The Vizzda Weekly - Phoenix - February 27th, 2017

 

THE VIZZDA WEEKLY

February 27th, 2017

 

 

Last week in Phoenix, Vizzda tracked $161,182,558 in commercial real estate transactions

including 37 sales and 2 new projects. Below are Vizzda's top reports of the week. 

 

 

 

 

PLANNING & ZONING 

 

 

Discount Tire Coming to 91st Avenue in Peoria     On 2/21 the Peoria City Council introduced a Final Plat for a future Discount Tire facility north of the northeast corner of 91st and Northern Avenues.   (1 of 2 planning & zoning events last week)   Vizzda Subscribers - Click Here to View Full Report

 

LAND

 

 

Meritage Homes Purchases ±15 Acres Proposed for Residential Condos   ±15 acres at the northeast corner of McQueen and Ocotillo Roads in Chandler sold to Meritage Homes for $4,036,352 on 2/21. The land is proposed for a 111-unit residential condominium.                   (1 of 8 land sales last week)   Vizzda Subscribers - Click Here to View Full Report

 

OFFICE

 

 

US Pipeline Buys 16-Story CBIZ Plaza in Phoenix      Houston-based company US Pipeline purchased the 16-story CBIZ Plaza office tower on 2/21. LNR Partners sold the property for $26 million.              (1 of 9 office sales last week)   Vizzda Subscribers - Click Here to View Full Report

 

MULTIFAMILY

 

 

Tierra Del Sol Apartments in Mesa Sell for over $31 Million   The 276-unit Tierra Del Sol apartment complex in Mesa sold to Bridge Investment Group Partners on 2/23. Acacia Capital Corp sold the complex for $31,050,000.   (1 of 4 multifamily sales last week)   Vizzda Subscribers - Click Here to View Full Report

 

INDUSTRIAL

 

 

Warner Crossing Industrial Flex Property Sells for $3.95 Million   The 35,665 SF industrial flex office "Warner Crossing Lot 1A" sold on 2/23 to David Bourguignon of Mission Viejo, California for $3.95 million. The seller, Denali National Trust, previously acquired property on 8/2/13 for $2.4 million.                     (1 of 5 industrial sales last week)    Vizzda Subscribers - Click Here to View Full Report

 

RETAIL

 

 

Walmart Supercenter Anchor Sells for $14.4 Million     California investor Abbie Behar purchased the Desert Palms Walmart Supercenter on 2/27 for $14.4 million. Seller traces to Sarofim Realty Advisors.               (1 of 11 retail sales last week)   Vizzda Subscribers - Click Here to View Full Report

114 Townhome Units to be Built at 68th St & Thomas Road

Vizzda – 3/10/14 – Meritage Homes purchased a 9.75 acre parcel on Thomas Road near Old Town Scottsdale, where they plan to build two-story townhomes at 14.65 dwelling unit per acre. The site was sold by Lewis Ghiz of Paddock Pool & Spa’s for $8.5m, which reflects $871,794 per acre, $74,561.40 per planned unit, or $73.36 per square foot of current improvements on site.

The current property consists of 115,870 SF of retail and warehouse built 1964 thru 1980. These improvements will be demolished to make room for a proposed project known as Diamante.

Diamante would extend the multi-family clustering that exists southwest of Old Town Scottsdale.

The proposed plan is to build 114 townhome units in twenty two-story buildings, consisting of two and three bedroom units, ranging from 1,100 square feet to 1,500 square feet. Each unit will feature a two-car garage. The approved density is to be 14.65 dwelling units per acre on the 9.75 net-acre parcel.

The property transacted prior to the Scottsdale Development Review Board’s approval of the site plan for Diamante. The community meeting to evaluate the project will take place April 3^rd, 2014 at Scottsdale City Hall. The proposed site plan can be accessed here. The city of Scottsdale did approve a general plan amendment to change from “mixed-use neighborhoods” to “urban neighborhoods”, and a zoning change from C-3 & C-4 to R-5. Both of these cases were approved at a City Council hearing on February 25^th, 2013, and can be accessed here.


By:

Daniel Alpers
Director of Civil & Municipal Projects
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.