Friday, June 27, 2014

Week in Review - June 27th, 2014

Partially Complete Neighborhood Shopping Center Sold for $11,172,825

South Mountain Crossing—a 130,200 ft2 partially-complete neighborhood shopping center at the northwest corner of Southern and 35th Avenues in Phoenix—was acquired by Lamar Companies of Fairfield, Connecticut. The seller was RN Properties South Mountain, LLC, a single-purpose entity comprised of Arte Moreno, Joe Fitzgerald, James Shough and Bill Beverage.

HSL Ventures Buys Station on Central for $53m

On the heels of last week’s $65m sale of ParcLand Crossing in Chandler, Tucson-based apartment investor HSL Properties has acquired The Station on Central for $53m or nearly $130k per unit. The sellers were a joint venture out of Colorado comprised of Scott Fisher of Baron Properties and J. James Riggs of Mountain West Industrial Properties

FedEx Ground Terminal in Tempe Sold to American Realty Capital

Daniel Haug of American Realty Capital has completed the acquisition of FedEx Ground’s Tempe Terminal for $16.05m or $110 per square foot in an all cash deal. FedEx has less than six months remaining on the firm term of their lease, though said lease stipulates to two 5-year options to extend FedEx’s interest in the property. The seller was North Carolina-based Levine Properties.

Shea Homes Closes on Trilogy West in Vistancia

Tom Tait Jr. of Tait Development sold roughly 160 acres of vacant land northwest of Vistancia Boulevard and Jomax Roads in Peoria on Tuesday for $14,065,412 or slightly less than $90k per acre. The buyer was Shea Homes, represented by its Vice President, Jeff Hinkle. Tuesday’s purchase price is a nominal improvement over the per acre price paid for the 60-acre Phase 1, which Shea picked up for $4.8m or $80k per acre.

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