"City North Phase 2" Noticed on over $50 Million in Debt

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Ninety-three acres of commercial land platted for City North Phase 2 were noticed for trustee sale last week. The trustor - an entity controlled by Gray Development - encumbered the property with the $50,713,000 loan in May 2013 with Ganymede Investments as beneficiary. The land is currently subject to ground lease from the Arizona State Land Department, with an expiration date near the end of the century.

City North Phase 2 is located near the 56th Street exit of the 101, just east of Desert Ridge Marketplace in north Phoenix. The auction is set for mid-April at the offices of the trustee.

Vizzda subscribers: click here for the full report.

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YAM Properties Purchases Leasehold Interest in Scottsdale 101 Shopping Center

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YAM Properties purchased lessee interest in the ground-leased Scottsdale 101 shopping center for $81 million on Monday in a cash-only transaction. The ground lease, established in 1999, is held by Arizona State Land Department. Seller traces to AEW Capital, who previously purchased interest in the asset in 2006 for over $117 million.

Scottsdale 101 offers nearly 600,000 square feet of retail on 68 acres at the southwest corner of Scottsdale Road and the 101 in north Scottsdale. Tenants include: "Harkins Theatres", "Sports Authority", "Bed Bath & Beyond", and "Babies R Us"'.

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Vizzda Weekly - week ending 10/2/15

Keeping you up-to-date with CRE deals in the Phoenix metro area
Team Vizzda would like to present Vizzda Weekly - our complimentary weekly recap of commercial real estate activity in Maricopa County. 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 Maricopa County to our subscribers. ***VIZZDA NOW COVERS PINAL COUNTY*** Team Vizzda is pleased to announce the addition of Pinal County data to our exclusive information service. Please contact Karyn MacVean at (480) 924-2000 orkmacvean@vizzda.com for pricing and assistance.
For the week ending October 2, 2015 Last week, Vizzda researched 59 Sales events totaling $470,805,186 in transaction value. We also reported on and cataloged 2 Distressed Property notices, 28 Debt Recordings and3 Planning & Zoning events.
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What happened in LAND last week? Vizzda reported on and cataloged 11 Land Sales, 2 Notices for Trustee Sale and 1 Debt Recording in Maricopa County.
	Featured Land Sale: 2.75 Acres sells for $2.1M in Avondale QuikTrip Corporation (QT) purchased 2.75 acres land on 9/29/2015 in two sales totaling $2.1M: The western 2.5 acres purchased from Parkway Bank & Trust for $1.8M; the eastern 0.7 acres purchased from Hamid Ertefai for $390K. No new debt recorded with either sale. In a subsequent quit-claim, these land properties were transferred to single related QuikTrip entity. Vizzda subscribers - please click here for the full report.
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What happened in OFFICE last week? Vizzda reported on and cataloged 9 Office Sales, and 4 Debt Recordings in Maricopa County.
	Featured Office Sale: Palo Verde Cancer Center sells for $8.8M in Glendale On 9/28/2015, Sante Partners & PDC Capital Group acquired the 130K SF medical office plaza, built in 2008, for $8.8M from Select Healthcare Solutions with $2.7M down & $6.1M in new debt in 2 notes; $4.8M with Inca Capital and $1.3M in seller-carried debt. Vizzda subscribers - please click here for the full report.
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What happened in MULTIFAMILY last week? Vizzda reported on and cataloged 14 Multifamily Sales and 13 Debt Recordings in Maricopa County.
	Featured Multifamily Sale: Revival on 40th sells for $3.6M in Phoenix John Trubilla acquired the 70 unit 3-story multifamily property built in 1982 from Cal DeSouza of ReNue Properties on 10/1/2015 for $3.6M with $1M down & $2.5M in new debt with Opus Bank (10/1/2025 Maturity Date). DeSouza / ReNUE sold three apartment complexes that day totaling 195 units for a total of $11.01M. Vizzda subscribers - please click here for the full report.
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What happened in RETAIL last week? Vizzda reported on and cataloged 9 Retail Sales, 1 Notice for Trustee Sale, 7 Debt Recordings and 1 proposed Retail Planning & Zoning event in Maricopa County.
	Featured Retail Sale: McDonald's Ground Lease sells for $1.8M in Mesa Orsett Properties sold the landlord interest in this ground-leased 4K SF retail property to the California entity "3568 Veteran LLC" on 9/28/2015 for $1.83M. Buyer entity traces to California real estate agents Ronald & Elsie Wynn. Net leased to "McDonalds" with lease commencing 11/15/13 for 20 years with eight 5-year options to extend, the property is part of a neighborhood shopping center with "Bashas" anchor. Vizzda subscribers - please click here for the full report.
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What happened in INDUSTRIAL last week? Vizzda reported on and cataloged 12 Industrial Sales, 1 Notice for Trustee Sale, 3 Debt Recordings and 1 proposed Industrial Planning & Zoning event in Maricopa County.
	Featured Industrial Sale: 57K SF Cold Storage/LightManufacturing space sells for $3.6M in Phoenix The H. J. Heinz Company sold 57K SF Cold Storage Warehouse / Light Manufacturing property to the Boyer Company on 9/30/2015 for $3.6M . Points of contact for each of the parties involved are available on the full report. 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.

Papago Marketplace Sells for $12.5 Million amidst Renovations

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Last Friday Lee Mashburn and Baltimore-based Timothy Gisriel of Alex Brown Realty purchased the Papago Marketplace neighborhood center at the southwest corner of Scottsdale and McDowell Roads for $12.5 million. The property is currently under renovation to expand site area to nearly 512,000 square feet, or 120,000 improved gross square feet. Alterations will include partial demolition of 29,000 square feet of existing structures. Buyers were assigned the ground lease recorded in 1961 with the Malouf family.

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



        

Evergreen Devco Sells Goodyear Centerpointe Improvements for $44.5m

By: Paul Dionne | Vizzda 

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. Marketing materials provided by the seller indicate an 8.25% capitalization rate at the listed price of $44.75m, implying a capitalization rate for this deal of 8.296%.

The Goodyear Centerpointe power center is located at the northeast corner of I-10 and McDowell Road in Goodyear. The 303,391 net rentable square foot complex includes three single-tenant pads, three freestanding multi-tenant spaces, an anchor with attendant inline portion demised into nine spaces and two unbuilt outparcels. The improvements were completed in 2008 and sit on a 31.54 acre site that is master ground leased to Evergreen Development Company by Cardinal Capital for 99 years, commencing in 2006. Per the previously mentioned marketing materials, the power center is 98% occupied with a stable mix of credit tenants, including: 

• Toys R Us: 64k ft² for ten years with eight 5-year renewals commenced May 2007
•  BevMo: 15k ft² for ten years with two 5-year renewals commenced May 2007
• Texas Roadhouse: ten years with three 5-year renewals commencing January 2015
• Red Lobster: ten years with three 5-year renewals commenced September 2007 
• Olive Garden: ten years with three 5-year renewals commenced September 2007
• Conn’s Appliances: commenced June 2013 
• Sport Chalet: commenced January 2012
• Paradise Bakery: commenced October 2007 
• Party City: commenced March 2008

Evergreen entered into the ground lease with Cardinal Capital for the 31.54 acres that comprise Goodyear Centerpointe in two leases: the eastern 15.54 acres for 78 years and the western 16 acres for 77 years, both commencing January 9^th, 2002. In 2006, both ground leases were amended to extend the term to 99 years and Evergreen encumbered the property with $37.9m in new debt with Comerica Bank. In June of last year, Evergreen was loaned an additional $23,812,500 against the property by Compass Bank, increased by $3.1m to $26,912,500 in November of that year. There is a 10% escalation to the base rent on the ground lease in 2016 and an additional 10% increase every ten years thereafter for the remaining 89 years of term. 

To Contact the Author:

Paul Dionne - pdionne@vizzda.com

The Hilton Tapatio Cliffs Resort Sells at CMBS Bank Sale

VIZZDA -- December 12th, 2012 -- The Pointe Hilton Tapatio Cliffs Resort in North Phoenix was purchased by Boxer Properties through a $23m bank sale from C-III Capital as special servicer for Bank of America CMBS. Assumption of a 65 year ground lease concluding in 2053 was disclosed with sale.

The resort totals 584 rooms in twenty-eight buildings, and features an eighteen-hole, par seventy-one golf course. The site consists of approximately 230 acres zoned RH, or resort district, south of the southeast corner of Seventh Street and Thunderbird rd.

The property was previously acquired by Highland Hospitality March 17th, 2006 for $76m and assumption of a 65 year ground lease that originated July 12, 1998. $55,250,000 new debt was issued on the property August 29th, 2006 with Well Fargo Bank, care of MERS, and maturing September 1st, 2036. The loan note was securitized and assigned on October 13th, 2008 to C-III Capital as special servicer for Bank of America CMBS. Notice of trustees sale was given on the CMBS note August 24th, 2010 and the property reverted at trustees auction to CMBS beneficiary for $51,000,000 credit bid amount. 

By:

Daniel Alpers

Director of Planning and Municipal Projects

Vizzda.com