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

The Vizzda Weekly - Phoenix - September 19th, 2016

 

THE VIZZDA WEEKLY

September 19th, 2016

 

Last week in Phoenix, Vizzda tracked $164,189,991 in commercial transactions including 53 sales and 17 new projects. Below are reports for five of those events.

 

LAND

 

 

Finished Lots in Peoria Purchased for $4.7M    On September 14th, DR Horton purchased 58 lots in Vistancia and Rancho Cabrillo from Paulson & Company for $4,764,900 or $82,153.45 per lot.        (1 of 8 land sales last week)   View Full Report   View PDF Report

 

OFFICE

 

 

Office in Scottsdale Purchased for $7.1M      On September 16th, Alvarado Realty Company purchased one 3-story office building totaling 52,696 square feet from TA Realty for $7,102,722 with $4,615,000 in new funding with Mutual Omaha Insurance.       (1 of 11 office sales last week)   View Full Report   View PDF Report

 

MULTIFAMILY

 

 

45-Unit Apartment Complex in Phoenix Purchased for $3.46M    On September 9th, Holly & Associates purchased a 45-unit apartment complex in Phoenix totaling 29,852 improved square feet from Cristian Covaciu for $3,460,000 with $760,000 down and $2,700,000 in new funding with Bellwether Enterprise Mortgage Investments.         (1 of 10 multifamily sales last week)   View Full Report   View PDF Report

 

INDUSTRIAL

 

 

Storage Facility in Phoenix Purchased for $7.93M   On September 12th, Advantage Storage purchased a 71,837 square foot storage facility in Phoenix from Eugene Cox for $7,930,000.         (1 of 9 industrial sales last week)   View Full Report   View PDF Report

 

RETAIL

 

 

Restaurant in Glendale Purchased for $4.8M    On September 9th, Jane Jennings purchased a 3,058 square foot fast-food restaurant from Daytom Enterprises for $4,800,000 with $1,000,000 in new funding with Homestreet Bank, maturing on October 1st, 2031.           (1 of 15 retail sales last week)   View Full Report   View PDF Report

 

 

 

 

The Vizzda Weekly - Phoenix Edition - July 11th, 2016

Last week in Phoenix, Vizzda tracked 3 new commercial projects and 53 sales totaling $318,174,010 in transaction value. Below are reports for five of the properties.

LAND

Vizzda tracked 16 new land sales this week in Phoenix.

Land Proposed for New Residential Lots in San Tan Valley Purchased for $837,000

On June 23rd, 2016, Pulte Homes purchased 18 finished lots from Communities Southwest for $837,000 ($46,500 per lot). The property is zoned CR-3 PAD.

View Full Report

OFFICE

Vizzda tracked 4 new office sales this week in Phoenix.

Office Plaza Near Gilbert & Southern Sold for $1.25M

Douglas and Diana Goyer purchased this property on July 5th, 2016 from Zion's First National Bank for $1,250,000 and with $445,000 in new debt with US Bank. The property is 19,220 SF of office space in two 1-story buildings on 1.49 acres zoned OC.

View Full Report

MULTIFAMILY

Vizzda tracked 8 new multifamily sales this week in Phoenix

Apartments in Glendale Purchased for $1.065M

On July 1st, 2016, Patrick Stojak acquired this property through a court ordered sale for $1,065,000. The property is a 44 unit apartment complex in three two-story buildings totaling 36,926 SF.

View Full Report

INDUSTRIAL

Vizzda tracked 9 new industrial property sales this week in Phoenix

Manufacturing Facility in Casa Grande Sold for $2M

Robert Stephan purchased this property on June 21st, 2016 for $2M in a 1031 exchange from Audrey Faucetta & Wendy Cypert et al. The property is 78,181 SF in two single story buildings on 19.1 acres and includes a 9.55 vacant lot.

View Full Report

RETAIL

Vizzda tracked 1 new retail project and 16 new retail sales this week in Phoenix

Restaurant Near I-17 & Peoria Purchased for $1.26M

An entity tracing to Sung Hwan Lee, Lily Kwon, Sophia Kwak and Chongpal Moon purchased this property from Doris Knell and Elaine Dreyfuss on July 1st, 2016 for $1,260,000 with a new SBA loan of $1,976,000 originated through Wilshire Bank. The property is a 9,213 restaurant in one building on 1.53 acres zoned C-2.

View Full Report

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7 Arizona Hotels Sell as Part of ZMC / Hall Equities Portfolio

The Hampton Inn at Bell Rd & SR-101

California investment company Hall Equities Group purchased a total of 7 Arizona hotels on Friday, totaling 715 rooms with a salesprice of just over $53 million, or $74,162 per room. The hotels are located in Scottsdale, Peoria, and Anthem, and have hotel flags of "Hampton Inn", "Days Inn", "Sleep Inn", and "Holiday Inn".

This acquisition is part of Hall Equities Group's purchase of Minnesota-based ZMC Hotels. The complete portfolio totals 29 hotels in 10 states¹. The entire purchase was funded by a $146.5 million cross-collateralized loan with Bank of America.

1. Source: Hotel Online

For more information on these properties including complete history and contact information, visit us at our website or send us an email. We're happy to hear from you!



        

Week in Review - August 22nd, 2014

MIG Continues Multifamily Buying Spree

Less than two months after his brother, David Merage of Consolidated Investment Group, closed on the distressed Block 1949 Apartments in Tempe, Greg Merage of MIG Real Estate has acquired Symphony Apartments in Chandler for $34.164m or more than $150k per unit. This is the second major multifamily acquisition by MIG this year following the $41.85m purchase of the Quadrangles in April and the fourth major acquisition since the start of 2013, totaling $126.564m for 1,048 apartment units and a 90k SF office building.

Phoenix Red Lobster Locations Change Hands in $1.5b Sale-Leaseback

According to a press release issued by ARCP, the sale-leaseback of approximately 500 Red Lobster locations was completed at a 7.9% cash cap rate or a 9.9% cap rate under generally accepted accounting principles. The portfolio has a weighted average lease term of roughly 25 years and 2% annual compounded rent escalations. While Golden Gate’s acquisition of Red Lobster included the assumption of between $500m and $600m in existing obligations, the sale of these four locations was on a cash only basis.

Alter Group Books $16m Sale in Corridors Phoenix

Kurt Rosene, Senior Vice President of Chicago-based Alter Group, has completed the sale of our office buildings within Corridors Phoenix—a speculative office development to total 1.4m square feet at the southeast corner of I-17 and Pinnacle Peak Road—for $16m or nearly $100 per square foot. Woodland Hills, California-based real estate investment company Adler Realty Investments was the buyer, tendering $5.4m in cash and securing the remainder of the purchase price under a deed of trust with an unspecified principal balance issued by Wells Fargo. According to their website, Adler’s only other holding in the Phoenix market is the 2600 Tower in Midtown Phoenix.

Marley Park Shopping Center Sold for $12.45m

Costa Mesa, California-based retail developer, Donahue Schriber Realty Group has sold Marley Park Plaza—a Basha’s-anchored neighborhood shopping center within the Marley Park master-planned community—to a joint venture between a Canadian investor and Nathan Cardon of Cardon Commercial. The total sale price of $12.45m is comprised of $11.7m for the existing shopping center and $750k for an undeveloped 2.45 acre parcel adjacent to the east. Taking the two deals separately, this translates to $150.29 per improved square foot and $7.027 per square foot of unimproved land.

Phoenix Red Lobster Locations Change Hands in $1.5b Sale-Leaseback

By: Paul Dionne | Vizzda

Pursuant to the $2.1b sale of its Red Lobster business unit to San Francisco-based private equity firm, Golden Gate Capital (GGC)—which closed in January of this year—Darden Restaurants, Inc. has completed the sale of four Phoenix-area Red Lobster locations for a combined $14,812,514 or $434.51 per combined square foot. In conjunction with the business unit sale, GGC executed a $1.5b sale-leaseback with American Realty Capital Partners (ARCP) for roughly 500 of the 700 restaurants it acquired in the purchase of Red Lobster.

According to a press release issued by ARCP, the sale-leaseback of approximately 500 Red Lobster locations was completed at a 7.9% cash cap rate or a 9.9% cap rate under generally accepted accounting principles. The portfolio has a weighted average lease term of roughly 25 years and 2% annual compounded rent escalations. While Golden Gate’s acquisition of Red Lobster included the assumption of between $500m and $600m in existing obligations, the sale of these four locations was on a cash only basis.

The four locations are all shadow-anchored by regional malls and are located on major arterial intersections in Peoria, Phoenix and Mesa, where two of the locations are situated. Characteristics of the four locations are described in the table below:

Address	City	Shadow Anchor	Price	SF	Price/SF	Lease Notes
7921 W Bell Road	Peoria	North Valley Power Center	$4,275,160	9,032	$473.33	Retained by Golden Gate Capital*
6149 E Southern Avenue	Mesa	Superstition Springs Center	$4,261,517	8,411	$506.66	25 year firm term and four 5-year options to extend
1403 S Alma School Road	Mesa	Fiesta Mall	$3,160,633	9,413	$335.77	25 year firm term and four 5-year options to extend
2810 N 75th Avenue	Phoenix	Desert Sky Mall	$3,115,204	8,204	$379.72	25 year firm term and four 5-year options to extend

Because the Peoria location conveyed from Darden to a different, GGC-affiliated special purpose entity than the other three properties and because there was no new lease agreement memorialized at the time of sale, it is assumed that that location was retained by GGC.

To Contact the Author:

Paul Dionne – pdionne@vizzda.com