Bell 28 Office Park Sells for Nearly $12 Million

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The 111,052 square foot Bell 28 Office Park near the southwest corner of Bell Road and the I-17 sold Wednesday for a price of $11,745,000 or $106 per square foot. The purchase was funded by a $7 million loan with CitiBank. The property consists of two single-story buildings built 1999 with five current tenants. The buyer in this sale is located in British Columbia, while the seller is from Minnesota.

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



        

Store Capital Purchases Portfolio of Three “Dos Gringos” Restaurant Locations

Scottsdale investment company Store Capital is now the owner of three “Dos Gringos” locations. Subject properties total 12,431 square feet and were purchased for a total salesprice of $4,709,703 or $379 per square foot. The restaurants are located in Chandler, Tempe, and Scottsdale. The sale is secured by a master loan agreement with CitiBank. Value of the trust estate covered by the Deed of Trust is $1,368,668. The Mesa "Dos Gringos" is the only location not included in this sale.

For more information including complete property history and buyer/seller contacts visit us at www.vizzda.com or email us at info@vizzda.com.

Conn's Executes Sale-Leaseback at Metro Marketplace

By: Paul Dionne | Vizzda

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, which they acquired from Brixmor--then an affiliate of Blackstone Group--in September of 2013 for $6.1m or $24.16 per square foot.

The 44,370 square foot freestanding building was built in 1988 on roughly 2.98 acres, zoned C-2 in an 243,786 square foot shopping center on 18.54 gross acres at the northwest corner of I-17 and Dunlap Road in Phoenix. As mentioned above, the prior sale included not only the current asset changing hands, but also another 43,469 square foot anchor space, a 19,527 square foot sub anchor, 136,375 square feet of inline, including the inline space adjacent to the subject parcel to the north, which did not convey, and two pads totaling 8,697 square feet.

The shopping center was previously acquired by Brixmor pursuant to the $6.2b acquisition of Excel Realty Trust by Centro properties in late July 2007. In mid 2011, Brixmor was acquired by private equity fund Blackstone Group for $9b, with transfer of the subject asset made by quit-claim in early July 2011. Following the quit-claim, Blackstone encumbered this property and several others under a $1b note comprised of two $450m notes with German American Capital Corporation and $100m with Barclays. Those notes were assigned to US Bank and securitized in August of 2012 with a 4.16% interest rate. As noted above, Conn's acquired the shopping center for $6.1m in an all cash sale, releasing the prior CMBS debt, and STORE acquired Conn's big box space this week in a deal that was 100% financed by Citibank.

To Contact the Author:
Paul Dionne - pdionne@vizzda.com

The Sonora Canyon Apartments sell for $30m

 Vizzda – July 16, 2013 – The Sonora Canyon Apartments were sold Monday to Lone Star Funds for $30.0m or $ 77,320 per door. The apartments had been owned by Orix Real Estate Capital. Scott Cronister chief operating officer of Orix and Marc Lipshy vice president of Lone Star closed the deal. Lone Star financed the deal with a $494,262,293 acquisition loan funded by Citibank & Royal Bank of Canada maturing July 8, 2015.

The Sonora Canyon Apartments are located south of the southeast corner of Gilbert Road and University Drive  at 265 N Gilbert Rd in Mesa.  This 388-unit 2-story apartment complex totals 33 buildings and was built in 1984 on 15.80 acres zoned RM-4. Sonora Canyon features a mix of eight different unit styles with 224 one-bedroom and 164 two-bedroom apartments totaling 312,880 rentable square feet. The apartments are individually metered for electricity.

 Mercury Investments of Duluth previously acquired these apartments from a Capital Associates joint venture on August 21, 2000 for $16.875m or $43,492 per door with $14.428m debt with First Union Bank. Mercury Investments sold to Security Properties of Seattle on September 21, 2005 for $22.15m or $57,087 per door with $22.15m debt with GMAC Commercial Mortgage. Security Properties sold to Orix Real Estate Capital on January 17, 2007 for $33.3m or $85,824 per door with no debt. 

Edward Moore
Director of Research

www.vizzda.com

Weidner Buys The La Palma Apartments in North Phoenix

VIZZDA –WLA Investments of Newport Beach, Ca, represented by its president Paul C Belden, sold the 548-door complex to Weidner Apartments for $30,140,000 or $55,000/door, and $20,000,000 new debt with Citibank.

The 548-door apartment complex is loated at 220 W Bell Rd or East of the Northeastern corner of 7^th ave and Bell rd. It consists of 52, 2&3 story buildings (totaling 189,284 SF) built 1984 on 23.32 acres zoned R-3A. Unit mix is as follows:

The property was previously acquired September 30^th, 2005 for $32,000,000 or $58,394/door ($500,000 down) and $26,000,000 new debt through two notes ($23m & $3m) with GMAC Commercial. $14,025,000 new debt April 23^rd, 2010 with Berkadia, having a 4.85% interest rate and 5/1/2043 maturity date.

By:

Daniel Alpers

Director of Planning and Municipal Solutions

Vizzda

Baron Properties Buys The San Ventura Apartments

VIZZDA—July 20^th, 2012 – Danny Gabriel of Colrich was signatory to the sale of the San Ventura Apartments, a 272-unit apartment complex at 3600 W Ray Rd, Chandler which was purchased by J Jeffrey Riggs of Baron Properties, for $29,650,000 or $109k per door on July 19^th, 2012. Baron Properties put $9,260,000 down, secured a $3,278,500 Freddie Mac Multifamily Loan originating with Holliday Fenoglio & Fowler (HFF), and assumed an existing $17.18M loan (5.08% A.P.R. fixed, maturing April 1^st, 2018) originated by HFF as an FHLMC loan March 3^rd 2011 and assigned to Citibank September 16^th, 2011.   

The 2-story apartment complex consists of 34 buildings built in 1995 on 14.67 acres. The apartments’ exterior was renovated in 2006 and Colrich has been renovating the apartments’ interiors as they have turned over. The individually-metered complex features a unit mix of 104 1Br/1Ba (921 ft²), 144 2Br/2Ba (1,173 ft²) and 24 3Br/2Ba (1,442 ft²). The community is 94% occupied.

The apartments were acquired by Colrich on May 10^th, 2007 for $40.7M with $10.2M down and $30.5M debt with Capmark Finance; per affidavit of value, $2.035M of the sale price was for the furnishings.  The Capmark debt was modified September 18^th, 2008 by splitting it into two notes: note A $19.32M & note B $11.18M. Colrich then took on $19.45M debt March 23^rd, 2009 with California Bank & Trust in two notes: note A $17.225M & note B $2.225M. Colrich used the proceeds to  pay off the Capmark Note A debt on March 23^rd, 2009 and the remaining debt on April 23^rd, 2009. 

On March 1^st, 2010 Colrich transferred the ownership of the San Ventura apartments to a second Colrich-owned entity recording a sale price of $20.475M with $3.39M down and the assumption of the California Bank & Trust notes. With this assumption, however, Zions First National Bank now holds Note B ($2.225M) and must be paid off first. On March 3^rd, 2011 . Holliday Fenoglio Fowler originated a $17.18M FHLMC loan (fixed 5.07% rate, maturing April 1st, 2018) which was securitized (CMBS) and to be serviced by HFF.  This debt was assigned to Citibank September 16th, 2011 and assumed by Baron Properties in the current sale.

By:

Ed Moore

Research Analyst

emoore@vizzda.com