GE Capital Sells One 11 Monroe

By: Paul Dionne | Vizzda.com

Rialto Capital Management—a wholly owned subsidiary of Lennar Homes—has acquired One 11 Monroe, the lender-owned office tower at the southwest corner of Monroe Street and 1st Avenue in Phoenix, for $22m or $86.11 per rentable square foot. Rialto paid $2m in cash for the property and secured an additional $20m in new debt with Jeffries LoanCore, which is itself a joint venture between the investment bank Jeffries and the real estate investment arm of the Government of Singapore. The seller, GE Capital, acquired the property after foreclosing on a $41.4m note by way of a $36.4m credit bid.

The 19-story office tower, also known as the First American Building, totals 255,477 rentable square feet on three quarters of an acre in the Down Town Business Core. It was completed in 1964 and features a 2-story sub-grade parking structure with 296 stalls. The property has a colorful history: in 2003 the property reverted deed-in-lieu to LNR Partners as special servicer for a $17m note issued by a CMBS entity underwritten by Credit Suisse. It was acquired from the lender for $20m in 2005 and in 2007 a tenant-in-common group paid $40m for the property. The TIC group put $10.475m down and GE Capital issued the above referenced $41.4m for a loan-to-value of 103.5%. 

DMB Associates, Inc. Clears $24.4m in Victory at Verrado Sales

VIZZDA—February 5^th, 2014 — Four homebuilders acquired a total of 417 final platted lots in Phase I of Victory, a planned age-restricted community in the Verrado Master-Planned Community in Buckeye. The lots comprise all of Phase 1 of Victory and are a mixture of low and medium density lots. Total consideration tendered at time of sale was $24,400,800.

The four acquisitions are described in greater detail below:

The seller, a trust formed by DMB Associates, Inc. and the Caterpillar Foundation, retain a right of first refusal on the sale and its rights as master developer of Verrado. In addition to lot completion financing provided by DMB, deferred consideration, marketing fee, lot premium agreements are in effect between the homebuilders and DMB.

DMB Associates, Inc. previously acquired what was then the Caterpillar Testing Grounds in March of 2002 from Caterpillar for a “percentage of gross sales proceeds from dispositions under subdivision trust agreement”.

By:

Paul Dionne

Director of Analytics

Vizzda.com

Big Builder Activity in Verrado, 367 Lots Acquired in Two Days

Verrado Phase 3 South

VIZZDA--August 26th, 2013 -- 5 Builders have acquired lots in future phases of Verrado in sales totaling $25M+ in just two days at the close of August. Most of the purchases are within Phase 3 South- which totals 634 lots on 207.62 acres and was final platted on August 9^th, 2013. A portion of the lots—phases 3.408 & 4.505—are located in a different phase of Verrado.

As part of the transactions, all of the builders in Phase 3 South entered lot completion agreements with additional deferred consideration. 

VIZZDA subscribers access even more detail- including purchase agreement/financing detail, lot release information, historical pricing, direct contacts, planning data, and more!  

BUILDER	PARCEL	DESCRIPTION	LOT COUNT	SALE PRICE	PER LOT	PER FF
MERITAGE*	2.102 & 2.103	PARCEL 2.102- 45 LOTS 70'X130' TYP (45 OF 48 TOTAL). P.2.103- 4 LOTS 55'X120' TYP (4 OF 94).	49	$4,281,000	$87,367	$1,270
MATTAMY	2.104	58 LOTS 45'X120' TYP (58 OF 58 TOTAL) ON 11.16 ACRES GROSS	58	$3,190,000	$55,000	$1,222
AV HOMES	2.101 & 2.103	PARCEL 2.101- 80 LOTS 65'X120' TYP (80 OF 80 TOTAL). P.2.103- 90 LOTS 55'X120' TYP (90 OF 94).	170	$12,770,000	$75,118	$1,258
MARACAY	2.102 & 2.105	PARCEL 2.102- 3 LOTS 70'X130' TYP (3 OF 48 TOTAL). P.2.105- 29 LOTS 50'X120' TYP (29 OF 29).	32	$2,079,500	$64,984	$1,253
		sum (PH 3 South)	309	$22,320,500
LENNAR	4.505	36 LOTS 45'X115' (36 OF 36) ON 6.45 ACRES GROSS	36	$1,918,800	$53,300	$1,184
LENNAR	3.408	22 LOTS 45'X120' AVG (22 OF 22) 3.91 ACRES GROSS	22	$952,600	$43,300	$962
		total sum	367	$25,191,900

*Meritage’s portion was taken down by GSO Capital- dba Community Development Capital Group.

Desert at Morrison Ranch Sells to 3 Separate Homebuilders

VIZZDA -- December 14th, 2012 -- Morrison Ranch has sold the 317-lot Phase 1 of Desert at Morrison Ranch subdivision in Mesa. The conveyance was through three separate transactions which conveyed pieces of the project to three different home builders; Pulte, Lennar and Ashton Homes. The sales price totaled $8,382,365. 

- Lennar Homes acquired 125 lots measuring 50'x115' for $2,527,464 at $404 per front foot, or $20,220 per lot. The livable setbacks are 10' front, 20' rear and 5' sides.

- Ashton Woods, a subsidiary of Great Gulf Homes based in Toronto, picked up 100 lots measuring 70'x130' for $3,407,910 at $487 per front foot, or $34,079 per lot. The livable setbacks are 15' front, 25' rear and 5' sides.

- Pulte Homes bought 92 of the lots measuring 60'x120' for $2,446,991 at $443 per front foot, or $26,597 per lot. The livable setbacks are at 10' front, 20' rear and 5' sides.

The property is located at 3136 S Sossaman Rd, or the southwest corner of Sossman and Guadalupe Roads. The current status of the site is unimproved agricultural land and was platted earlier this month for the 317 lot project. Morrison Ranch was historically a piece of the +2000 Morrison Family agribusiness operation.


By:
Daniel Alpers
Director of Planning and Municipal Projects
Vizzda.com

Lennar Homes Picks Up Large Portion of Rock Springs II in Peoria

VIZZDA -- 12/5/2012 -- Alan Jones Vice President of Lennar Homes has closed on 69.25 acres of rough graded lots and 5 finished lots in phase II of the Rock Springs community in Peoria, Az for $13,992,402. A purchase agreement between the transacting parties was dated September 28th, 2012.

The seller was Courtland Homes who previously acquired approximately 120 acres (3/4 of the project) from California Portland Cement Co on May 23rd, 2003 for $2,364,283.45 with $25,000 down. The remaining 40 acres (northeastern 1/4 of the project) was acquired from Thomas Tait of TTI Investments on March 31st, 2004 for $3,022,852.50.

The property is located at the northwest corner of 75th Avenue and Jomax Rd. Phase two totals 158 acres, totaling 286 lots at 1.8 du/ac, and has 62% is designated as open space. The minimum measurements for lots is 50'x120' with 55% max lot coverage. There are three planned Rock Springs Communities in immediate vicinity of phase II.

BY:
Daniel Alpers
Director of Planning and Municipal Outreach
Vizzda.com

Taylor Morrison Acquires 67 Finished Lots at $2,222 Per Front Foot or $200K Per Lot in Cave Creek

VIZZDA--September 5th, 2012 -- Lennar Homes sold 67 finished lots to Taylor Morrison for $13.4M within their Lone Mountain community, located North of the Northeast corner of Lone Mountain Rd & 56^th Street in Cave Creek.

The acquired lots all measure 90’x’130’ or 11,700 SF and are zoned RE-35. Lone Mountain totals 794 lots on 608 acres. US Home Corp--a subsidiary of Lennar Homes--originally acquired all 608 acres from the Arizona State Land Department at auction in 2000 for $38.5M but the transaction was not recorded until May 2nd, 2007. The Arizona State Land Department has a continuing participation agreement with Lone Mountain's builders. Lennar subsequently sold portions of the community to Pulte Homes.

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Homebuilders Acquire 569 Platted Lots In Bridges At Gilbert For $23M+

VIZZDA--August 17th, 2012 -- JEN Partners and TerraWest Communities sold a total of 383 final platted lots within the Bridges at Gilbert community. The Bridges or “Bridges” is a large 469 acre planned area development located South of the Southeast corner of Queen Creek and Higley Roads in Gilbert. The conveying lots are part of the eastern portion of the community--planned as “Bridges East”--totaling 213 acres with 569 lots final platted August 14th, 2012 and approval by Gilbert Council June 28th, 2012. 

The acquiring homebuilder group includes: Shea Homes, David Weekley/ T.W. Lewis, Taylor Morrison, and Lennar Homes. JEN Partners and TerraWest retained 186 lots that were conveyed to a related entity and then optioned to Woodside and Maracay Homes. Nate Nathan was the broker. The transactions are described as follows:

Reuben Leibowitz of New York-based JEN Partners and Michael Jesberger of TerraWest Communties previously acquired 293 acres within Bridges at Gilbert March 31st, 2011 for a combined $23M  in three transactions. According to JEN Partners website: they contributed 67% of the equity in the transaction. Angelo Gordon and Ridgewood Partners were the seller; they had purchased 400+ acres from AMTRUST Bank as REO August 20th, 2009 for $21.3M.

By:

Hadden Schifman

Managing Director

hadden@vizzda.com