The Vizzda Weekly - Greater Phoenix - September 6th, 2016

 

THE VIZZDA WEEKLY

September 6th, 2016

 

Last week in Phoenix, Vizzda tracked $391,036,906 in new commercial transactions including64 sales and 7 new projects. Below are reports for five of those events.

 

LAND

 

 

Land Proposed for Hotel in Chandler Purchased for $1.8M   On August 31st, a joint venture with Statesman Group and HCW Development purchased 2.3 acres of commercial land from Statesman Group for $1,800,000.       (1 of 13 land sales last week)   View Full Report   View PDF Report

 

OFFICE

 

 

Four-Story Office in Phoenix Purchased for $14M     On August 29th, Boyd Watterson Asset Management purchased a 60,142 SF multi-tenant office building from Mark IV Capital for $14,000,000.      (1 of 12 office sales last week)   View Full Report   View PDF Report

 

MULTIFAMILY

 

 

Apartments Near 19th Avenue and Northern Purchased for $19.6M      On August 31st, Daniel Hick purchased a 266 unit, 2-story apartment complex from WLA Investments for $19,600,000 with financing through Berkeley Point Capital for $15,740,000.         (1 of 12 multifamily sales last week)   View Full Report   View PDF Report

 

INDUSTRIAL

 

 

Flex Warehouse in Glendale Purchased for $2M   On August 30th, George Burns purchased a 21,069 SF flex warehouse from Alichia Moore for $2,000,000.       (1 of 13 industrial sales last week)   View Full Report   View PDF Report

 

RETAIL

 

 

Retail Strip in Avondale Purchased for $3.9M    On August 30th, Alan Lee purchased a 12,581 SF retail strip from Lanny Love for $3,900,000 with $1,750,000 down and $2,150,000 in new financing with US Bank. Portions of the property are net-leased to FedEx and Pei Wei.         (1 of 14 retail sales last week)   View Full Report   View PDF 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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Phoenix Vizzda Weekly - Week Ending June 10th, 2016

Keeping You Up-To-Date with Commercial Real Estate Deals in the Phoenix Metro Market
The Vizzda Weekly is Vizzda's complimentary recap of the industry's commercial real estate activity for the previous week in Greater Phoenix. The Vizzda Weekly tells you the total number of sales and projects tracked by Vizzda that week, as well as detailed information on a selected deal or project from each major asset class. Keep in mind, this is just the tip of the iceberg. Vizzda provides in-depth information for all commercial properties in Greater Phoenix, including, Office, Industrial, Retail, Multifamily, Commercial Land, Residential Lots and much more.
For The Week Ending June 10th, 2016 Vizzda reported 69 sale events totaling $326,811,011.00 in transaction value in the Phoenix Metro Market. Vizzda also cataloged 6 Planning & Zoning events.
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What Happened in LAND Last Week? Vizzda reported 14 land sale events in the Phoenix Metro Market.
	Featured Land Sale:  Tempe Land Proposed for Hotel Sold for $1,949,850.00       On 6/6/2016, an entity tracing to John Muriel, Michael Wimbush and Joel Mykleseth acquired this property for $1,949,850 from seller entities tracing to Lucia Maruslak, Gary Travis and John & Kathleen Drexler. The property is 2.81 acres of vacant commercial land with City of Tempe and is zoned GID.    Vizzda Subscribers - click here to access the full report.
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What Happened in OFFICE Last Week? Vizzda reported 11 office sale events in the Phoenix Metro Market.
	Featured Office Sale: Recently Renovated Scottsdale Office Sold for $1.625M       Robert Levine and Jonathan Rosenberg sold this office on 6/8/2016 for $1,625,000 or $190 per SF. The property is one building that was recently renovated in 2015 on 0.57 acres and is zoned C-O.        Vizzda Subscribers- click here to access the full report.
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What Happened in MULTIFAMILY Last Week? Vizzda reported 11 multifamily sale events in the Phoenix Metro Market.
	Featured Multifamily Sale: Town Home Style Apartments in Peoria Purchased for $11.05M   Dean Curtis purchased this property on 6/7/2016 from Investment Builders Inc. for $11.05M, $1.25M down and $1.105M debt with TD Bank as part of a $18M revolving line of credit and $9.945M new debt with Aspen Square.  The property contains 24 two-story town home style residential buildings on 15.71 acres and is zoned PAD.  Vizzda Subscribers - click here to access the full report.
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What Happened in RETAIL Last Week? Vizzda reported 19 retail sale events in the Phoenix Metro Market. Vizzda also cataloged 1 retail Planning and Zoning event.
	Featured Retail Sale: Quiktrip Store in Phoenix Sold for $4.75M On 6/7/2016, Quiktrip purchased this property for $4.75m from Tom Beall, owner of "Elite Electric". Quiktrip had been leasing the site since its construction in 2009. The property is a gas station and convenience market on 1.71 acres and is zoned C-2.    Vizzda Subscribers - click here to access the full report.
Would you like contact information for the new owner? Vizzda has it!
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What Happened in INDUSTRIAL Last Week? Vizzda reported 7 industrial sale events in the Phoenix Metro Market.
	Featured Industrial Sale: Industrial Flex Warehouse in Phoenix Purchased for $2,445,238.00  On 6/6/2016, Ewing Irrigation and Landscape Supply acquired this property from Turner Real Estate investment for $2,445,238. The property consists of one building built in 1989 (renovated 2014) on 1.86 acres and is zoned A-2.  Vizzda Subscribers - click here to access 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.

FireSky Resort & Spa Sells for over $62 Million

Area Map

The 204-room FireSky Resort & Spa at the southeast corner of Scottsdale and Chaparral Roads sold Friday for $62.5 million to Grossman Company Properties. The sale was funded by $55 million new debt with Prime Finance Partners. KHP Capital Partners were the sellers in this transaction.

FireSky Resort & Spa consists of six two-story buildings totaling over 140,000 square feet built in 1968. It features 2 outdoor pools, restaurant, bar, and health-club.

Vizzda subscribers: click here for the full report.

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Contact us for more information.

        
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Scottsdale Plaza Resort Noticed on $65 Million CMBS Loan

Area Map

The 404-room Scottsdale Plaza Resort located at the northwest corner of Scottsdale and Indian Bend Roads was noticed for trustee sale Thursday. The note was originally valued at $65 million when it was recorded in 2006 with Canadian Imperial Bank of Commerce. It was securitized that same year, and in 2015 beneficial interest was assigned to special servicer LNR Partners.

The Scottsdale Plaza Resort stands on 37 acres and consists of sixty-two buildings totaling nearly 360,000 square feet. It includes a restaurant, health club, racquetball club, retail component, and five pools.

Vizzda subscribers: click here for the full report.

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

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Land Purchased for Planned Optima Kierland Project

Images from Staff Report dated 8/6/14

Six and a half acres at the northwest corner of Scottsdale Road and Kierland Boulevard sold to Optima Real Estate on Monday for just over $17 million, or $61 per square foot of land. The Optima Kierland project is planned to be built at this location, consisting of 796-unit multifamily, 234-room hotel, and a 1,444-space three-story underground parking garage. This will replace the 111,200 square foot retail showroom currently occupied by Ladlow's Fine Furniture.

Optima also owns the 1.12 acres directly southwest, which they purchased on June 1st of this year. A construction loan of $29,104,387 with PNC Bank encumbers both properties.

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



        

7 Arizona Hotels Sell as Part of ZMC / Hall Equities Portfolio

The Hampton Inn at Bell Rd & SR-101

California investment company Hall Equities Group purchased a total of 7 Arizona hotels on Friday, totaling 715 rooms with a salesprice of just over $53 million, or $74,162 per room. The hotels are located in Scottsdale, Peoria, and Anthem, and have hotel flags of "Hampton Inn", "Days Inn", "Sleep Inn", and "Holiday Inn".

This acquisition is part of Hall Equities Group's purchase of Minnesota-based ZMC Hotels. The complete portfolio totals 29 hotels in 10 states¹. The entire purchase was funded by a $146.5 million cross-collateralized loan with Bank of America.

1. Source: Hotel Online

For more information on these properties including complete history and contact information, visit us at our website or send us an email. We're happy to hear from you!



        

Development to Begin on Ritz Carlton of Paradise Valley

Ritz Carlton Project Area Map

              (Click here for larger map view)

After a legal dispute in February of 2013, Five Star Development is finally moving forward with the Ritz Carlton Paradise Valley, located at the southwest corner of Scottsdale and Lincoln Roads. A use permit dated June 16^th described the project as hotel, single family, multi-family, and retail development in five areas on 105 acres. Development is expected to begin in winter 2015 with estimated completion in 2020.

The project is planned to include 200 hotel rooms, 80 resort villas, 160 detached single family residences (one-hundred-one 9,300 SF lots and fifty-nine 12,350 SF lots), and a total of 450 multifamily units. Retail component will total 209,000 SF and consist of 15,000 and 27,700 SF restaurants, 130,600 SF of stores, and a 36,400 SF grocery. The plan totals 1,844,650 SF and will reach its maximum height in two 4-story buildings.

Area Table

Previous attempts at development were halted in 2013 due to a legal dispute between Jerry Ayoub of Five Star Development and iStar Financial over a $112,025,000 loan (unpaid principle totaled $71,480,243 at the time). The dispute was settled when Five Star Development forfeited their right to a $13.3 million letter of credit and was required to pay an unspecified amount to iStar. You can read more about this at our previous blog post from 2013.

For more information about the Paradise Valley Ritz Carlton including complete planning and zoning information, find us at www.vizzda.com or contact us at info@vizzda.com.

“Home 2 Suites by Hilton” Planned for Development in Chandler

Dobson & Queen Creek Rd vicinity map

North Central Group has purchased 2.88 acres of land in the Price Road Corridor northwest of the Dobson/Queen Creek intersection for development of a four-story hotel under the flag “Home 2 Suites by Hilton”. The sale was recorded on the 8^th of June with a purchase price of $1,347,953 or $10.75 per square foot. The hotel is part of a planned area development on 33.73 acres called “Continuum at Dobson”. Justin Merritt of SVP and David A Lenz of North Central Group closed the deal.

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