Crow Holdings Acquires Camelback Center for $19.75m

By: Paul Dionne | Vizzda.com

The neighborhood shopping center at the northeast corner of Camelback Road and 16^th Street in Phoenix has new ownership after M. Kevin Bryant of Crow Holdings closed on the Camelback Center for $19.75m or roughly $600 per square foot. Crow Holdings paid cash for the property. This sale tops Hannay Realty Advisors’ $12.2m acquisition of the Camelback East Shops in February of this year for nearly $500 per square foot. 

 

The 32,963 ft² shopping center is comprised of 19,400 ft² of inline retail space demised into eleven suites as well as a free standing CVS Pharmacy totaling roughly 13,800 ft². The property is shadow anchored by a Total Wine and More which does not convey with the current sale. The center was built in 2003 on 3.85 acres, zoned C-2 and has about 150 parking spaces for a paring ratio of 4.55 spaces per 1,000 ft².

The developer of the site acquired title to 7.48 acres of existing retail space for $5.211m and redeveloped from the ground up. The portion being sold today was previously acquired by D Gordon Driesbach in July of 2005 for $18.4m with $10.65m in new debt with Principal Commercial Funding, maturing August 1^st, 2015. That note was later securitized under a Bear Stearns CMBS vehicle. Major tenants include the aforementioned CVS, Chipotle Mexican Grill and Massage Envy

Angelo Gordon & Co. Sell Anchor Centre to KBS Capital Advisors

By: Paul Dionne | Vizzda.com

Anchor Centre, the 337,450 ft² office plaza with ground floor retail at the southeast corner of Camelback Road and 22^nd Street, has sold for $85.1m or more than $250 per square foot. The buyer—Charles Schreiber Jr. of KBS Capital advisors—paid $39.1m in cash for the property and financed the remainder of the purchase price with $53.2m in new debt with US Bank. 

The plaza is comprised of two buildings: the 6-story west tower, totaling 200,576 ft² and the 4-story east tower, totaling 136,874 ft². They were built between 1983 and 1985 on 7.07 acres of C-2 zoning in the Camelback Corridor. Major office tenants include Humana, Northwestern Mutual, First American Title Company, First International Bank & Trust and USI Pilcher; the retail space is occupied by The Gladly and City Market Deli & Catering.

Angelo Gordon & Co.—a privately-held alternative investment advisor specializing in distressed situations in the commercial real estate space—previously acquired the property in November of 2010 for $52m or $154.10 per square foot. While that purchase was all cash, Angelo Gordon & Co placed $35m in debt secured by the property in four notes in April of 2011. The current purchase price represents a 63.6% unlevered rate of return and a 177.05% rate of return when the above mentioned refinancing is considered. 

Historic Camelback Corridor Shopping Center Sold for $12.2m

VIZZDA—February 1^st, 2014 — Camelback East Shops—home to Tarbell’s, Tomaso’s Italian Restaurant and Sportsman’s Liquor, among many other Biltmore-area staples—has been acquired by Hannay Realty Advisors for $12.2m or nearly $500 per square foot. The 25,150 square foot neighborhood shopping center is located at the southeast corner of 32^nd Street and Camelback Road; it features a 9,427 square foot anchor space occupied by Van’s Pro Shop, as well as two inline portions of 8,199 and 7,524 square feet, built between 1957 and 1969.

Hannay paid $6.1m in cash for the property and financed the remainder through a $6.1m deed of trust with Nationwide Life Insurance Company, maturing February 1^st, 2019. Wetta Ventures, which represented the selling group, states in promotional materials for the property that net operating income is $689,289 for an effective cap rate of 5.64% cap and average annual rental escalations equate to roughly 2.5%. Said selling group includes the son of the original developer—who acquired the land on which shopping center was constructed when 32^nd Street was the eastern terminus of Camelback Road.

By:

Paul Dionne

Director of Analytics

Vizzda.com

Major Camelback Corridor Office Building Sold for $12m

VIZZDA—September 26^th, 2013 — 3333 E Camelback Road has sold to Fenway Properties for $12m or roughly $130 per square foot. The 92,348 ft² multi-tenant office building is comprised of two contiguous 2-story buildings built in 1986 on 4.97 acres. The property features 350 parking spaces for a parking ratio of 3.79 per 1,000 square feet and is EnergyStar rated.

The sellers, Robert and James Noffsinger of Noffsinger Manufacturing Company, Inc. acquired the property in April of 2000 for $11.225m or $121.55 per square foot. They paid $4.125m in cash and encumbered the property with $7.1m in new debt with Bank of America. The Noffsingers were able to refinance this note on August 14^th, 2003 with National Life Insurance Company.

Fenway paid $2.93m and secured an additional $9.07m in new debt with A10 Capital for a loan-to-value of 75.3%. Major tenants in the building include Summit Builders, The ConAm Group of Companies, Northmarq Capital and AmWINS Group, Inc. For information on this any other commercial real estate transaction or distress in Maricopa County, log on to Vizzda.com or contact Kris Thompson at (480) 383-9310 to schedule a demonstration.

By:

Paul Dionne

Director of Analytics

Vizzda.com