The Vizzda Weekly - Phoenix - February 14th, 2017

THE VIZZDA WEEKLY

February 14th, 2017

Last week in Phoenix, Vizzda tracked $95,619,083 in commercial real estate transactions

including 40 sales and 15 new projects. Below are Vizzda's top reports of the week. 

 

PLANNING & ZONING 

New 146-Lot Sun City Festival Subdivision Proposed for Buckeye  On February 7th, the Buckeye City Council introduced a replat titled "Sun City Festival Parcel 1" for 146 age-restricted single family homes in Buckeye.    (1 of 15 planning & zoning events last week) Vizzda Subscribers - Click Here to View Full Report

LAND

Proposed Austin Ranch Parcel 4 Sells in Surprise  On February 9th, 36.5 acres of land in Surprise proposed for 138 single family lots sold to Courtland Communities for just under $7 million. This was a related sale between two Courtland Communities entities.                   (1 of 11 land sales last week) Vizzda Subscribers - Click Here to View Full Report

OFFICE

Two Office Buildings in Anthem Sell to Church      Crossroads Church purchased the two office buildings at 42101 N 41st Dr in Anthem for $3.725 million. This is likely a user-buyer transaction.              (1 of 7 office sales last week) Vizzda Subscribers - Click Here to View Full Report

MULTIFAMILY

Sonora Canyon Apartments in Mesa Sell for over $40 Million On February 10th the 388-unit Sonora Canyon Apartments in Mesa sold for $40.7 million to The Praedium Group and LivCor. Seller traces to Aetna Realty. (1 of 1 multifamily sales last week) Vizzda Subscribers - Click Here to View Full Report

INDUSTRIAL

US Storage Centers Buys West Glendale Self Storage On February 9th US Storage Centers purchased the 98,824 SF West Glendale Self Storage for $6.7 million. The sale was funded by a new loan with Wells Fargo Bank.                     (1 of 4 industrial sales last week)   Vizzda Subscribers - Click Here to View Full Report

RETAIL

Anchor Building "Van's Golf Shop" Sells for $4.2 Million     On February 3rd, the "Van's Golf Shop" freestanding anchor in Scottsdale sold for $4.2 million to California investor Alan Morris. The sale was funded by a new loan of $2,775,000 with JP Morgan Chase Bank.               (1 of 7 retail sales last week) Vizzda Subscribers - Click Here to View Full Report

The Vizzda Weekly - Greater Phoenix - August 1st, 2016

 

THE VIZZDA WEEKLY

August 1st, 2016

 

Last week in Phoenix, Vizzda tracked $364,527,366 in commercial transactions, including45 new commercial sales and 9 new projects. Below are reports for five of those events.

 

LAND

 

 

Avondale Commercial Land Purchased for $1.625M   On July 27th, Francis & Sons Car Wash acquired this property from William Douglas Moreland of Moreland Dealerships for $1,625,000.   (1 of 7 land sales last week)   View Full Report   View PDF Report

 

OFFICE

 

 

Office Park in Tempe Purchased for $1.4M    On July 27th, Hafez Azadeh acquired this property from Tony Lofgreen for $1,400,000, with $1,400,000 in assigned debt with National Guardian Life Insurance Company.   (1 of 10 office sales last week)   View Full Report   View PDF Report

 

MULTIFAMILY

 

 

159-Unit Complex in Glendale Purchased for $6.85M   On July 26th, Diego Goldfarb of Infinity BH purchased this property from Todd Glick for $6,850,000, with $5,137,500 in new debt with Opus Bank.   (1 of 6 multifamily sales last week)   View Full Report   View PDF Report

 

INDUSTRIAL

 

 

Single Tenant Warehouse in Tempe Sold for $9.3M   On July 28th, Boyd Watterson Management acquired this property from Doug Bradley Trucking for $9,300,000.   (1 of 9 industrial sales last week)   View Full Report   View PDF Report

 

RETAIL

 

 

Bank Branch on Happy Valley Road Purchased for $3.55M   On July 22nd, Eduard Hovy and Shigeko Nariyama-Hovy purchased this property from Cypress Equities for $3.55M with $1.243M down and $2.307M new debt with Armed Forces Bank.     (1 of 13 retail sales last week)   View Full Report   View PDF Report

 

 

The Vizzda Weekly - Phoenix Edition - July 11th, 2016

Last week in Phoenix, Vizzda tracked 3 new commercial projects and 53 sales totaling $318,174,010 in transaction value. Below are reports for five of the properties.

LAND

Vizzda tracked 16 new land sales this week in Phoenix.

Land Proposed for New Residential Lots in San Tan Valley Purchased for $837,000

On June 23rd, 2016, Pulte Homes purchased 18 finished lots from Communities Southwest for $837,000 ($46,500 per lot). The property is zoned CR-3 PAD.

View Full Report

OFFICE

Vizzda tracked 4 new office sales this week in Phoenix.

Office Plaza Near Gilbert & Southern Sold for $1.25M

Douglas and Diana Goyer purchased this property on July 5th, 2016 from Zion's First National Bank for $1,250,000 and with $445,000 in new debt with US Bank. The property is 19,220 SF of office space in two 1-story buildings on 1.49 acres zoned OC.

View Full Report

MULTIFAMILY

Vizzda tracked 8 new multifamily sales this week in Phoenix

Apartments in Glendale Purchased for $1.065M

On July 1st, 2016, Patrick Stojak acquired this property through a court ordered sale for $1,065,000. The property is a 44 unit apartment complex in three two-story buildings totaling 36,926 SF.

View Full Report

INDUSTRIAL

Vizzda tracked 9 new industrial property sales this week in Phoenix

Manufacturing Facility in Casa Grande Sold for $2M

Robert Stephan purchased this property on June 21st, 2016 for $2M in a 1031 exchange from Audrey Faucetta & Wendy Cypert et al. The property is 78,181 SF in two single story buildings on 19.1 acres and includes a 9.55 vacant lot.

View Full Report

RETAIL

Vizzda tracked 1 new retail project and 16 new retail sales this week in Phoenix

Restaurant Near I-17 & Peoria Purchased for $1.26M

An entity tracing to Sung Hwan Lee, Lily Kwon, Sophia Kwak and Chongpal Moon purchased this property from Doris Knell and Elaine Dreyfuss on July 1st, 2016 for $1,260,000 with a new SBA loan of $1,976,000 originated through Wilshire Bank. The property is a 9,213 restaurant in one building on 1.53 acres zoned C-2.

View Full Report

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Lot Banking Partnership Formed for "Catania" Development in Glendale

Area Map

79 platted lots for the new housing development "Catania" sold to DW Partners Friday from homebuilders K Hovnanian Homes for just over $2 million. An option agreement for all 79 lots recorded with the sale, listing K Hovnanian as homebuilder. The agreement expires late 2018. K Hovnanian previously purchased the land just a month prior to this sale.

Catania is a planned residential development at the southeast corner of 87th and Glendale Avenues, with minimum lot dimensions of forty-seven by one hundred feet.

Vizzda subscribers: click here for the full report.

Would you like complete planning information, proposed lot dimensions, and contacts? Vizzda has it!

Contact us for more information.

        
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CSAA Operations Center Conveys in Sale Leaseback Deal

Area Map

The two-story office at 5353 W Bell Road in Glendale which houses the operations center for CSAA Insurance Exchange transacted Tuesday for over $44 million. CSAA sold the building after over seven years of ownership. The sellers continue to lease the office 100% in a sale-leaseback agreement with the property's new owners, GI Partners.

The CSAA Operations Center totals over 200,000 rentable square feet in one building built on 23 acres. It is located west of the southwest corner of 51st Avenue and Bell Road in Glendale.

Vizzda subscribers: click here for the full report.

Would you like complete lease terms, history, and CAP Rate? Vizzda has it!

Contact us for more information.

        
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Palo Verde Cancer Center Sells for $8.89 Million

Area Map

A partnership between Oregon-based Sante Partners and PDC Capital Group of California purchased the 130,447 square foot Palo Verde Cancer Center medical office plaza on Monday for $8.89 million or $68 per square foot. The current sale was funded by a total of $6.1 million in debt, divided into two notes with Inca Capital and seller Select Healthcare Solutions as beneficiaries. Select Healthcare had previously purchased this asset in June of 2014 for $9.1 million.

The Palo Verde Cancer Center is located near the northwest corner of 91st and Glendale Avenues and consists of two buildings of one and three stories built in 2008. The property also includes underground parking of 186 spaces, as well as 465 surface spaces.

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



        
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PB Bell Acquires Multifamily Portfolio from Chinese Investor for $168.5m

By: Paul Dionne | Vizzda 

VizzdaNews described July as “one of the busiest months for multifamily sales since the early 2013 acquisition of Archstone Enterprises by Equity Residential and Avalon Bay Communities,” following the $22.25m sale of Elliot Crossing—the fifth eight-figure multifamily deal in little more than a week. While we stand by that assertion, it appears as though we spoke too soon. David Liu—an American citizen of Chinese descent based in Beijing and Los Angeles—through his company, Standard Portfolios, has completed the sale of seven apartment complexes totaling 2,749 units for $168.5m or $61,073 per unit. The buyer was a joint venture formed by Phoenix-based multifamily investor PB Bell and New York-based private equity firm Stonecutter Capital Management. PB Bell tendered $30m in cash and secured the seven properties under a $149.5m purchase money deed of trust with Prime Financial Partners.

The properties included in the portfolio sale—as well as the itemized sales price from 2007, the last time these properties changed hands outside the purview of bankruptcy court—are detailed below:

Complex	City	Price	Units	Price/Unit	2007 Price	Depreciation
Tela Verde	Glendale	$10,428,354	196	$92,347	$18,100,000	-42.38%
San Tan Crosswinds	Chandler	$16,400,000	374	$56,150	$21,000,000	-21.90%
Sienna Springs	Phoenix	$16,600,000	395	$47,468	$18,750,000	-11.47%
Alante at the Islands	Chandler	$33,236,700	320	$127,656	$40,850,000	-18.64%
Laguna Village	Chandler	$38,200,000	460	$97,826	$45,000,000	-15.11%
Whispering Meadows	Mesa	$24,175,146	432	$77,778	$33,600,000	-28.05%
Tuscany Palms	Mesa	$29,459,800	582	$65,464	$38,100,000	-22.68%

These seven properties were previously acquired as “Bethany Kingdom I” by now-defunct Bethany Holdings Group in June of 2007 for $215.4m or $78,072 per blended unit from Bascom Ventures. Concurrently with that prior sale, Bethany also acquired “Bethany Kingdom II” a 2,419 unit portfolio of five apartment complexes for $212.1m for a total outlay of $427.5m for 5,178 units or $82,561 per blended unit. The Bethany Kingdom I portfolio acquisition was financed with $164.5m in new debt with Lehman Brothers. This note was later securitized by Lasalle Bank as a Commercial Mortgage Backed Security (CMBS) bearing 5.72% per annum interest and maturing July 11^th, 2012. At the time of securitization, the portfolio was generating $11,114,693 in net operating income on 85.3% occupancy for an appraised value of $231.7m. 

That lofty valuation was never realized, however, and as credit conditions deteriorated throughout 2008 and early 2009, Bethany Holdings Group was forced to file for Chapter 11 Bankruptcy protection. San Diego-based distressed property specialist, Trigild Inc., was appointed receiver for the seven property portfolio following the bankruptcy filing and a bankruptcy order for sale was approved by the court in September of 2010. On October 1^st, 2010, Mr. Liu acquired assets of the Bethany Kingdom I portfolio for $133.1m or $48,242 per blended unit. Mr. Liu paid $10.1m in cash for the seven properties and assumed the existing $164.5m CMBS debt, amended and restated at the time of sale to reflect a principal balance of $123m. While the 2010 acquisition price is not itemized—and therefore doesn’t allow an asset-by-asset comparison as was possible for the 2007 acquisition price—based on the aggregate 2007 sale price of $133.1m and the current sale price of $168.5m, Mr. Liu earned a 26.6% absolute rate of return on his investment, net of holding costs and operational proceeds.

To Contact the Author:

Paul Dionne – pdionne@vizzda.com