The Monte Viejo Apartments in North Phoenix Sell for $58.5 Million

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Equity Residential sold the 480-unit Monte Viejo Apartments Friday for $58.55 million, or $122,000 per unit. Salt Lake City-based buyer Bridge Investment Group funded the sale with a Freddie Mac loan of nearly $44 million.

The Monte Viejo Apartments stand just southwest of the 101 freeway and Cave Creek Road. A shopping center with Costco anchor is located just across the street, with the Coyote Basin Park further down Beardsley Road.

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Vizzda Weekly - week ending 9/11/15

Keeping you up-to-date with CRE deals in the Phoenix metro area
Team Vizzda would like to present Vizzda Weekly - our complimentary weekly recap of commercial real estate activity in Maricopa County. Every Monday we send out Vizzda Weekly with the number of events we reported on and cataloged along with some featured events from the previous week.
Keep in mind, this is just the tip of the iceberg. Vizzda provides in depth information for all commercial properties - Multifamily, Office, Industrial, Retail, Storage, Hospitality, Mobile Home, Senior Facilities, Golf, Hospitals, Land & Lots - in Maricopa County to our subscribers. ***VIZZDA NOW COVERS PINAL COUNTY*** Team Vizzda is pleased to announce the addition of Pinal County data to our exclusive information service. Please contact Karyn MacVean at (480) 924-2000 or kmacvean@vizzda.com for pricing and assistance.
For the week ending September 11, 2015 Last week, Vizzda researched 35 Sales events totaling $116,874,178 in transaction value. We also reported on and cataloged 4 Distressed Property notice, 14 Debt Recordings and19 Planning & Zoning events.
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What happened in LAND last week? Vizzda reported on and cataloged 9 Land Sales, 3 Notices for Trustee Sale and 3 Debt Recordings in Maricopa County.
	Featured Land Sale: 7.5 Acres Residential Land sells for $845K in Cave Creek Roy Bliss & Tom Atkinson acquired 5 custom residential lots totaling 7.5 acres on 9/4/2015 for $845K with $845K down & $423K in new debt with Jay Renfrow entity (Grizzly Investment Properties LLC), who also acted as exchange accommodation titleholder for Atkinson. Bliss & Atkinson entered into a joint venture agreement with R-NET Custom Homes (Randy Arnett-Romero as owner) to build 6 custom homes on 6 lots. Each lot is given a stated approximate value of $145K totaling approximately $870K. Developer agrees to contribute to the capital of the joint venture to construct residential homes. Vizzda subscribers - please click here for the full report.
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What happened in OFFICE last week? Vizzda reported on and cataloged 7 Office Sales, 1 Notice of Trustee Sale, 3 Debt Recordings and 2 proposed Office Planning & Zoning events in Maricopa County.
	Featured Office Sale: Medical Office sells for $742K in Phoenix Optometrists James K. McPhelan & Bryan L. Fuller (new tenants of transacting property) purchased a ±4K SF multi-tenant medical office built in 2001 on 9/8/2015 from American Family Insurance agent John S. Laurie for $742K with $111K down & $630K debt with First Citizens Bank. Laurie occupied space in property at time of sale & it is unclear if he will continue to operate his insurance business from that location (his website still has uses the property's address but his business wasn't listed on the subordination agreement). Vizzda subscribers - please click here for the full report. CORRECTION FROM LAST WEEK'S FEATURED OFFICE SALE Mark Fowler acquired Dobson Professional Plaza on 8/31/2015 fromWilliam Grindell for $2.225M in an all cash transaction - no debt recorded with sale. Fowler also acquired Superstition Springs Professional Centre same day for $2M. Vizzda subscribers - please see the event titled Dobson Professional Plaza for the fully updated report.
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What happened in MULTIFAMILY last week? Vizzda reported on and cataloged 4 Multifamily Sales, 3 Debt Recordings and 4 proposed Multifamily Planning & Zoning events in Maricopa County.
	Featured Multifamily Sale: South Mountain Care Center sells for $740K in Phoenix Angelina M. & Martin R. Garcia purchased the 16-unit  multifamily property (consisting of 8 duplexes) built in 1963 on 9/9/2015 from Young B. Lee for $740K recorded as an Agreement for Sale with a total of $740K seller-carry debt with 6% interest per annum & a maturity date of 9/9/2020. The property is currently used as a senior care facility. Vizzda subscribers - please click here for the full report.
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What happened in RETAIL last week? Vizzda reported on and cataloged 11 Retail Sales, 4 Debt Recordings and 5 proposed Retail Planning & Zoning events in Maricopa County.
	Featured Retail Sale: Filiberto's sells for $1.05M in Phoenix Stanley Byungkwang Ock & Julie Ock purchased 2.2K SF fast food pad built in 2014 on 9/5/2015 from Lamar Companies for $1.05M with no new debt recorded. The lease with Filiberto's commences on 11/1/2015 & expires on 10/31/2025, with 3 5-year options to extend (10% increases at year 6). Vizzda subscribers - please click here for the full report.
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What happened in INDUSTRIAL last week? Vizzda reported on and cataloged 2 Industrial Sales, 2 Debt Recordings and 4 proposed Industrial Planning & Zoning events in Maricopa County.
	Featured Industrial Sale: 114K SF Warehouse property sells for $5.5M in Phoenix Catellus acquired ±114K SF warehouse built in 1989 on 5.64 acres zoned A-2 (city of Phoenix) on 9/9/2015 from Young's Market Company for $5.5M, with no debt recorded with sale. Vizzda subscribers - please click here for the full report.
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UPDATE: Fresh and Easy Portfolio Sale

Vizzda – March 13, 2014 –  In November, Fortress Investment Group had signed an agreement to purchase 53 properties from the Fresh and Easy portfolio for a total of $41.5m.  On February 25 we had blogged (LINK) the transaction of 11 of these properties. We have since seen a few more transactions and so we are updating this story.

Sale Breakdown 

On March 6, 2014 we tracked the sale of Fresh and Easy store #1047; this store is 13,970 square feet built in 2007 on 1.82 acres. It is located at the northeast corner of Stapley Dr & McKellips Rd in Mesa at 2009 N Stapley Dr. Fortress Investment Group acquired store #1047 for $1.0m or $71.58 per square foot LINK and then resold to Orosco Development for $875k or $62.63 per square foot LINK in sequential transactions.

On March 13, 2014 we tracked the resale of the 1.99 ac commercial lot, planned for Fresh and Easy #1332, from Fortress Investment Group to Jim Shough for $925k or $10.66 per square foot. "Tatum Parkplace" has complete horizontal improvements such as landscaping and parking and currently features Walgreens store #5453. Fortress paid $625k or $7.21 per square foot for this lot on February 21. Mr Shough is the developer of this commercial corner, and former owner of this land, he had previously sold this lot to Fresh and Easy on March 31 of 2010 for $2,080,442 or $23.98 per square foot.

By:

Ed Moore

Director of Research

Vizzda.com