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.
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