The Vizzda Weekly - Phoenix - March 6th, 2017

 

THE VIZZDA WEEKLY

March 6th, 2017

 

 

Last week in Phoenix, Vizzda tracked $345,634,205 in commercial real estate transactions

including 74 sales and 12 new projects. Below are Vizzda's top reports of the week. 

 

 

 

 

PLANNING & ZONING 

 

 

New Subdivision of 537 Lots Coming to Buckeye     The Buckeye Planning and Zoning Commission introduced a preliminary plat for a 537-lot residential subdivision on ±139 acres in Buckeye.   (1 of 12 planning & zoning events last week)   Vizzda Subscribers - Click Here to View Full Report

 

LAND

 

 

Monolith Development Buys Land Proposed for Self Storage   2.38 acres of Ahwautukee land sold on February 24th to Monolith Development. The land is proposed for a ±105,000 square feet self storage facility with a conjoined basement level.                   (1 of 13 land sales last week)   Vizzda Subscribers - Click Here to View Full Report

 

OFFICE

 

 

Three-Story Office on Camelback Road Sells for $24,650,000      Lincoln Property Company purchased the 3-story office at 2777 E Camelback Road for $24.65 million on March 2nd from DRA Advisors.              (1 of 18 office sales last week)   Vizzda Subscribers - Click Here to View Full Report

 

MULTIFAMILY

 

 

Tempe Student Housing Sells for over $53 Million   The 225-unit student housing property Regents on University sold to Oxford Properties / Preferred Apartment Communities for $53,325,000 with $1 million down. Sale was funded by a $300 million line of credit with Keybank.   (1 of 13 multifamily sales last week)   Vizzda Subscribers - Click Here to View Full Report

 

INDUSTRIAL

 

 

95,000 Square Foot Distribution Warehouse Sells for over $7 Million   Cohen Asset Management sold the ±95,000 square foot warehouse at 2021 E Jones Ave to local company S & M Moving Systems for $7,068,932, financed with cross-collateralized note with Ameritas Life Insurance Corp.                     (1 of 14 industrial sales last week)    Vizzda Subscribers - Click Here to View Full Report

 

RETAIL

 

 

Casa Grande Shopping Center Anchor Sells for nearly $4.5 Million     California-based investor Amir Fateh Amirian purchased the 23,500 square foot co anchor of the Casa Grande Shopping Center on February 21st. Hinkson Company sold the property for $4,450,000, and the sale was funded by $500k debt with US Bank.               (1 of 16 retail sales last week)   Vizzda Subscribers - Click Here to View Full Report

Royal Palms Resort Sells to Hyatt Hotels for Over $88 Million

Area Map

Hyatt Hotels Corporation purchased the 119-unit Royal Palms Resort and Spa yesterday for $88.25 million from Los Angeles-based Lowe Enterprises. The total salesprice corresponds to nearly $742,000 per unit.

The Royal Palms Resort was built in 1996 on nine acres near the southeast corner of Arcadia Drive and Camelback Road and includes a pool, restaurants, fitness center, and spa.

Vizzda subscribers: click here for the full report.

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Macerich Submits Application to Rezone Scottsdale Fashion Square

Area Map

A rezoning application was submitted to the Scottsdale Planning Commission last Monday to allow for redevelopment of Scottsdale Fashion Square. Macerich's plans for the property consist of increasing the maximum allowing building height to 150 feet and the square footage to over three and a quarter million, including dwelling units. They hope to transform the mall into a development that includes shopping, an event area, movie theaters, hotels, and offices all in one place.

Relocation of the Desert Stages Theater to the previously occupied Harkins Fashion Square 7 would also be part of this project, as well as development of a new 14-screen Harkins megaplex theater.

Scottsdale Fashion Square currently consists of nearly 2.5 million square feet of retail and office on 67 acres at the northeast corner of Scottsdale and Camelback Roads. It currently attracts over 12 million visitors annually, employs 3,500 people, and is one of the ten most profitable malls in the United States.

Vizzda subscribers: click here for the full report.

Would you like documents and contacts for this project? Vizzda has it!

Contact us for more information.

        
Sponsored by:
 

Hotel Indigo Sells for $17.6 Million in Bank Sale

Area Map

The Hotel Indigo in Old Town Scottsdale sold Monday to Triyar Companies for $17.6 million or $140,000 per room. Resource Capital Corporation funded the sale with a $14.3 million note. The property was sold in a bank sale from AEW Capital, who had acquired the property via deed-in-lieu in 2011.

Totaling 126 rooms in one five-story building, the Indigo Hotel was built 1995 and renovated in 2007. It is located east of the Scottsdale and Camelback Road intersection, and is currently closed for business.

Vizzda subscribers: click here for the full report.

Would you like complete debt information, history, and contacts? Vizzda has it!

Contact us for more information.

        
Sponsored by:
 

Biltmore Financial Center Sells for Over $163 Million

Area Map

The 658,982 square-foot Biltmore Financial Center at the northwest corner of 24th Street and Camelback Road sold yesterday for a total of $163,100,000, or $247.50 per square foot. ViaWest Group and AllianceBernstein U.S. Real Estate Partners are the new owners of the property.

The Biltmore Financial Center consists of three buildings of eleven, six, and four stories built in 1988. It also includes ±2 acres of park, an on-site gym, and underground parking structures.

For more information on this property including complete history and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!



        

Alliance Residential Purchases Approved Mixed-Use Project in Old Town Scottsdale

VIZZDA -- 10/21/2013 -- Alliance Residential has purchased the fully entitled 2-part mixed-use project planned for Old Town Scottsdale titled Industry West and Industry East. The project totals 3.96 net acres, collectively traded for $18.5m or $107.27 per square foot of land, and is planned for 344,132 square feet of mixed-use development featuring 316 residential units. Bank of America has financed a $47.45m construction line of credit for the two sites. The seller was a joint partnership between Steven & Shawn Yari of Triyar Company (70% interest) and Scott Solomon of Pan Am Equities based out of New York City (30% interest).

The western building is to be 150,430 square feet on 1.74 acres, made up of 133 residential units, 1,659 square feet of ground floor retail. -- The eastern building will be 193,702 square feet on 2.22 acres, with 183 residential units and 1,815 square feet of ground floor retail.

On October 3^rd of this year, the City of Scottsdale approved the project that will be built upon 2 separate blocks in Old Town on the North side of Stetson Drive, divided by N Civic Center Plaza. Having mirrored architectural character, both buildings will also be 5 stories above street level, having 4 stories of residential above ground floor retail. On the interior of both sites will be sub-level 2-story parking garages.

The project site is located at 7350 E Stetson Dr (west) and 7426 E Stetson Dr (east), or just south of the intersection of 75^th Street and Camelback Road. Both properties have existing improvements. On the western site rests a 35,239 square foot vacant medical office building. The east lot is currently occupied by 56,487 square feet of office, and a sub-grade 2-story parking garage that is to be incorporated in the new project. 

Daniel Alpers

Director of Civic & Municipal Projects
Vizzda.com