The Vizzda Weekly - Greater Phoenix - September 12th, 2016

 

THE VIZZDA WEEKLY

September 12th, 2016

 

Last week in Phoenix, Vizzda tracked $248,548,486 in new commercial transactions including38 sales and 19 new projects. Below are reports for five of those events.

 

LAND

 

 

Land Proposed for Residential Lots Purchased in Mesa for $2.1M   On September 6th, Maracay Homes purchased 18.99 acres of raw land in Mesa from Laurin Hendrix for $2,100,000.        (1 of 14 land sales last week)   View Full Report   View PDF Report

 

OFFICE

 

 

Multi-Tenant Office in Phoenix Purchased for $3M     On September 1st, James Aaron Klusman purchased a multi-tenant office totaling 16,164 SF from Haydon Building Corporation and Terrence Plas for $3,000,000 with $1,200,000 in new funding with RepublicBankAZ and $700,000 in seller-carried debt.     (1 of 4 office sales last week)   View Full Report   View PDF Report

 

MULTIFAMILY

 

 

42-Unit Apartment Complex Purchased in Mesa for $2.537M     On September 6th, M&L Financial purchased a 2-story, 42 unit apartment complex totaling 35,632 SF from Ira and Gemma Zunin for $2,537,000 with $1,600,000 in new funding with Bank of the West.         (1 of 5 multifamily sales last week)   View Full Report   View PDF Report

 

INDUSTRIAL

 

 

Warehouse Close to Goodyear Airport Purchased for $590K   On September 8th, Charlotte Young purchased a warehouse totaling 6,974 SF from Gerald Remaklus for $590,000 with $384,720 in new funding with Arizona Business Bank and a $160,300 SBA loan.        (1 of 4 industrial sales last week)   View Full Report   View PDF Report

 

RETAIL

 

 

Freestanding Grocery Store in Chandler Purchased for $4.3M    On September 7th, Harold Baum purchased 14,062 SF of retail space from Typerion Partners for $4,300,000 with $2,370,000 in new funding with Protective Life Corporation.          (1 of 11 retail sales last week)   View Full Report   View PDF Report

 

 

 

Vizzda Weekly - week ending 11/13/15

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 November 13, 2015 Last week, Vizzda researched 66 Sales events totaling $280,313,688 in transaction value. We also reported on and cataloged 4 Distressed Property notices, 23 Debt Recordings and31 Planning & Zoning events.
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What happened in LAND last week? Vizzda reported on and cataloged 16 Land Sales, 2 Notices for Trustee Sale and 6 Debt Recordings in Maricopa County.
	Featured Land Sale: Maracay Homes Purchases ±35 Acres for $9.1M in Chandler Maracay Homes purchased ±35 gross (±34 net) acres of land zoned AG-1 in four same-day sales totaling $9.111M or $253,083 per acre: APN 303-55-686C from Jared Pope for $1M; APN 303-55-680 from Aurora D. Dallago for $150K; APN 303-55-012S from Rafe C. Riggs for $875K; remaining 8 parcels purchased from JEN Partners for $7M. The project at Cooper & Chandler Heights is planned for 84 conventional single family residential lots in a gated community.  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 14 Office Sales, 7 Debt Recordings  and 2 proposed Office Planning & Zoning events in Maricopa County.
	Featured Office Sale: ±11K SF Office Property and ±1 Acre Land Sells for $4.6M in Scottsdale Haselden Construction and Essex Financial Group purchased an ±11K SF office property and ±1 acre of land zoned C-2 on 11/12/2015 from John A. Murphy Jr. and Frank C. Scognamillo in two transactions totaling $4.675M; ($3.775M + $900K) with $2.333M down and $2.9M in new debt with Citywide Banks. The loan matures on 5/12/2017. 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 4 Multifamily Sales, 3 Debt Recordings and 3 proposed Multifamily Planning & Zoning events in Maricopa County.
	Featured Multifamily Sale: 6-Unit Homeless Shelter Sells for $1.63M in Tempe On 11/10/2015, DMB purchased a 6-unit multifamily property built on ±1.43 acres, zoned CSS, from Max T. Taylor et al. for $1.63M, or $271,667 per unit; $26/SF on a land basis. Vizzda suspects that DMB bought property for redevelopment, however no current planning was found. The partially gated property's current use is as the "I Was Hungry Ministry" Homeless Shelter. Vizzda subscribers - please click here for the full report.
Did you need more information on this property? Vizzda has it!
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What happened in RETAIL last week? Vizzda reported on and cataloged 20 Retail Sales, 7 Debt Recordings and 8 proposed Retail Planning & Zoning events in Maricopa County.
	Featured Retail Sale: Portion of The Boulevard at Surprise Pointe Sells for $11.1M in Surprise Spirit Realty Capital acquired ±55K SF retail property, housing the Imax Theatre (anchor) on 11/10/2015 from CIRE Equity for $11.1M or $201.72 per SF. The property consists of one multi-tenant building built in 2008 on 4.97 acres zoned PAD.  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, 2 Notices for Trustee Sale, and 6 Debt Recordings in Maricopa County.
	Featured Industrial Sale: ±25K SF Industrial Flex Property Sells for $2.1M in Chandler Steven Lloyd Wilson & Patricia Denise Wilson purchased a ±25K SF industrial flex property on 11/12/2015 from Michael Hickey & W. James Cullumber (Central Construction Co.) for $2.1M ($82 per SF) with $525K down and $1.575M variable-interest debt with Great Western Bank. The property consists of three single-story buildings built in 1984 & 2004 on 1.91 acres zoned PAD.   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.

One Day After Three Lot Sales, TerraWest Buys Big in Eastmark

By: Paul Dionne | Vizzda.com

As we reported yesterday, Michael Jesberger of TerraWest Communities sold thirty-two of the forty-one lots that changed hands in the greater Phoenix area on the first day of the new quarter. Certainly the $2,773,155 in proceeds from those sales is nothing to sniff at—especially considering each of those deals priced above $1,500 per front foot—but now Jesberger has turned around and acquired 164 final platted lots in Eastmark from DMB Associates, Inc. for $10,323,600. Buy wholesale, sell retail, as they say.

The lots are located in Eastmark DU-7 North, which totals 394 lots on 93.03 gross acres for density units per acre ratio of 4.23. All lots have 17’ front setbacks and 5’ front and rear setbacks. The subject lots have the following dimensions:

Lots	Width	Depth
58	70’	135’
106	55’	124’

This gives us a blended per front foot price of $1,043, though at the time of sale, the lots are merely entitled and have not undergone horizontal improvements. Maracay Homes—the largest buyer from yesterday’s deals—had an agreement to purchase the lots outright which they assigned to TerraWest in exchange for, among other things, a purchase option on the lots. 

The deal was financed through a $4,424,400 lot completion deed of trust with DMB Associates, Inc., secured by half of the lots. Under the terms of the deed of trust, twenty-nine of the 70' x 135' lots have a lot release price of $68,310 and fifty-three of the 55' x 124' lots have a lot release price of $54,450. DMB Associates, Inc. retains rights as master developer and has separate deferred compensation agreements with both Maracay and TerraWest. 

Three Home Builders Begin Second Quarter with Lot Rolls

By: Paul Dionne | Vizzda.com

April 2^nd, 2014 – Three home-builders—Maracay Homes, K Hovnanian Enterprises and Woodside Homes—acquired forty one lots in three subdivisions for a combined $3,502,049. The lots, a mix of partially improved and fully finished, all commanded per front foot prices above $1,450, with the Maracay acquisition in Pastorino topping out at $1,585.5 per front foot. The seller in all but one deal was Michael Jesberger of TerraWest Communities; K Hovnanian Enterprises acquired its lots through an existing land banking arrangement with GSO Capital Partners.

As stated above, Maracay Homes acquired eight lots measuring 60’ x 120’ in the Pastorino subdivision for $761,040 or $1,585.5 per front foot. Additionally, Maracay took down an additional fifteen lots of varying dimensions in Bridges at Gilbert for $1,306,200 or $1,536.71 per front foot. Woodside Homes was also active in the Bridges at Gilbert subdivision, buying nine lots for $705,915 or $1,568.7 per front foot. Finally, K Hovnanian acquired nine lots in Rock Springs for $729,254 or $1,458.5 per front foot.

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

Two Homebuilders Take Down 134 Lots in Verrado for a Combined $6.516m

November 20th, 2013 -- DMB Associates, Inc. (DMB) has completed the sale of 134 final platted lots in Verrado Phase 3 South, Phase C to Maracay Homes and GSO Capital as part of its existing land banking arrangement with Meritage Homes. The 272 lot subdivision sits on 67.23 acres just east of the southeast corner of Verrado Way and Thomas Road and received approval for its final plat on November 8th, 2013. The transactions break down as follows:

• GSO Capital (dba Community Development Capital Group) acquired 74 lots comprised of 34 of 34 lots in parcel 2.201 and 23 of 23 lots in parcel 2.204, both with typical dimensions of 55' x 120' as well as 17 of 78 lots in parcel 2.205 with typical dimensions of 75' x 135' for a total of $3,383,700 or $45,725 per planned lot and $767.2 per planned front foot. A deed of trust accruing to the benefit of DMB and secured by thirty of the lots stipulates to lot completion payments of $972,400 for parcel 2.201, $657,800 for parcel 2.204 and $625,600 for parcel 2.205. This acquisition is pursuant to an existing land-banking arrangement between GSO and Meritage Homes and was administered by Steve Benson of Rose Asset Management.

• Maracay Homes acquired 60 lots, or substantially all remaining lots in parcel 2.205, with typical dimensions of 75' x 135' for $3.132m or $52.2k per lot planned and $696 per planned front foot. This transaction was also partially financed with deferred lot completion payment to DMB, specifically $2,200,800 secured by 30 lots in parcel 2.205.

Both transactions were pursuant to existing purchase agreements with DMB dated May 9th, 2013. Per those agreements, DMB retains a right of first refusal on the lots, unrecorded deferred compensation and marketing fee agreements with Maracay, GSO and Meritage. In August, Vizzda reported on the sale of 367 lots to four home builders including 49 lots to Meritage via its land-banking arrangement with GSO and 32 lots to Maracay.

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.