Major Camelback Corridor Office Building Sold for $12m

VIZZDA—September 26^th, 2013 — 3333 E Camelback Road has sold to Fenway Properties for $12m or roughly $130 per square foot. The 92,348 ft² multi-tenant office building is comprised of two contiguous 2-story buildings built in 1986 on 4.97 acres. The property features 350 parking spaces for a parking ratio of 3.79 per 1,000 square feet and is EnergyStar rated.

The sellers, Robert and James Noffsinger of Noffsinger Manufacturing Company, Inc. acquired the property in April of 2000 for $11.225m or $121.55 per square foot. They paid $4.125m in cash and encumbered the property with $7.1m in new debt with Bank of America. The Noffsingers were able to refinance this note on August 14^th, 2003 with National Life Insurance Company.

Fenway paid $2.93m and secured an additional $9.07m in new debt with A10 Capital for a loan-to-value of 75.3%. Major tenants in the building include Summit Builders, The ConAm Group of Companies, Northmarq Capital and AmWINS Group, Inc. For information on this any other commercial real estate transaction or distress in Maricopa County, log on to Vizzda.com or contact Kris Thompson at (480) 383-9310 to schedule a demonstration.

By:

Paul Dionne

Director of Analytics

Vizzda.com

Alliance Residential Acquires The Canyon Apartments for $50m

VIZZDA—December 27^th, 2012 — As referenced in our December Market Overview, the largest multifamily transaction in the month of December was David Snyder of Continental Realty Advisors’ (CRA) sale of The Canyon Apartments to Alliance Residential for $50m or $79,491 per door. Russ Kindorf was signatory for Alliance Residential, which paid $17.5m in cash and secured $32.5m in financing with Keybank.

The 629-unit master-metered complex is divided into two communities—Montelena and Bacala—with thirty-six 2-story buildings totaling 460,525 ft². It was constructed in 2004 on 15.61 acres, zoned R-4A. The table below contains information on the unit mix of the property:

Number of Units	Bedroom/Bathroom	Base Rent	Square Feet
184	0/1	$679 – $749	475 – 500
104	1/1	$779 – $899	484 – 781
247	2/1-2	$899 – $1,109	695 – 1,000
58	3/2	$1,049 – $1,179	984 – 1,060
36	4/2	$1,269	1,166

CRA acquired the property on July 8^th, 2010 from LNR Partners as special servicer for a $63m CMBS note held in trust by Wells Fargo. CRA paid $45.5m or $72,337 per door—a 16.6% premium on the $39m credit bid entered by LNR—with $2m down and two additional notes:

• $17m issued November 1^st, 2010 by Northmarq and assigned to Freddie Mac at origination and maturing on November 1^st, 2015
• $28.5m issued August 31^st, 2012 by Keybank maturing August 31^st, 2014

The $50m price tag represents a 3.9% annualized rate of return for CRA, net of income from continuing operations.

By:

Paul Dionne

Director of Analytics

Vizzda.com

Archstone Sells Pillar at San Tan Apartments in Gilbert for $46.3m

VIZZDA–August 22, 2012 – Archstone, one of the nation’s largest owners of apartments sold Pillar at San Tan--a 315 unit apartment community located East of the Northeast corner of Pecos Rd and the Loop 101 in Gilbert for $46.3m or $146,984 per door.

Mr. James Almon of Private Portfolio Group acquired the property for $46.3M with $16.685M down and $29.615M new debt with Freddie Mac originated by Northmarq and maturing September 1st, 2019. The buyer and seller entered into a purchase agreement dated July 3rd, 2012.

The gated “Class A” property--formerly known as Ironwood at Santan--was built in 2008 by Archstone and includes one to three story buildings on 15.21 acres. Units average 982 square feet and are divided as follows: 163 1/1, 136 2/2, and 16 3/2.

 

Archstone originally acquired the land through one of its entities on October 11th, 2005 for $3,112,180. Most recent debt included two notes with Prudential Life Insurance Co: a $230M master debt plus a $28,297,725 note maturing August 5th, 2012. The sale of Pillar at San Tan comes after Archstone's parent--a co-venture between Lehman Brothers FSB and Tishman Speyer--filed for a $100M public offering of the company on August 10th, 2012.

BY:

Hadden Schifman

Managing Director

hadden@vizzda.com