Vizzda Weekly - week ending 1/22/16

Keeping you up-to-date with CRE deals in the Phoenix Metro Market
Team Vizzda would like to present Vizzda Weekly - our complimentary weekly recap of commercial real estate activity in the Phoenix Metro Market. Every Monday we send out Vizzda Weekly with the number of events we reported on and cataloged along with some featured events from the previous week.
Keep in mind, this is just the tip of the iceberg. Vizzda provides in depth information for all commercial properties - Multifamily, Office, Industrial, Retail, Storage, Hospitality, Mobile Home, Senior Facilities, Golf, Hospitals, Land & Lots - in Phoenix Metro Market to our subscribers.
For the week ending January 22, 2016 Last week, Vizzda researched 65 Sales events totaling $278,514,970 in transaction value. We also reported on and cataloged 7 Distressed Property notices and 12 Planning & Zoning events.
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What happened in LAND last week? Vizzda reported on and cataloged 16 Land Sales and 4 Notices for Trustee Sale in the Phoenix Metro Market.
	Featured Land Sale: ±1 Acre Sells for $1.2M in Phoenix Marisol Federal Credit Union purchased ±1 acre of land on 1/20/2016 for $1.2M ($24 per land SF). Seller entity traces to Fountainhead Equity Partners (Art Cunningham III), who had purchased the land earlier that day for $960K ($19 per land SF) from Joseph E. Flanagan & Thomas E. Carmondy. The property consists of commercial land zoned C-2 in the city of Phoenix. The northeast 0.18 acre of property was previously proposed for 12K SF office / restaurant - no action taken at time of proposal.  Vizzda subscribers - please click here for the full report.
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What happened in OFFICE last week? Vizzda reported on and cataloged 12 Office Sales, 1 Notice for Trustee Sale and 1 proposed Office Planning & Zoning event in the Phoenix Metro Market.
	Featured Office Sale: ±8K SF Office Property Is Noticed for Trustee Sale for $1.5M in Scottsdale On 1/20/2016 the 8,230 SF office property was noticed for trustee sale on a $1.5M original debt with John Grissinger. The property consists of one single-story building in a six building condominium complex built 2005 on 1.52 acres, zoned C-O.  Vizzda subscribers - please click here for the full report.
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What happened in MULTIFAMILY last week? Vizzda reported on and cataloged 5 Multifamily Sales in the Phoenix Metro Market.
	Featured Multifamily Sale: Hayden Lane Apartments Sell for $1.15M in Tempe An entity tracing to 2-Tone Development (Allan Thoen) and Larry & Tracy LaPierre purchased the 13-unit apartment complex on 1/15/2016 for $1.15M ($88,461 per unit) with $287,500 down and $862,500 seller-carry debt. The seller traces to Mark Ting of British Columbia. The property consists of three 2-story buildings totaling 11,050 SF built in 1985 on 0.59 acres and zoned R-3. Vizzda subscribers - please click here for the full report.
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What happened in RETAIL last week? Vizzda reported on and cataloged 16 Retail Sales, 2 Notices for Trustee Sale and 5 proposed Retail Planning & Zoning events in the Phoenix Metro Market.
	Featured Retail Sale: ±24K SF Retail Property Sells for $13.8M in Tempe Entities tracing to Cyrus Galen Etemad (58% interest) & Nakissa Candice Etemad (42% interest) purchased the ±24K SF Retail property on 1/20/2016 for $13.8m with $4.85M down and $10.25M debt with Wells Fargo Bank. Sellers trace to Starpoint Commercial (Paul Daneshrad).   Vizzda subscribers - please click here for the full report.
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What happened in INDUSTRIAL last week? Vizzda reported on and cataloged 10 Industrial Sales in the Phoenix Metro Market.
	Featured Industrial Sale: ±180K SF Data Center Sells for $14.8M in Chandler H5 Data Centers purchased the 180K SF Tier III Data Center on 1/19/2015 from NextFort for $14.8M with $10.3M down and $4.5M seller-carry debt. Sale pursuant to H5's acquisition of NextFort earlier that month. The property consists of one single-story building built 2013 & 2014 on 7.25 acres and zoned PAD. Subscribers - please click here for the full report.
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DISCLAIMER: The information contained herein is from sources deemed reliable. We have no reason to doubt its accuracy but do not guarantee it. It is the responsibility of the person viewing this information to independently verify it.

IO and Carter Validus Mission Critical REIT ink $125m Sale-leaseback

By: Paul Dionne | Vizzda

Friday saw the sale of two major data center assets in the Phoenix market, as IO—a modular data and co-location center manufacturer—unloaded IO Phoenix and IO Scottsdale in a sale-leaseback valuing the properties at $125m. Vizzda had previously reported on IO’s acquisition of IO Phoenix—then a vacant bottling facility for the defunct beverage maker Le-Nature—for $73m in April of last year. IO Phoenix was sold for $95m or nearly $180 per square foot, while the smaller IO Scottsdale facility sold for $30m or more than $300 per square foot. Both properties were leased back to IO under terms discussed below and IO monetized its new leasehold interest in the properties under a $250m line of credit with Wells Fargo. Validus Mission Critical REIT is a Kansas City, Missouri based real estate investment trust focused on purpose-built facilities in the tech and healthcare sectors of the economy.

IO Phoenix is a 530,856 ft² data and co-location center located at the southeast corner of SR-143 and Loop 202. It is a 2-story building built in 2005 on 30.4 acres, zoned CP/GCP. There are twenty-two dock doors and four grade doors with a dedicated, on-site utility sub-station. DirectTV is a sub-lessee at the Phoenix location, though lease terms were not disclosed. IO Scottsdale is a 96,300 ft² data center in the Perimeter Center west of the Loop 101 and Pima Road. It too is a two-story building comprised of 23,930 ft² of office space, 28,740 ft² of warehouse and 21,500 ft² each for a clean room and mechanical use. The building was completed in 2000 on a 4.5 acre site, zoned I-1. Scottrade Inc. sub-leases space at the Scottsdale location through February 2019. Both facilities were leased back to IO following the sale for fifteen years with four five-year options to extend and a right of first refusal.

IO previously acquired the Scottsdale facility in 2006 for $13.5m or $140 per square foot. The property was subsequently encumbered under a $24.605m note with Merrill Lynch which was released more than a year prior to maturity. The property was refinanced through Mutual of Omaha to the tune of $25m in 2009, increased to $30m in 2010 and taken out by a $130m line of credit with Bank of America, subsequently increased to $260m. IO Phoenix was developed built-to-suit for Le-Nature by First Industrial Realty Trust and sold to CBRE in 2006 for $88.5m. CBRE sold it’s interest to 36 investors who, following the failure of Le-Nature—sold their interest back to CBRE for a total of $20m and assumption of the outstanding debt. IO had previously leased the space from CBRE with a purchase option through September 1^st, 2014. IO exercised that option on April 30^th, 2013 with the $72m purchase of the facility.

To Contact the Author:

Paul Dionne – pdionne@vizzda.com