VIZZDA – November 20th, 2013 – The long-standing
Twin Palms Hotel at 225 E Apache Blvd in Tempe has been purchased by Chicago-based
AJ Capital Partners for $5,884,245. Mr. Fred Anthon of Missouri, owner of Crown
Packaging, sold the property after owning the property for eighteen years.
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| Twin Palms Hotel - 225 E Apache Blvd |
Located just South of Arizona State University’s Gammage
Auditorium on the southwest corner of Apache Boulevard & College Avenue,
Twin Palms is a 7-story hotel built 1975 with 140 rooms. The 2.41-acre parcel
includes a freestanding restaurant leased to International House of Pancakes (IHOP
#1510) dating back to 1968. There are also a number of telecommunication leases
on the site.
AJ Capital financed the purchase with $6.75M debt loaned by
Spectrum Life Insurance Co. Mr. Ben Weprin founded AJ Capital Partners in 2008, with the
“A” & “J” standing for Adventurous Journeys. Their prestigious portfolio
spans Auberge Resorts, Isle De France in St. Barths, to the re-development of
Chicago’s Athletic Association. City of Tempe planners indicated no new
entitlement cases for the site.
By:
Hadden Schifman
Managing Director
Vizzda.com
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