Friday, August 1, 2014

Week In Review - August 1st, 2014

Meredith Corp. Gets Midtown Office in $407.5m Gannett Divestiture

As part of the sale, Meredith acquired the office complex that serves as the headquarters for both of the Phoenix stations for $9,878,335 or $110.58 per square foot in an all cash deal. The two 2-and-3-story buildings total 89,335 ft2 and are located at the northeast corner of 7th Avenue and Missouri Avenue. The buildings were built in 1974 and 1982 on a 4.67 acre site zoned C-2 and P-1. 

Eight-Figure Apartments: Elliot Crossing Sells for $22.25m

Elliot Crossing Apartments was acquired by Bridge Investment Group Partners for $22.25m or $90,080 per unit. Bridge Investment Group Partners paid $5.563m in cash for the property and secured $16.687m in new agency debt with KeyBank Real Estate Capital, assigned to Freddie Mac at origination. The seller, Omaha, Nebraska-based Slosburg Real Property, acquired the property from Sentinel Realty Advisors on March 12th, 2010 for $11.85m or $47,975 per unit—53.25% of the current sales price.

Taylor Morrison Buys Trovita Norte Phase I for ~$7.8m

After more than a year in escrow, Taylor Morrison has closed on Phase I of Trovita Norte—a recently-platted subdivision at the southeast corner of Brown Road and Val Vista Drive in Mesa—for $7,797,492 or $4.90 per square foot. Today’s all-cash purchase was pursuant to a March 28th, 2013 purchase and sale agreement between Taylor Morrison and the seller, Michael B White, which also secures a purchase option on Phase II to the benefit of Taylor Morrison. The sale price equates to $139,240 per planned lot or $1,392 per planned front foot.

PB Bell Acquires Multifamily Portfolio from Chinese Investor for $168.5m

David Liu—an American citizen of Chinese descent based in Beijing and Los Angeles—through his company, Standard Portfolios, has completed the sale of seven apartment complexes totaling 2,749 units for $168.5m or $61,073 per unit. The buyer was a joint venture formed by Phoenix-based multifamily investor PB Bell and New York-based private equity firm Stonecutter Capital Management. Based on the aggregate 2007 sale price of $133.1m and the current sale price of $168.5m, Mr. Liu earned a 26.6% absolute rate of return on his investment, net of holding costs and operational proceeds.

One Day after $165.8m Portfolio Sale: $75m in Sales and a $60m Notice

Before the ink was dry on PB Bell’s acquisition of seven multifamily assets from the Bethany Kingdom I portfolio, an additional 775 units in two assets were sold for a combined $75.5m and a third, 856-unit asset was noticed for trustee sale on a $59.4m outstanding debt. The assets in question are the 360-unit Verrano Townhomes which sold for $49m, the 415-unit Colonnade Apartments which sold for $25.5m and the Saratoga Ridge Apartments, which were noticed for trustee sale by an affiliate of AIG Life Insurance Company.

Evergreen Devco Sells Goodyear Centerpointe Improvements for $44.5m

Alexander Haagen III of Haagen Co. paid $44.5m for the improvements in the Goodyear Centerpointe power center in a deal valuing the 324,068 ft2 of built retail property at $137.32 per square foot. The seller was the original developer and ground lessee for Goodyear Centerpointe, Evergreen Development Company. Haagen tendered $15.6m in cash for the buildings and secured an additional $28.9m in financing with RGA Reinsurance which matures in August of 2034. 

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