VIZZDA, May 14, 2012 — The Phoenix Metropolitan Area experienced a high volume of commercial property sales on the Friday before Mother’s Day, with over $182m changing hands in six transactions.
The largest of these transactions was the sale of the Riverside Industrial Center—a mega-warehouse and distribution center of 1,205,821 and 377,180 square feet, the larger of which is currently leased by Amazon.com. Home Depot recently exercised an option to terminate their lease in the smaller of the two buildings. The sale was recorded as two transactions of $105.1m and $26.56m totaling $131.7m. The sellers, Jeffrey Kelter of KT Capital and Jonathan Tratt of Tratt Properties, previously acquired the property as unimproved land January 5, 2006 in two transactions totaling $5.9m. The buyer is Scott Rector of the Black Creek Group of Denver.
Additionally, Scottsdale Gateway Apartments conveyed on Friday for $41m. The 611 unit complex at the northwest corner of Scottsdale and McKellips Roads was built between 1963 and 1972 in two phases of 124 and 486 units on 22.2 acres. Price per door is $67,103. The complex was previously acquired by the seller, John Bezzant of Aimco Apartments, in November of 1997 for $16.2m or $26,513 per door. The buyer is Danny Gabriel of ColRich Multifamily Investments of San Diego. The buyer put $10.875m down, incurred $6.775m new debt with Wells Fargo and assumed $16.8m CMBS debt with US Bank.
Finally, Elianto—2,382.23 net acres of undeveloped land zoned PC, or planned community—sold for $7.4m or $3,097 per acre. The parcel had been planned for three phases of residential development: Phase 1 was to total 1,745 units, Phase II was to total 1,198 units and Phase three remains unplanned. Robert Hummel of California and Sam Stern of Toronto, Canada were the buyers. The property was previously acquired as a Deed In Lieu of Foreclosure accruing to the benefit of Bank Midwest, a subsidiary of Dickenson Financial. The buyers incurred $8.4m new debt with the sale, issued by a consortium of individual investors.