±10,000 Square Foot Scottsdale Medical Office Purchased by Cave Creek Investor
    
The medical offices at 2255 N Scottsdale Road sold on March 10th for $3.9 million. The property was built 1988 at the southeast corner of Scottsdale Road and Oak Street.
            
(1 of 7 office sales last week)
 
 
 
MULTIFAMILY
 
 
Spotlight
Terrace Park Apartments in Phoenix Sell for $14,250,000
 
Canada-based investors Western Wealth Capital purchased the Terrace Park Apartments Thursday for $14.25 million, funded by a Freddie Mac loan of $10.7 million.
 
(1 of 13 multifamily sales last week)
 
 
INDUSTRIAL
 
 
Spotlight
21,938 Square Feet of Industrial Flex Sells for over $2 Million
 
An investor from Wisconsin purchased Lot 7 of University Industrial Park in Tempe for just over $2 million. The property totals over 20,000 square feet and was built in 1983.
                   
(1 of 11 industrial sales last week)
 
 
RETAIL
 
 
Spotlight
Local Investor Pays over $4 Million for New Raising Cane's Restaurant
   
A Paradise Valley investor purchased the new Raising Cane's near Bell Road and 12th St from developer Evergreen Development Company for $4,105,000.
             
(1 of 13 retail sales last week)

Monday, March 13, 2017

The Vizzda Weekly - Phoenix - March 13th, 2017

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THE VIZZDA WEEKLY
March 13th, 2017
 
 
Last week in Phoenix, Vizzda tracked $94,025,656 in commercial real estate transactions
including 42 sales and 7 new projects. Below are Vizzda's top reports of the week. 
 
 
 
 
PLANNING & ZONING 
 
 
Spotlight
1,260-Lot Marbella Ranch Proposed Near El Mirage and Northern Avenue   
 
A variance request was introduced to the Maricopa County Board of Supervisors for a 1,260-lot single family residential subdivision on 359.5 acres of unincorporated land near El Mirage and Northern Avenue.
 
(1 of 7 planning & zoning events last week)
 
LAND
 
 
Spotlight
15 Acres Proposed for Vedura Plaza Del Rio Sells for $4 Million
 
Vedura Residential purchased 15 acres in Peoria proposed for the Vedura Plaza Del Rio 100-unit apartment complex.
                 
(1 of 10 land sales last week)
 
 
 
OFFICE
 
 
Spotlight
Surprise Medical Plaza Sells for $8.7 Million
    
Florida-based International Rail Partners purchased this 34,000 square foot, two-story medical office on 3/9.
            
(1 of 7 office sales last week)
 
 
 
MULTIFAMILY
 
 
Spotlight
54-Unit Parkside Apartments in Avondale Sell to A Plus Management
 
A Plus Management purchased this apartment complex for $3.75 million on 3/8 from Robert & Mary Myers of California.
 
(1 of 3 multifamily sales last week)
 
 
INDUSTRIAL
 
 
Spotlight
Riverpoint Building IV Sells to Michigan-Based Investor
 
West Second Street Associates purchased the over 93,000-square foot warehouse Riverpoint Building IV on 3/7 for $8,767,500 from LNR Partners.
                   
(1 of 11 industrial sales last week)
 
 
RETAIL
 
 
Spotlight
Canada-Based Investors Purchase Convenience Center near Deer Valley Airport
   
Canada-based Hopewell Development Company purchased the 33,550 square foot Flight Center convenience retail property at 615 W Deer Valley Road for $4.5 million.
             
(1 of 11 retail sales last week)

Friday, March 10, 2017

Block 23 Development Coming to Downtown Phoenix

Image via Google Earth

Block 23, the Phoenix City Block bounded by 1
st through 2nd Streets and Jefferson through Washington Streets, is to be developed into a new mixed-use project.
On March 1st, a partnership between RED Development and Street Lights Residential acquired ground-leasehold interest in the property and signed a new 50 year development leasehold agreement. Alongside the transaction an updated Disposition and Redevelopment Agreement was filed that outlined the minimum improvements required and incentives received.
Per the agreement the developer is to deliver a mixed use high-rise with approximately three hundred (300) residential units, one hundred fifty thousand (150,000) square feet of office space, fifty thousand (50,000) square feet of commercial space, thirty five thousand (35,000) of which is designated for grocery, one thousand (1,000) above and below grade parking stalls, and associated street-scape improvements. They will have 36 months from commencement of construction to complete development.
The Developer will receive $2.5M upon commencement of construction and an amount not to exceed $14M over 25 years. Commencement of construction is defined in the contracts as receiving a demolition permit.
The current space is occupied by a four story underground parking garage and, reportedly, a bomb shelter. Barron Collier held demolition permit for property prior to transaction. Vizzda cannot verify whether or not this permit has changed hands to Developer as part of transaction. If this has happened would trigger the 36 month construction timeline and $2.5M payment by City of Phoenix. However, demolition and construction cannot begin until after the NCAA Final Four events downtown.
Blog written by William Shepler.

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