By: Paul Dionne | Vizzda.com
New Entrant to the Phoenix Market Buys Chandler Multifamily
Oregon Pacific Investment & Development Company (OPID)
of Portland, Oregon has completed the acquisition of Pinnacle Creek Apartment
Homes in Chandler for $33.3m. The seller was a joint venture between Essex
Property Trust as successor-by-merger to BRE Properties and Northwestern Mutual
Life—which financed the prior land acquisition and development of the property.
The sale was structured as a 1031 exchange and financed with $22.712m in new
debt with CBRE Multifamily Capital, assigned at origination to Fannie Mae. OPID
tendered the balance of the purchase price as cash.
Thirteen Danny's Family Carwashes Noticed for Trustee Sale
Legal entities formed
by Danny Hendon of Danny’s Family Car Washes were noticed for trustee sale
yesterday on thirteen properties spread across the Valley. These foreclosure
filings come more than four years after Danny’s Family Companies and various
entities entered bankruptcy in March 2010. Trustee sales are scheduled for
September 16th, 2014. Snell & Wilmer is trustee.
Phase II of Riverview Point Sold to Harvard Investments
A 19.55 acre parcel of undeveloped land near the Chicago
Cubs’ new Cactus League facility was sold by Los Angeles-based real estate
investor and developer, Montana Avenue Capital, for $5,798,286 or $6.81 per
square foot. The buyer was Phoenix-based Harvard Investments as represented by
its president, Craig Krumweide. Harvard Investment tendered $2,318,286.50 in
cash and borrowed the balance of $3.48m from Western Alliance Bank.
Stapley Corporate Office Center Sold for $32.5m
The Stapley Corporate Center in Mesa has sold to Buchanan
Street Partners for $32.5m or $180.48 per net rentable square foot. The
all-cash transaction brings Buchanan Street Partners to $85.1m in Phoenix-area acquisitions
in the last ten months, following their
purchase of four office, flex and retail properties for $52.6m in September of
last year. The seller was St. Louis-based real estate developer, The Desco
Group, who originally developed the property. This sale marks Desco’s exit from
the project, having already sold two other properties on site.
The Praedium Group Acquires Adobe Ridge Apartments
New York-based multifamily investor The Praedium Group
acquired the 224 unit Adobe Ridge Apartments in North Phoenix for $26.05m or
$116,294 per unit. The transaction was pursuant to an April 9th,
2014 purchase agreement and lists $9.916m as the cash down payment, though no
new debt was issued in connection with the sale. The sellers were Donovan
Waters of Farnum Properties.