The Vizzda Weekly - Greater Phoenix - August 22nd, 2016

 

THE VIZZDA WEEKLY

August 22nd, 2016

 

Last week in Phoenix, Vizzda tracked $389,410,327 in commercial transactions including 45 sales and 14 new projects. Below are reports for five of those events.

 

LAND

 

 

Commercial Land in Litchfield Park Purchased for $2.45M   On August 17th, Richard Ehret purchased the 1.05 acre property from Stephen Stine for $2.45M.    (1 of 8 land sales last week)   View Full Report   View PDF Report

 

OFFICE

 

 

Medical Office Condo in Phoenix Purchased for $743K    On August 16th, Nicholas & Danielle Cicogna purchased this 5,733 medical office condo from Sabrina Dhanjal and Karun Gaba with funding of $696K originated through SeaCoast Commerce Bank.    (1 of 7 office sales last week)   View Full Report   View PDF Report

 

MULTIFAMILY

 

 

130-Unit Apartment Complex in Phoenix Purchased for $5.85M     On August 18th, Caliber West Development purchased the 2.27 acre apartment complex for $5.85M.      (1 of 9 multifamily sales last week)   View Full Report   View PDF Report

 

INDUSTRIAL

 

 

Industrial Flex in Scottsdale Purchased for $5M   On August 17th, Glassir Capital Partners purchased the 3.5 acre property from CW Capital for $5M with $4.375 in funding with Enterprise Bank & Trust.     (1 of 5 industrial sales last week)   View Full Report   View PDF Report

 

RETAIL

 

 

Scottsdale Waterfront Retail Condos Purchased for $52M   On August 17th, Weingarten Realty purchased six retail condos and one office condo in Scottsdale totaling 94,052 SF from Metzler Realty Advisors for $52M.       (1 of 16 retail sales last week)   View Full Report   View PDF Report

Vizzda Weekly - week ending 9/18/15

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 September 18, 2015 Last week, Vizzda researched 46 Sales events totaling $200,811,173 in transaction value. We also reported on and cataloged 2 Distressed Property notices, 23 Debt Recordings and 34 Planning & Zoning events.
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What happened in LAND last week? Vizzda reported on and cataloged 22 Land Sales, 1 Notice for Trustee Sale and 5 Debt Recordings in Maricopa County.
	Featured Land Sale: 4.4 Acres Planned for Self Storage sells for $1.6M in Gilbert Public Storage purchased ±4.44 acres of commercial land planned for a 5 building self storage facility totaling ±102K SF on 9/15/2015 from Gary D. Davidson & Michael McQuaid for $1.6M with no new debt recorded with sale. Vizzda subscribers - please click here for the full report.
Would you like contact info for the buyer or seller? Vizzda has it!
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What happened in OFFICE last week? Vizzda reported on and cataloged 8 Office Sales, 6 Debt Recordings and 3 proposed Office Planning & Zoning events in Maricopa County.
	Featured Office Sale: Office Property sells for $2M in Scottsdale Gebran A. Gebran of US Egg acquired the 19K SF office property built in 1958 from Tom Frenkle of Clayton Companies on 9/15/2015 for $2M, all down. Option to purchase granted to seller (Frenkel) with undisclosed terms. Vizzda subscribers - please click here for the full report.
Would you like the purchase history for this property? Vizzda has it!
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What happened in MULTIFAMILY last week? Vizzda reported on and cataloged 2 Multifamily Sales, 2 Debt Recordings and 4 proposed Multifamily Planning & Zoning events in Maricopa County.
	Featured Multifamily Sale: Former Senior Care Facility sells for $1.395M in Mesa Soba Recovery Centers (Gregory Hannley & Jennifer O'Hara) purchased the 7-unit care facility built in 1997 on 9/16/15 from Scott R. Goldberg for $1.395M with $140K down and $1.2M seller-carry debt. Soba Recovery Centers is the current tenant of the ±5K SF single story building. Vizzda subscribers - please click here for the full report.
Did you need the unit mix for this property? Vizzda has it!
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What happened in RETAIL last week? Vizzda reported on and cataloged 7 Retail Sales, 4 Debt Recordings and 8 proposed Retail Planning & Zoning events in Maricopa County.
	Featured Retail Sale: Retail Strip sells for $600K in West Phoenix Nevada investor Bikramjit Nanar purchased the ±4K SF retail property built in 2005 on 9/14/2015 from Walter L. & Susan L. Trace for $600K with $204K down & two seller-carry notes for $295K and $100K. This $600K purchase price & broker-reported NOI of $51,997 translate to a CAP rate of 8.7% for this deal. Vizzda subscribers - please click here for the full report.
Would you like the contact info for the new owner? Vizzda has it!
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What happened in INDUSTRIAL last week? Vizzda reported on and cataloged 6 Industrial Sales, 1 Notice for Trustee Sale, 4 Debt Recordings and 3 proposed Industrial Planning & Zoning events in Maricopa County.
	Featured Industrial Sale: 41K SF Industrial Flex property sells for $3.6M in Gilbert Charles Walton, Wade & JD Stooks and Kevin Van Hazel, et al., acquired the ±41K SF single tenant industrial flex building built in 2005 on 9/16/2015 from Bell Steel for $3.6M with $384K down and $4.5M in new debt with Bank of the West in 2 notes; $3M & $1.5M. Vizzda subscribers - please click here for the full report.
Would you like additional property information? Vizzda has it!
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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.

Vizzda Planning & Zoning Week In Review July 20 - 24, 2015

Here is a brief look at a three of the newest Planning and Zoning cases in Maricopa County for the week of July 20th - 24th:

Gallery: This project is an eighteen-unit town home project located northwest of the northwest corner of Scottsdale and Thomas Roads (7107 E Earll Drive in Scottsdale). The vacant 1.2 acre site currently owned by William Lund will be developed for eighteen detached three story town homes with first floor two car garages. The case, which will require a Minor General Plan Amendment and Rezoning, was submitted to the City of Scottsdale Planning Department on July 16th, 2015. It is currently in the review process, and no hearing dates have been set at this time.

Tegava Unit 2.1: Phase 2 of the 856.5 acre master planned community formerly known as Vista Verde was given approval by the Maricopa County Board of Supervisors on July 22nd. The Board of Supervisors approved the Final Plat for 168 single family residential lots on 57 acres. Shea Homes is the owner and developer of the property located on the northeast corner of 172nd Street and Rio Verde Drive.

Cornwell on Quail Ave: A rezoning case for the development of a 69,000 SF industrial flex project was submitted and is scheduled to be heard by the City of Phoenix Planning Commission when they reconvene on August 11th. The development will have five single-story buildings with suite sizes of 1,568 and 1,728 square feet. Cornwell Corporation is the owner and developer of the vacant 6.35 acre site located northwest of Cave Creek Road and State Route 101.

(Initial Renderings for Cornwall on Quail Ave)

For more information on these cases, visit us at our website or send us an email. We are happy to hear from you!



        

Intravest Sells Climatec Industrial Flex to California Investor

By: Paul Dionne | Vizzda

Less than two years after acquiring the Phoenix Headquarters of building technology company Climatec, Mason Cave of Intravest Development has sold the industrial flex property to Pacific Palisades-based investor, Charles Cale. Mr. Cale--who is also an attorney and was active in international sporting events like the 1984 Los Angeles Olympics, the 1992 Portugal Olympics and the 1994 USA World Cup--paid $21.6m for the property or $208.08 per rentable square foot in the all cash sale. In addition to the built industrial flex, Mr. Cale acquired an existing option to purchase 6.65 undeveloped acres adjacent to the north. 

The 102,996 rentable square foot flex-industrial property is a composite of seven inline buildings built between 1988 and 2006 on a re-platted 9.38 acre site, zoned IND PK. There are four grade level and two dock doors with a 20’ minimum clearance height. A broker flyer reports that the property was renovated in 2009 and features a 35,000 square foot basement which is not included in the rentable square foot calculation. Including the basement--as the assessor does but permits issued in association with the remodel do not--brings the per square foot value of the transaction down to $156.42.

The industrial flex property and adjoining land were previously acquired by John Kucera of Climatec from the original developer, Hypercom, in May of 2007 for $16.25m or $157.77 per rentable square foot. Kucera placed $4.1M down and was loaned $12.15M debt with M&I Marshall & Ilsey Bank, amended and restated in 2011 to stipulate an outstanding balance of $12m plus an additional $3m in new debt secured by the subject property. The M & I note was eventually taken out in June 2012 with $6.6m in new debt with UMB Bank. 

Kucera sold subject building later that year for $19,058,823 or $185.04  per rentable square foot to Intravest and entered into a sale-leaseback agreement. Kucera retained the ten acre “lot 2” expansion parcel and granted Intravest 24 month option to purchase. Intravest placed $4,764,706 down and was loaned $14,294,117 debt with Johnson Bank. Kucera also provided $4.6M seller-carry debt to Intravest. On 4/19/2013, the property was re-platted such that “Lot 1” building parcel expanded to include a portion of the expansion parcel that featured 350 improved parking spaces. As mentioned above, Intravest assigned its option to Cale with the current conveyance.

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