"City North Phase 2" Noticed on over $50 Million in Debt

Area Map

Ninety-three acres of commercial land platted for City North Phase 2 were noticed for trustee sale last week. The trustor - an entity controlled by Gray Development - encumbered the property with the $50,713,000 loan in May 2013 with Ganymede Investments as beneficiary. The land is currently subject to ground lease from the Arizona State Land Department, with an expiration date near the end of the century.

City North Phase 2 is located near the 56th Street exit of the 101, just east of Desert Ridge Marketplace in north Phoenix. The auction is set for mid-April at the offices of the trustee.

Vizzda subscribers: click here for the full report.

Would you like complete contacts, history, and auction information? Vizzda has it!

Contact us for more information.

        
Sponsored by:
 

YAM Properties Purchases Leasehold Interest in Scottsdale 101 Shopping Center

Area Map

YAM Properties purchased lessee interest in the ground-leased Scottsdale 101 shopping center for $81 million on Monday in a cash-only transaction. The ground lease, established in 1999, is held by Arizona State Land Department. Seller traces to AEW Capital, who previously purchased interest in the asset in 2006 for over $117 million.

Scottsdale 101 offers nearly 600,000 square feet of retail on 68 acres at the southwest corner of Scottsdale Road and the 101 in north Scottsdale. Tenants include: "Harkins Theatres", "Sports Authority", "Bed Bath & Beyond", and "Babies R Us"'.

Vizzda subscribers: click here for the full report.

Would you like complete ground lease information, history, and contacts? Vizzda has it!

Contact us for more information.

        
Sponsored by:
 

Shade at Desert Ridge Sells at $52 Million, Improvements Only

Area Map

The 342-unit Shade at Desert Ridge apartment complex sold for a total of $52 million or $152,047 per unit. The Ergas Group purchased only the improved buildings, as the property is ground leased with The Arizona State Land Department as landlord and owner of the ground through 2092 . $37 million in new financing was provided by United States Life Insurance Company.

Images property of Vizzda

Located within walking distance of Desert Ridge Marketplace, Shade at Desert Ridge totals over 355 thousand square feet and consists of fourteen residential buildings at two, three, and four stories. Amenities include three pools and in-unit washer and dryer.

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



        

First Four Parcels of Crescent Ridge Acquired for $21.6m

By: Paul Dionne | Vizzda 

Jeff Blandford of Blandford Homes as acquired 128.76 acres of unimproved land at the northeast corner of Guadalupe and Crismon Roads in Mesa comprising parcels one through four of the five parcel, 172.5 acre Crescent Ridge master-planned community. The $21,623,412 purchase price for 552 final platted lots equates to $167,934 per acre, $39,173 per planned lot or $830 per planned front foot. Blandford paid $3,243,511 in cash and secured $18,379,900 in new debt with the seller, Jerry Ivy. 

Crescent Ridge Concept and Vicinity

The planning and zoning case prepared by Blandford and heard by the City of Mesa calls for 1,056 total lots on 172.5 acres for a gross density units per acre ratio of 6.12 for the project. Parcels one through four will be made up of 522 traditional lots with four different dimensions and Parcel Five will consist of 504 density units, to be acquired and developed at a later date. The lot dimensions, count and set-backs are detailed below:

Parcel	Lot Size	Lot Count	Front	Side	Rear
Parcel 1	60’ x 125’	92	10’ / 20’	5' / 12'	20’ / 10’
Parcel 2	52’ x 120’	116	10’ / 20’	5’ / 12’	20’ / 10’
Parcel 3	45’ x 115’	148	10’ / 20’	5’ / 10’	20’ / 10’
Parcel 4	40’ x 69’	196	10’ / 7’	5’ / 10’	3’
Parcel 5	NA	504	NA	NA	NA

Mr. Ivy previously acquired the subject parcel as part of a 193.04 acre sale from the Arizona State Land Department in February of 2014 for $30.2m or $156,444 per acre. The bill of sale indicates that Ivy paid $7.55m in cash plus a $645k administrative fee and carried a $22.65m balance with the department bearing 5.25% per annum interest and maturing October 17^th of this year. 

At the time of the sale to Ivy, the state had appraised the original 193.04 acres at $30m. Prior to the current sale, Ivy assigned his right as purchaser to an affiliated entity in care of Jeff Blandford. Pursuant to the seller carry financing on the current transaction, Blandford will pay Ivy a lot release price for each lot sold, stipulated to be $31,350 for each 40’ lot, $44,000 for each 45’ lot, $48,400 for each 52’ lot and $59,943 for each 60’ lot. 

To Contact the Author:

Paul Dionne – pdionne@vizzda.com

Taylor Morrison Acquires 67 Finished Lots at $2,222 Per Front Foot or $200K Per Lot in Cave Creek

VIZZDA--September 5th, 2012 -- Lennar Homes sold 67 finished lots to Taylor Morrison for $13.4M within their Lone Mountain community, located North of the Northeast corner of Lone Mountain Rd & 56^th Street in Cave Creek.

The acquired lots all measure 90’x’130’ or 11,700 SF and are zoned RE-35. Lone Mountain totals 794 lots on 608 acres. US Home Corp--a subsidiary of Lennar Homes--originally acquired all 608 acres from the Arizona State Land Department at auction in 2000 for $38.5M but the transaction was not recorded until May 2nd, 2007. The Arizona State Land Department has a continuing participation agreement with Lone Mountain's builders. Lennar subsequently sold portions of the community to Pulte Homes.

For more information on this and other commercial real estate intelligence from VIZZDA, follow us on Twitter, 'like' us on Facebook, sign in or  join today!