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

 

 

 

 

Week in Review - June 27th, 2014

Partially Complete Neighborhood Shopping Center Sold for $11,172,825

South Mountain Crossing—a 130,200 ft² partially-complete neighborhood shopping center at the northwest corner of Southern and 35^th Avenues in Phoenix—was acquired by Lamar Companies of Fairfield, Connecticut. The seller was RN Properties South Mountain, LLC, a single-purpose entity comprised of Arte Moreno, Joe Fitzgerald, James Shough and Bill Beverage.

HSL Ventures Buys Station on Central for $53m

On the heels of last week’s $65m sale of ParcLand Crossing in Chandler, Tucson-based apartment investor HSL Properties has acquired The Station on Central for $53m or nearly $130k per unit. The sellers were a joint venture out of Colorado comprised of Scott Fisher of Baron Properties and J. James Riggs of Mountain West Industrial Properties. 

FedEx Ground Terminal in Tempe Sold to American Realty Capital

Daniel Haug of American Realty Capital has completed the acquisition of FedEx Ground’s Tempe Terminal for $16.05m or $110 per square foot in an all cash deal. FedEx has less than six months remaining on the firm term of their lease, though said lease stipulates to two 5-year options to extend FedEx’s interest in the property. The seller was North Carolina-based Levine Properties.

Shea Homes Closes on Trilogy West in Vistancia

Tom Tait Jr. of Tait Development sold roughly 160 acres of vacant land northwest of Vistancia Boulevard and Jomax Roads in Peoria on Tuesday for $14,065,412 or slightly less than $90k per acre. The buyer was Shea Homes, represented by its Vice President, Jeff Hinkle. Tuesday’s purchase price is a nominal improvement over the per acre price paid for the 60-acre Phase 1, which Shea picked up for $4.8m or $80k per acre.

Shea Homes Closes on Trilogy West in Vistancia

By: Paul Dionne | Vizzda.com 

Phases 2 and 3 comprise the southern portion of Trilogy West

Tom Tait Jr. of Tait Development sold roughly 160 acres of vacant land northwest of Vistancia Boulevard and Jomax Roads in Peoria on Tuesday for $14,065,412 or slightly less than $90k per acre. The buyer was Shea Homes, represented by its Vice President, Jeff Hinkle—who subsequently secured the property under an existing $45m deed of trust with Tricon Capital that was issued on September 19^th, 2013 and is slated to mature on September 18^th, 2020.  

The subject parcel comprises phases 2 and 3 of Trilogy West and total 457 planned lots. The site was surveyed in 2012 as 159.578 acres and when combined with the 251 planned lots from Phase 1—which was acquired by Shea in December of last year—and the 308 lots from Phase 4—acquired in March of this year—Trilogy West will encompass some 360 acres and total 1,016 home sites. Proposed lot sizes range from a minimum area of 4,000 ft² at 40’ x 100’ to a maximum area of 8,050 ft² at 70’ x 115’.

The Tait family has controlled this property dating back to at least 1981; Shea entered an exclusive purchase option agreement dated August 10^th, 2012 and on June 11^th, 2014 Shea issued Tait a $2.5m deed of trust described as a refund advance relating to the purchase option agreement. Tuesday’s purchase price is a nominal improvement over the per acre price paid for the 60-acre Phase 1, which Shea picked up for $4.8m or $80k per acre or the 45-acre Phase 4, which Shea picked up for $3,807,290 or $83,700 per acre. 

To Contact the Author:

Paul Dionne - pdionne@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 

Fresh to Phoenix, Gehan Homes Buys 49 Lots in Vistancia for $3.969M or $81K/Lot

VIZZDA – August 21, 2012 – Randy Hearne (CFO) represented Stratford Land in the sale of 49 partially improved lots within Vistancia to Texas-based Gehan Homes for $3.969M or $1,350 per front foot. The sale is per a prior purchase agreement between the buyer and seller dated 7/11/12.

The lots are within the Vistancia Village A Parcel G2 subdivision, which is planned for a total of 101 lots on 35.12 acres, a density of 2.87 lots per acre. This land has been partially graded but no other horizontal improvements have been built on the site. Per Stratford, land development will begin in early October. The lots are all 60’ x 120’ in dimension (7,200 SF area). Recorded documents indicate Woodside is the designated builder on the remaining lots within Parcel G2.

Vistancia, located in Peoria North of the 303 and Dysart Rd is a 7,100 acre masterplan community originally developed by Sunbelt Holdings and Shea Homes in 2001. Stratford Land joined in 2009 as an equity partner. This purchase by Gehan marks the second Phoenix acquisition tracked by VIZZDA, refer to our other here.

Hadden Schifman
Managing Director
hadden@vizzda.com