The Vizzda Weekly - Phoenix - September 19th, 2016

 

THE VIZZDA WEEKLY

September 19th, 2016

 

Last week in Phoenix, Vizzda tracked $164,189,991 in commercial transactions including 53 sales and 17 new projects. Below are reports for five of those events.

 

LAND

 

 

Finished Lots in Peoria Purchased for $4.7M    On September 14th, DR Horton purchased 58 lots in Vistancia and Rancho Cabrillo from Paulson & Company for $4,764,900 or $82,153.45 per lot.        (1 of 8 land sales last week)   View Full Report   View PDF Report

 

OFFICE

 

 

Office in Scottsdale Purchased for $7.1M      On September 16th, Alvarado Realty Company purchased one 3-story office building totaling 52,696 square feet from TA Realty for $7,102,722 with $4,615,000 in new funding with Mutual Omaha Insurance.       (1 of 11 office sales last week)   View Full Report   View PDF Report

 

MULTIFAMILY

 

 

45-Unit Apartment Complex in Phoenix Purchased for $3.46M    On September 9th, Holly & Associates purchased a 45-unit apartment complex in Phoenix totaling 29,852 improved square feet from Cristian Covaciu for $3,460,000 with $760,000 down and $2,700,000 in new funding with Bellwether Enterprise Mortgage Investments.         (1 of 10 multifamily sales last week)   View Full Report   View PDF Report

 

INDUSTRIAL

 

 

Storage Facility in Phoenix Purchased for $7.93M   On September 12th, Advantage Storage purchased a 71,837 square foot storage facility in Phoenix from Eugene Cox for $7,930,000.         (1 of 9 industrial sales last week)   View Full Report   View PDF Report

 

RETAIL

 

 

Restaurant in Glendale Purchased for $4.8M    On September 9th, Jane Jennings purchased a 3,058 square foot fast-food restaurant from Daytom Enterprises for $4,800,000 with $1,000,000 in new funding with Homestreet Bank, maturing on October 1st, 2031.           (1 of 15 retail sales last week)   View Full Report   View PDF Report

 

 

 

 

D.R. Horton Purchases Distressed Lots and Spec in Hurley Ranch for $2.15M

VIZZDA -- September 21, 2012 -- D.R. Horton purchased 70 Finished Lots measuring 45’ x 110’ plus an additional 5 speculative homes for $2,150,000. Two of the seventy lots are at foundation, though the buyer indicated that these improvements would be demolished. The five speculative homes were built between 2007 to 2008 and average 2,100 SF. No value per front foot is provided given the inclusion of improved speculative homes. 

Hurley Ranch is located in Southwest Phoenix in the Tolleson Area, S/SEC 91^st Ave & Lower Buckeye Road. The subject lots are all within Parcel 3, which totals 135 lots on 27.6 acres zoned R1-6.

The seller was Atreus Homes, formerly known as Homelife Communities based in Atlanta, GA--their company webpage is presently unavailable. Atreus previously acquired all 135 lots of Parcel 3 from Standard Pacific on February 27th, 2007 for $7,897,500 or $1300 per front foot. Atreus put $2,047,500 down to secure the property.

The subject lots were noticed for trustee sale at the time of D.R. Horton’s purchase, pending auction October 19th, 2012. RBC Bank USA was the beneficiary, foreclosing on $40M LOC debt loaned February 27th, 2007. Notice was recorded December 16th, 2011 with the auction originally set for April 12th, 2012. 

By:
Paul Dionne
Director of Analytics