Friday, August 15, 2014

Week in Review - August 15th, 2014

Intravest Sells Climatec Industrial Flex to California Investor

Less than two years after acquiring the Phoenix Headquarters of building technology company Climatec, Mason Cave of Intravest Development has sold the industrial flex property to Pacific Palisades-based investor, Charles Cale. Mr. Cale paid $21.6m for the property or $208.08 per rentable square foot in the all cash sale. In addition to the built industrial flex, Mr. Cale acquired an existing option to purchase 6.65 undeveloped acres adjacent to the north. 

Houston-based appliance retailer Conn's Inc. has sold its Metro Marketplace location to locally-based single-tenant investors, STORE Capital, in a deal valuing the freestanding big box space at $6.78m or $152.80 per square foot. As part of the transaction, Conn's inked a thirty year lease with STORE for the location with three 5-year options to extend and Conn's retains the remainder of the neighborhood shopping center.

One week after selling 536.08 acres in nearby Buckeye for $14.4m, Darrel and Diane Kuiper of Kuiper Dairy have acquired 1230.28 acres of agricultural and vacant residential land in Tonopah in four sequential transactions totaling $12,302,800 or exactly $10,000 per acre. The seller in the all-cash transaction was Barry Becker of Becker Enterprises, who had previously undertaken entitlement action to develop the non-contiguous parcels into two master-planned communities along the I-10.

The Scottsdale Cottonwoods Resort and Suites has a new owner this week and plans have been approved by the Town of Paradise Valley to overhaul the thirty-four year old resort near Scottsdale Road and Lincoln Drive. Philadelphia-based value-added real estate investment firm Lubert-Adler Real Estate Funds paid $10,869,624 for the 171-room resort and an additional $2,130,376 for a vacant five acre parcel adjacent to the southwest for total cash consideration of $13m.

In June, Vizzda reported on Canadian homebuilder, MattamyHomes’ acquisition of 29.2 acres at the southwest corner of Priest Drive andthe Knox Road Extension comprising the Chandler portion of the planned Rhythm subdivision. On Friday, Mattamy closed on the Tempe portion of said subdivision for $8.015m or nearly $450k per acre in a deal that was 50% financed with seller carry debt. Friday’s sale brings Mattamy’s total cost basis for land acquisition to $19,798,389 or $420,973.61 per acre.

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