Week In Review - August 1st, 2014
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.
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.
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.
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.
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.
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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