VIZZDA--November 20th, 2013 -- An entity controlled by North Carolina-based multi-family developer Crescent Communities paid $9.25m--nearly $75 per square foot--for Phase III A of Scottsdale Quarter. The seller, Glimcher Realty Trust, will retain a minority stake in the acquiring entity. The site is planned for The Residences at Scottsdale Quarter--a 275-unit luxury apartment complex that will feature two 6-story towers with roughly 22k square feet of ground-floor retail, an elevated resort-style pool and below-grade parking. The complex will be comprised of 43 studio, 175 one-bedroom and 57 two-bedroom apartments totaling 263,049 net rentable square feet.
Glimcher previously acquired fee interest in Phase III--an 8.95-acre graded parcel along the eastern span of Scottsdale Quarter--on October 15th, 2010 in three concurrent transactions for total consideration of $25.45m or about $65 per square foot. This transaction was a buy-out of the majority tenant-in-common interest, a joint-venture between The Wolff Company and ACC Homes, and in addition to assuming the existing $12.5m senior debt with Washington Trust Bank, Glimcher placed another $3.5m in debt on the property with its former majority shareholder.
Starwood Hotels, a tenant in the office portion of Scottsdale Quarter, placed a right of first refusal with respect to hotel development on the property commencing February 9th, 2011 and expiring February 29th, 2027 with two 5-year options to extend. Following release of the junior note on November 7th, 2011, US Bank issued $15m in new debt on the property in early December 2011. The new Crescent/Glimcher venture secured $45.525m in new construction debt with Regions Bank comprised of a $43.625m multi-family development note and an $1.9m retail development note.
By:
Paul Dionne
Director of Analytics
Vizzda.com
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