FireSky Resort & Spa Sells for over $62 Million

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The 204-room FireSky Resort & Spa at the southeast corner of Scottsdale and Chaparral Roads sold Friday for $62.5 million to Grossman Company Properties. The sale was funded by $55 million new debt with Prime Finance Partners. KHP Capital Partners were the sellers in this transaction.

FireSky Resort & Spa consists of six two-story buildings totaling over 140,000 square feet built in 1968. It features 2 outdoor pools, restaurant, bar, and health-club.

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Pecan Promenade Shopping Center Sold for $19m

By: Paul Dionne | Vizzda 

CIRE Equity—a California-based private real estate investment company in the value-add and opportunistic investment space—has acquired the Target-anchored Pecan Promenade shopping center in South Phoenix. The $19m purchase price represents $135 per square foot and was financed with $15m in new purchase money debt with Prime Finance Partners. The sellers were James D Tate and J Kenneth Tate of Miami-based Tate Capital.

The 140,745 ft² neighborhood shopping center is located at the northeast corner of 99^th Avenue and Lower Buckeye Road in Phoenix. It is anchored by Target—which does not convey—and comprised of 118,908 ft² of inline space and 21,387 ft² of freestanding multi-tenant retail in three buildings. The shopping center totals roughly 336k ft² pm 35.44 acres when the anchor and several pads which do not convey are included and has a parking ratio or 5.15 per 1,000 ft².

Major tenants for property included in sale are:

• LA Fitness – 27,564 ft² of floor space for 16 years with three 5-year extensions commencing 2012
• Ross Dress For Less – 30,160 ft² of floor space for 10 years with four 5-year extensions commencing 2005

Major tenants for property not included in sale are:

• Target – 123k ft² owned by Target Corporation
• JPMorgan Chase – 4,194 ft² of floor space for 20 years with four 5-year extensions commencing 2005
• Taco Bell – 2,934 ft² of floor space for 20 years with four 5-year extensions commencing 2005  
• Jack in the Box – 2,652 ft² of floor space for 20 years with four 5-year extensions commencing 2005

The center was originally developed by Barclay Group, who acquired the 39.62 gross acres on which the project sits in January of 2005 for $5,149,644 or $2.98 per square foot. At that time, Barclay sold 16.53 acres to Target Corporation for $2,662,517 or $3.79 per square foot and encumbered the remainder under a $24.725m construction deed of trust with JP Morgan Chase. The property was noticed for trustee sale in 2010, at which point Tate Capital purchased the note and acquired the property deed-in-lieu. Tate sold three of the pad spaces for a combined $4.244m for a total payout on this deal of $23.244m, net of acquisition and operating costs.

To Contact the Author:

Paul Dionne – pdionne@vizzda.com

Boulevard at Surprise Point Purchased by Cire Partners of La Jolla for $17.5M

Vizzda – October 9, 2012 – The Boulevard at Surprise Pointe, formerly known as “Shoppes at Surprise” is the 35-acre retail portion of “Surprise Pointe” a 290-acre master-planned commercial business park. This acquisition comprises a 141,507 SF Lifestyle Retail Center built in 2008 and six vacant land parcels totaling 9.07 acres. The acquired portion sums to 29.82 acres zoned PAD and is planned for 201,223 SF of retail. Cire Partners has acquired all of the project except “Lot 7” a 1.32 AC vacant lot planned for “TCF BANK” PAD and “Lot 12” a 55K SF bowling alley “Uptown Alley” on 5.54 AC. Joshua Volen and Trevor Smith of Cire Partners purchased this property from Matthew Schwab of Karlin Real Estate for $17.5M with $5.9M down and $14.45M debt with Prime Finance Partners. Michael Hackett and Ryan Schubert of Cassidy Turley brokered the transaction.

David Glimcher of Glimcher Ventures Southwest was the original project developer, acquiring the ±27 acres of land in two transactions (7/23/07 & 2/25/08) for a total of $13,188,425. Karlin Real Estate acquired the note(s) from Huntington National Bank 11/10/2010 and conveyed the property through trustee deed 3/28/11 and 5/4/11. Karlin subsequently sold off the Phase II anchor “Lot 12”, consisting of ±60K SF shell building on 5.54 AC for $4.0M to Steven Uphoff for Uptown Alley bowling center.

Hadden Schiffman

Managing Director

Vizzda