Mattamy Homes Picks Up ~80 Acres in Goodyear, Planned for 218 Lots

VIZZDA—June 24^th, 2013 — Mattamy Homes, represented by their VP of Land, Ryan Huffman, has acquired an 80.22 net acre graded parcel in the Palm Valley subdivision of Goodyear. Following final plat approval by Goodyear Town Council on January 28^th, 2013, the land is approved for 218 single-family homes, as the residential portion of Palm Valley, Phase IX. The all cash purchase price was $9,626,400, which represents per unit prices of $120k per acre, $2.75 per square foot and $44,158 per planned lot.

The property has an interesting history: it was assembled on December 31^st, 1986 as a larger parcel in a cash transaction. A 145.43-acre portion was sold to Southwest Solar Technologies on November 25^th, 2009 for $6,348,500 or $1.00 per square foot. While Southwest Solar did not finance the transaction, they secured $2.8m in new debt with affiliates of Apollo Group on April 1^st, 2011.The current seller, an entity formed by Crown West Realty with backing from Petrus Partners of New York acquired the property from Southwest Solar three weeks after it was encumbered.

The prior sale price of $3.9m or $0.61 per square foot represents a 38.5% decline in value over an 18-month holding period. Conversely, Crown and Petrus were able to realize 146.8% rate of return over a holding period slightly greater than two years. Pursuant to the April 12^th, 2013 purchase agreement between Crown West and Mattamy, Crown West retains the 8.75 acre multi-family parcel on the hard corner to the southeast and Mattamy will construct and be reimbursed for horizontal improvements on that land.

By:

Paul Dionne

Director of Analytics

Vizzda.com

26-Story Phoenix Corporate Center Noticed For Trustee Sale, $54M

Phoenix Corporate Center - 3003 N. Central Avenue

VIZZDA – 6/14/2013- A Notice of Trustee Sale was recorded against a $54m face value note secured by  the 26-story Phoenix Corporate Center located at 3003 N Central Ave. The foreclosing beneficiary is ColFin PHX Tower Funding LLC—an entity formed by Colony Capital. Petrus Partners, in care of their local affiliate Crown West Realty is the trustor under the note.

Crown West Realty acquired the building on June 26^th, 2007 for $69.25M or $155.33 per rentable square foot. Krausz Companies—who had held the property since 1990—was the seller and JP Morgan Chase provided $54M in financing for the deal. JP Morgan assigned the note to Colony on December 19^th, 2012. Per a Colony Financial, Inc. 10-k:

In December 2012, we invested $16 million in a joint venture with Co-Investment Funds that acquired a sub-performing first mortgage loan secured by a high-rise office tower in a main metropolitan center located in Phoenix, Arizona. The loan was acquired for approximately 59% of its UPB of $54 million. Our share of this investment is 50%.

Located north of the northeast corner of Central Avenue & Thomas Road, the Phoenix Corporate Center was originally built in 1989. Owner’s describe the property as 445,811 RSF with a 17,095 ft² floor plate. The 4.31 acre site includes a 5-level above grade and 2-level sub-grade parking garage with 1,124 spaces. Amenities include ground-floor retail, 3,600 ft² fitness facility, and a 180-seat auditorium. The building has undergone several renovations of varying scope. The law firm, Fennemore Craig, was an anchor tenant in the building—occupying over 100k ft² of space for a time—dating back to 1994. The firm moved to the Biltmore area in April of 2013.

The Trustee for the note is Mr. Jonathan T Brohard of Polsinelli. Auction is presently scheduled for September 18^th, 2013 at 11AM.

For more information on this and all distressed property in Maricopa County, log in to Vizzda.com or contact Kris Thompson for a demonstration.

By:

Hadden Schifman

Managing Director

Vizzda.com