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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East Thunderbird Square North Power Center Sells for over $39 Million

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The Goodwill-anchored East Thunderbird Square North shopping center was purchased by West Valley Properties on Tuesday for $39.1 million in a cash-only transaction. Sellers Starwood Capital had previously acquired the asset in early 2014 as part of an eleven-property portfolio sale.

This power center includes six big box lots, inline space, and 3 retail pads with tenants including "FedEx Kinko's" and "Spencer's TV & Appliance". Its location north of the Scottsdale and Thunderbird Roads intersection places it just a quarter mile west of Scottsdale Municipal Airport.

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Macerich Submits Application to Rezone Scottsdale Fashion Square

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A rezoning application was submitted to the Scottsdale Planning Commission last Monday to allow for redevelopment of Scottsdale Fashion Square. Macerich's plans for the property consist of increasing the maximum allowing building height to 150 feet and the square footage to over three and a quarter million, including dwelling units. They hope to transform the mall into a development that includes shopping, an event area, movie theaters, hotels, and offices all in one place.

Relocation of the Desert Stages Theater to the previously occupied Harkins Fashion Square 7 would also be part of this project, as well as development of a new 14-screen Harkins megaplex theater.

Scottsdale Fashion Square currently consists of nearly 2.5 million square feet of retail and office on 67 acres at the northeast corner of Scottsdale and Camelback Roads. It currently attracts over 12 million visitors annually, employs 3,500 people, and is one of the ten most profitable malls in the United States.

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Jefferson at One Scottsdale Sells in 88 Million Dollar Transaction

(Note: map via Google Earth, may not account for more recent surrounding construction)

The 388-unit Jefferson at One Scottsdale apartments sold Tuesday for $88 million, or $226,804 per unit. San Diego-based billionaire Igor M Olenicoff is the new owner of the property, which conveyed in a cash-only transaction. 

Built in 2014 on nearly fourteen acres in twenty-one buildings, Jefferson at One Scottsdale sports a unit mix that includes one, two, and three bedroom floorplans with a variety of square footages. It is part of the mixed-use project "One Scottsdale", which will include over 1,000 residential units, retail, and office components.

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Recently Constructed Apartments near 101 & Scottsdale Sell for $74 Million

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The 322-unit Avion on Legacy Apartments sold Monday for just over $74 million, or $230,000 per unit. TDI Real Estate Holdings sold the property to Denver-based Simpson Housing in a cash-only transaction.

The Avion on Legacy Apartments, formerly known as Jefferson on Legacy, were built in 2014 on ten and a half acres near the Scottsdale Road ramp of the Loop 101. It includes a unit mix of one, two, and three bedroom floorplans, resort style pool, clubhouse, and fitness center. It is located just a mile northeast of the Scottsdale 101 Shopping Center as well as two and a half miles east of the Mayo Clinic.

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Hotel Indigo Sells for $17.6 Million in Bank Sale

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The Hotel Indigo in Old Town Scottsdale sold Monday to Triyar Companies for $17.6 million or $140,000 per room. Resource Capital Corporation funded the sale with a $14.3 million note. The property was sold in a bank sale from AEW Capital, who had acquired the property via deed-in-lieu in 2011.

Totaling 126 rooms in one five-story building, the Indigo Hotel was built 1995 and renovated in 2007. It is located east of the Scottsdale and Camelback Road intersection, and is currently closed for business.

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Scottsdale Plaza Resort Noticed on $65 Million CMBS Loan

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The 404-room Scottsdale Plaza Resort located at the northwest corner of Scottsdale and Indian Bend Roads was noticed for trustee sale Thursday. The note was originally valued at $65 million when it was recorded in 2006 with Canadian Imperial Bank of Commerce. It was securitized that same year, and in 2015 beneficial interest was assigned to special servicer LNR Partners.

The Scottsdale Plaza Resort stands on 37 acres and consists of sixty-two buildings totaling nearly 360,000 square feet. It includes a restaurant, health club, racquetball club, retail component, and five pools.

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Papago Marketplace Sells for $12.5 Million amidst Renovations

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Last Friday Lee Mashburn and Baltimore-based Timothy Gisriel of Alex Brown Realty purchased the Papago Marketplace neighborhood center at the southwest corner of Scottsdale and McDowell Roads for $12.5 million. The property is currently under renovation to expand site area to nearly 512,000 square feet, or 120,000 improved gross square feet. Alterations will include partial demolition of 29,000 square feet of existing structures. Buyers were assigned the ground lease recorded in 1961 with the Malouf family.

For more information on this property including complete history, ground lease information, and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!



        

Vizzda Planning & Zoning Week In Review July 20 - 24, 2015

Here is a brief look at a three of the newest Planning and Zoning cases in Maricopa County for the week of July 20th - 24th:

Gallery: This project is an eighteen-unit town home project located northwest of the northwest corner of Scottsdale and Thomas Roads (7107 E Earll Drive in Scottsdale). The vacant 1.2 acre site currently owned by William Lund will be developed for eighteen detached three story town homes with first floor two car garages. The case, which will require a Minor General Plan Amendment and Rezoning, was submitted to the City of Scottsdale Planning Department on July 16th, 2015. It is currently in the review process, and no hearing dates have been set at this time.

Tegava Unit 2.1: Phase 2 of the 856.5 acre master planned community formerly known as Vista Verde was given approval by the Maricopa County Board of Supervisors on July 22nd. The Board of Supervisors approved the Final Plat for 168 single family residential lots on 57 acres. Shea Homes is the owner and developer of the property located on the northeast corner of 172nd Street and Rio Verde Drive.

Cornwell on Quail Ave: A rezoning case for the development of a 69,000 SF industrial flex project was submitted and is scheduled to be heard by the City of Phoenix Planning Commission when they reconvene on August 11th. The development will have five single-story buildings with suite sizes of 1,568 and 1,728 square feet. Cornwell Corporation is the owner and developer of the vacant 6.35 acre site located northwest of Cave Creek Road and State Route 101.

(Initial Renderings for Cornwall on Quail Ave)

For more information on these cases, visit us at our website or send us an email. We are happy to hear from you!