ASU Research Park Offices Sell for $18.4m or $211 Per Square Foot

Vizzda – March 18, 2014 – Rimrock Capital Partners sold two offices within ASU Research Park in Tempe to the Lisa C Worthington Trust for $18.4m or $211 per square foot with $6.44m down and $11.96m debt with Northern Trust Company. The sale is of office improvements only on a ground lease of 10.105 acres which expires on December 31, 2101. The signatories to this deal were Dean Riesen of Rimrock Capital and Jeff Schneidman of Plattner Schneidman Schneider & Jeffries P.C.  The buyer is heiress to Shurl Curci, founder of Transpacific Devco.

The entirety of ASU Research Park is built on ground-leased land, owned by Arizona State University, with the original ground lease dating to October 8, 1984. On July 10, 1995 ASU Research Park subleased the subject property as 14.14 acres gross, to Motorola Inc.  In the lease equivalent of a sale event, Motorola assigned this sublease to Rimrock Capital Partners on August 24, 2005 with Rimrock funding the acquisition with a $2,487,500 loan from Meridian Bank. Rimrock obtained a $14.0m construction loan for these offices from Meridian on March 7, 2007.

ASU Research Park is located at the southwest corner of Loop 101 & Elliot Rd. The subject property is located at the northwest corner of the park at 2030 & 2050 East ASU Circle. These two offices total 87,000 RSF and were built in 2007 on 10.105 acres. The 2050 building totals ±61,000 RSF and the 2030 building totals ±26,000 RSF. The seller describes the surface parking as 5.0 parking spaces per 1,000 SF of office space.

Click through this LINK to find more information about the property from the seller's website.

Edward Moore

Director of Research
www.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