Vacant West Phoenix Distribution Center Sold for $27.97m
Steve Layton of LBA Realty and Doug Barkdull of Buzz Oates Enterprises closed the sale of a nearly 700k ft2 vacant distribution center near 75th Avenue and Lower Buckeye Road in Phoenix for $27.97 or $41.00 per square foot. This is the second highest price paid for an industrial asset on an absolute basis, surpassed only by the acquisition of Continuum Business and Technology Campus in Chandler for $51.75m in late February.
Mark Taylor and Kitchell Sell Chandler Apartments for $65m
A joint-venture between developers Mark-Taylor and Kitchell has completed the sale of the ParcLand Crossing apartment complex in Chandler for $65m or nearly $170k per door. The joint venture was formed in 2011 when an entity formed by Mark-Taylor and an affiliate of Kitchell Development Company acquired the parcel as raw land for $4.25m from Kitchell proper.
Mattamy Acquires Chandler Portion of Rhythm Subdivision
Canadian homebuilder Mattamy Homes has purchased a 29.2015-acre site near the I-10 and Warner Road in Chandler from an affiliate of the Church of Jesus Christ of Latter Day Saints for $11,783,389 or $9.26 per square foot. Mattamy put half of the purchase price down—$5,891,694—and secured the remainder under a seller carry deed of trust. The purchase price implies a price per acre of $403,519 or per planned lot of $43,005.
North Scottsdale Resort Sold for $52m
Sunstone acquired the property for $34m with $13.6m down and $22.4m new debt with Capmark, comprised of a $20.4m “A” note and a $2m “B” note with sale. The $52m sales price represents an unlevered return of 52.9% or 15.5% annualized, a levered return of 282% or 80.6% annualized and a cash-on-cash return or 117.6% or 33.6% annualized—ignoring operational proceeds and costs.
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