The Vizzda Weekly - Phoenix - March 27th, 2017

 

THE VIZZDA WEEKLY

March 27th, 2017

 

 

Last week in Phoenix, Vizzda tracked $162,039,201 in commercial real estate transactions

including 53 sales and 7 new projects. Below are Vizzda's top reports of the week. 

 

 

 

 

PLANNING & ZONING 

 

 

Final Plat Introduced for Layton Lakes Village Commercial Development in Chandler      The Chandler City Council introduced a Final Plat last Thursday for the commercial development Layton Lakes Village, as part of the Layton Lakes master planned community.   (1 of 7 planning & zoning events last week)   Vizzda Subscribers - Click Here to View Full Report

 

LAND

 

 

66 Lots of Ritz-Carlton Parcel B Sell for $45 Million   Shea Homes acquired 66 platted and engineered lots of Ritz-Carlton Parcel B residential development, which totals 23.85 acres with typical lot dimensions of 80' x 125'.                   (1 of 13 land sales last week)   Vizzda Subscribers - Click Here to View Full Report

 

OFFICE

 

 

Unit 4 of Sonoran Corporate Center in Scottsdale Transacts for over $5 Million      Cass Construction purchased this 2-story office building for $5,525,000 funded by $3.45 million in new debt with Standard Insurance Company.              (1 of 12 office sales last week)   Vizzda Subscribers - Click Here to View Full Report

 

MULTIFAMILY

 

 

505 West Apartments in Tempe Purchased for over $37 Million   Aragon Holdings purchased this 334-unit apartment complex for $37.25 million last Tuesday from FPA Multifamily, funded by $26.8 million debt with NorthMarq Capital.   (1 of 13 multifamily sales last week)   Vizzda Subscribers - Click Here to View Full Report

 

INDUSTRIAL

 

 

Parkside Lane Warehouse Sells for over $2 Million   The 15,700 square foot warehouse at 2215 W Parkside Ln in Phoenix sold for $2,191,000 to local investor Dennis Schroeder. This single-tenant building was built in 2005 on 1 acre.                     (1 of 13 industrial sales last week)    Vizzda Subscribers - Click Here to View Full Report

 

RETAIL

 

 

Long Beach Investor Purchases Walgreens on Main Street in Mesa     Ronaldo J Bennett of Long Beach, California purchased the freestanding Walgreens retail at 2024 W Main Street in Mesa for over $5.6 million. Seller traces to Weissberg Corp.               (1 of 3 retail sales last week)   Vizzda Subscribers - Click Here to View Full Report

Shea Homes Purchases 66 Acres for Southern Half of Trailside at Happy Valley

Graphic via broker flyer

Yesterday the southern 66 acres of the proposed Trailside at Happy Valley housing development sold to homebuilder Shea Homes. A partnership between TerraWest Communities and JEN Partners sold the land for just over $11.6 million, or nearly $177,000 per acre.

Phases 3 and 4 of Trailside at Happy Valley are proposed at 45 and 90 lots, respectively. The complete development is to total 361 lots on 162.8 acres near the southeast corner of Lake Pleasant Parkway and Happy Valley Road.

Vizzda subscribers: click here for the full report.

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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!



        

Week in Review - June 27th, 2014

Partially Complete Neighborhood Shopping Center Sold for $11,172,825

South Mountain Crossing—a 130,200 ft² partially-complete neighborhood shopping center at the northwest corner of Southern and 35^th Avenues in Phoenix—was acquired by Lamar Companies of Fairfield, Connecticut. The seller was RN Properties South Mountain, LLC, a single-purpose entity comprised of Arte Moreno, Joe Fitzgerald, James Shough and Bill Beverage.

HSL Ventures Buys Station on Central for $53m

On the heels of last week’s $65m sale of ParcLand Crossing in Chandler, Tucson-based apartment investor HSL Properties has acquired The Station on Central for $53m or nearly $130k per unit. The sellers were a joint venture out of Colorado comprised of Scott Fisher of Baron Properties and J. James Riggs of Mountain West Industrial Properties. 

FedEx Ground Terminal in Tempe Sold to American Realty Capital

Daniel Haug of American Realty Capital has completed the acquisition of FedEx Ground’s Tempe Terminal for $16.05m or $110 per square foot in an all cash deal. FedEx has less than six months remaining on the firm term of their lease, though said lease stipulates to two 5-year options to extend FedEx’s interest in the property. The seller was North Carolina-based Levine Properties.

Shea Homes Closes on Trilogy West in Vistancia

Tom Tait Jr. of Tait Development sold roughly 160 acres of vacant land northwest of Vistancia Boulevard and Jomax Roads in Peoria on Tuesday for $14,065,412 or slightly less than $90k per acre. The buyer was Shea Homes, represented by its Vice President, Jeff Hinkle. Tuesday’s purchase price is a nominal improvement over the per acre price paid for the 60-acre Phase 1, which Shea picked up for $4.8m or $80k per acre.

Shea Homes Closes on Trilogy West in Vistancia

By: Paul Dionne | Vizzda.com 

Phases 2 and 3 comprise the southern portion of Trilogy West

Tom Tait Jr. of Tait Development sold roughly 160 acres of vacant land northwest of Vistancia Boulevard and Jomax Roads in Peoria on Tuesday for $14,065,412 or slightly less than $90k per acre. The buyer was Shea Homes, represented by its Vice President, Jeff Hinkle—who subsequently secured the property under an existing $45m deed of trust with Tricon Capital that was issued on September 19^th, 2013 and is slated to mature on September 18^th, 2020.  

The subject parcel comprises phases 2 and 3 of Trilogy West and total 457 planned lots. The site was surveyed in 2012 as 159.578 acres and when combined with the 251 planned lots from Phase 1—which was acquired by Shea in December of last year—and the 308 lots from Phase 4—acquired in March of this year—Trilogy West will encompass some 360 acres and total 1,016 home sites. Proposed lot sizes range from a minimum area of 4,000 ft² at 40’ x 100’ to a maximum area of 8,050 ft² at 70’ x 115’.

The Tait family has controlled this property dating back to at least 1981; Shea entered an exclusive purchase option agreement dated August 10^th, 2012 and on June 11^th, 2014 Shea issued Tait a $2.5m deed of trust described as a refund advance relating to the purchase option agreement. Tuesday’s purchase price is a nominal improvement over the per acre price paid for the 60-acre Phase 1, which Shea picked up for $4.8m or $80k per acre or the 45-acre Phase 4, which Shea picked up for $3,807,290 or $83,700 per acre. 

To Contact the Author:

Paul Dionne - pdionne@vizzda.com

Shea Completes Second Take-down in Vistancia West

VIZZDA—3/27/2014, Shea Homes has completed their second recent acquisition into the Vistancia West development- purchasing 45.4823 acres for $3,807,290 or $83,709 per acre. Mr. Charles Duff of Tempe-based Farnam Realty was the seller; and also provided seller-carry financing with a phased lot release. Mr. Farnam had previously purchased 99.855 acres on December 31st, 2005 for $5,492,080 or $55K per acre. 

Shea Homes is planning 1,016 units in the 353 acre “Trilogy West” project in a four phase plan, per a updated planned-area-development referenced here.

The Phase I of this project totals 117.05 gross acres planned for 246 lots; reflecting 2.10 dwelling units per acre.

In their first Vistancia West purchase, Shea Homes acquired approximately 60 acres (59.886) on December 20th, 2013 for $4.8M or $80K per acre. The seller group including Mr. Kent Xander, who had previously purchased this same 60 acres in 1998 for $180K or $3,000 per acre.

Vistancia is located just west of the 303 in northwest Phoenix Metro 

Tricon Capital Group based in Ontario has ventured with Shea Homes to finance the Trilogy West development; which was recently syndicated to a single large institutional investor. Detail on this syndication can be found here.

By:

Hadden Schiffman

Managing Director

Vizzda.com

That's the Last of It -- Two Builders Acquire the Remaining Bank-owned Lots at Bridges at Gilbert

VIZZDA—March 25th, 2013 -- Marking an end to the bank-owned bulk lot inventory for Bridges at Gilbert, Lennar and Shea Homes acquired a total of 187 partially improved lots. Bridges at Gilbert is located east of the southeast corner of Queen Creek & Higley Roads in the Town of Gilbert.  Both builder’s paid additional sums per prior joint development agreements and lot improvement reimbursements. The homebuilders purchase is as follows:

• Lennar Homes
• Phase 1 , Parcel 3 
• 88 Partially improved lots in an 88 lot parcel
• Average dimensions: 55'X110' or 6,050 SF lot area 
• Platted September 15th, 2006 
• 19.66 gross/14.68 net acres (3.5 DU/AC)
• Zoned SF-6 
• Town of Gilbert indicates minor development standards to be amended soon.
• Sales Price: $6,413,000 / $72,875 per lot / $1,325 per FF

•  Shea Homes 
• Phase 1 , Parcel 5
• 99 partially improved lots in a 99 lot parcel 
• Average dimensions: 45'X102' or 4,590 SF lot area
• Replatted March 11th, 2013
• 16.82 gross/13.8 net acres (3.5 DU/AC) 
• Zoned SF-D 
• Originally platted as "Z" lots in 2006.
• Sales Price: $5,680,125 / $57,375 per lot / $1,275 per FF

The seller was an entity formed by Wachovia/Wells Fargo Bank with Mr. Marc Curtis (VP) as signatory for Wells Fargo in North Carolina. Wells Fargo, as successor to Wachovia acquired all of phase 3 (88 lots), phase 4 (72), and phase 5 (99 lots) through trustee sale January 4th, 2010 for a $5.4M credit bid; foreclosing on $22.2M original debt. Elite Homes had previously purchased phases 3, 4, & 5 (259 platted lots) on December 18th, 2006 for $19.8M – sold by the Nicholson Company. Phase 4 of Parcel 1 was purchased.

CITY ZONING DOCS

By:

Hadden Schifman

Managing Director

Vizzda.com

Pacific West Land Acquires Vistancia Neighborhood Shopping Center

--> VIZZDA--October 29th, 2012 -- Bruce Galloway, CEO of Pacific West Land, has acquired two adjacent shopping centers in the Vistancia neighborhood from their original developer for $25.75m or $195.53 per ft². Pacific West Land paid $12.875m cash for the property and secured an additional $12.875m in debt with Meridian Bank. 

The larger of the two centers, both in terms of rentable square feet and acreage, is legally described as Lots 1-7 inclusive and Tract A of Vistancia Retail Subdivision, Parcel D9 and totals 94,119 ft² on 10.691 gross acres, zoned PCD. It is anchored by a 57,888 ft² Safeway and features 11,760 ft² inline retail in two buildings occupied by several full service restaurants and a Great Clips barber shop as well as four retail pads totaling 24,030 ft² and occupied by a Chase Bank and a Subway restaurant. The parcel has 320 parking spaces for a parking ratio of 3.39 per 1000 ft². 

The smaller of the two centers is legally described as Lots 1 and 2 of Vistancia Marketplace and totals 37,575 ft² on 7.53 gross acres, also zoned PCD. It is anchored by a 14,820 ft² Walgreen's Pharmacy and features two inline shells totaling 22,755 ft² as well as two undeveloped parcels. The parcel has 250 parking spaces for a parking ratio of 6.65 per 1000 ft². The two complexes have a total of 570 parking spaces and an aggregate parking ratio of 4.33 per 1000 ft². 

The land on which the neighborhood shopping centers sit was acquired by a Shea Homes/Sunbelt Holdings co-venture as part of the Vistancia development in 2001. On May 25th, 2007, the two parcels were transferred to a related entity and encumbered with $25.9m in new construction debt with California Bank and Trust. 

Paul Dionne
Director of Analytics
Vizzda