Tuesday, June 25, 2013

Commercial Real Estate News 6-25-13 | Arizona Builders Exchange

Sale Transactions

CRE 11. ?The pair of buildings totaling 232KSF, 25500 and 25600 N. NorTerra Pkwy., Phoenix, have sold for $54.5M ($234/SF) to Griffin Capital Essential Asset REIT, El Segundo, Calif. San Antonio, Tex.-based insurance provider USAA was the seller using Cushman & Wakefield. The buildings, 116KSF each, were developed by USAA and leased for ten years to Cigna Medical Group. Griffin just purchased the Avnet headquarters in Chandler (AZBEX, June 4). USAA has 578 acres for business park expansion.

2. ?A 432-unit apartment complex in the Arcadia neighborhood, Arcadia Cove, 2252 N. 44th St., Phoenix, has sold for $41M ($94K/unit). Bascom Arizona Ventures LLC, Irvine, Calif., is the new owner of the project on the corner of Oak Street. BRE Properties Inc., San Francisco, was the seller. Marcus & Millichap Real Estate Investment Services was broker on the deal.

3. ?In another deal with a San Francisco-based investor, The Reliant Group paid $30M ($177K/unit) for Art? Senior Living. The 170-unit senior housing project at 11415 N. 114th St. at Via Linda was sold by Avenir Group of Cos., Vancouver, British Columbia, Canada. Senior Lifestyle Corp., Chicago, is the new property manager.

4. ?Wasatch Property Management, Logan, Utah, sold the Painted Trails Apartments, 4255 E. Pecos Rd., Gilbert, for $25.7M ($131/unit). The 196-unit, Class A community was sold to RK Properties?its first East Valley acquisition. RK?s other market properties are in the Northwest Valley. Wasatch has no plans to sell its other area communities. ORION Investment Real Estate was the broker for both sides. Painted Trails is in the Power Ranch master planned community and residents have amenity privileges.

5. ??Mercado at Scottsdale Ranch was picked up by Whitestone REIT for $21.3M ($179/SF). The shopping complex, Via Linda and Mountain View Road, is anchored by AJ?s Fine Foods and Walgreens. Whitestone has nine other shopping centers in the Valley totaling 1.4MSF.

6. ?Larkspur, Calif.-based Aukum Management LLC paid $20.6M ($123K/unit) to buy the 168-unit Scottsdale Meadows apartments, 10888 N. 70th St., Scottsdale. The seller was Equity Residential Trust, Chicago. Apartment Realty Advisors was the broker on the deal for both sides.

7. ?After its $20.5M ($250/SF) sale, buyer Talia Jevan Properties, also in Vancouver, appointed Plaza Companies as the new manager of Lifeprint Health Center, 2044 N. 27th Ave., Phoenix. The 82KSF, 5-story MOB and 4-level parking garage is anchored by United Health Care and Central Garden & Pet Company. Winthrop Financial Associates, Boston, Mass., was the seller. Colliers International was broker for the buyer; Cassidy Turley represented the seller.

8. ?Cassidy Turley closed three office and industrial sales totaling $20.5M, reports AZRE:

  • Warehouse, Glen Harbor Blvd., Glendale; $4.5M ($57/SF, 79KSF). Barron Lighting Group, Glendale, buyer; Bixby Land Company, Irvine, Calif., seller.
  • Surprise Commerce Center II, 13128-13200 W. Foxfire Dr., Surprise; $6.8M ($51/SF, 132KSF). Presson Corporation, Phoenix, buyer; Dexia Real Estate Capital Markets, Issquah, Wash., seller.
  • Ford Motor Credit Building, 1355 S. Clearview Ave., Mesa; $3.7M ($65/SF). Larch Street Capital Management Corporation, Vancouver, buyer; Bixby Land Company, Irvine, seller.

CRE 29. ?Mesa?s?Lucera Apartments, 2940 E. Broadway Rd., sold for $11.5M ($60K/unit) to?New City Financial Group, Vancouver, British Columbia. The community has 192 units and was 93 percent occupied when sold. The apartment has 1- to 3-bedroom units and recreation amenities.?Colliers International?was the broker for both sides, the seller was?Principal Real Estate Investors.

10. ?In its roundup of CRE activity in Pima County, the Arizona Daily Star reported on $15.6M in sales and Inside Tucson Business caught a couple of others worth close to $5M. The largest deals included:

  • Oracle Village Plaza, 6251 and 6261 N. Oracle Rd., Tucson; $2.5M. Volk Company Commercial Real estate represented the buyer, Vidin Metelov. Horvath Family Limited Partnership III LLP and ABT Inc. were the sellers.
  • A flip-deal with Arizona Equity II LLC, Tucson, saw the company buy two undeveloped parcels in Santa Rita Ranch, Sahuarita and Houghton roads, from P.I. Holdings No. 4 Inc., Phoenix for $850K and then reselling one of the parcels to Santa Rita Ranch III LLP, New York City, for $1.7M.
  • 10129 E. Speedway Blvd., Tucson; $1.7M. Capara LLC, Tucson, buyer; Mise-en Scene Entertainment LLC, Tucson, seller.
  • 12350 N. Vistoso Park Rd., Tucson; $1.7M. IP Building LLC, Tucson, buyer; VWI Vistoso Development LLC, Tucson, seller.
  • The Tucson business publication reports that Lennar Homes paid a group of sellers $3M ($28K/lot) for 102 finished lots, Camino Verde and Los Reales Road, Tucson. Miamonte Holdings, Miamonte Homes and Borderland Star Valley, all Tucson, were the sellers; Land Advisors was their broker.
  • North of Oro Valley in Pinal County, the magazine says Richmond America Homes picked up another 125 residential lots in Eagle Crest V?33 finished, the remainder platted?for $1.9M ($15K/lot). Cypress Real Estate Advisors, Austin, Tex., was the seller.

11. ?Toll Brothers, Inc. is joining the residential land rush with $13.1M in zombie subdivision acquisition. In the far North Valley, the builder acquired a $3.7M ($247K/acre; $129K/lot) parcel of 15 acres in Carefree. In the Southeast Valley, it spent $9.4M ($118K/acre; $84K/lot) in Queen Creek. The 29-home Carefree project is located in the Reserve at Tranquil Trail community, Cave Creek Road and Tranquil Trail will feature homes in the neighborhood of $1M. The recession-abandoned 112 lot Vaquero Estates, Recker and Ocotillo roads, is graded and entitled. Cassidy-Turley brokered the Carefree deal with the receiver. In that community, there are 27 individually-owned lots remaining. Vaquero is part of Dorado Estates in the Southeast Valley.

12. ?Dunlap Square Apartments, 19th and Dunlap avenues, Phoenix, is slated to be one of the first apartments on the northwest light rail extension to be purchased and upgraded. Weidner Apartment Homes, the buyer, will use its in-house design team and GC, Complete Construction, to make improvements at Dunlap and La Palma, the complex it owns across the street. No budgets have been set, but the company spends the summer remodeling units in cold-weather climes. It plans to start construction in Phoenix during the winter 2013-14. ?The 192 unit complex remodel reflects similar improvements to existing properties along the Mesa light rail extension in the East Valley. The Weidner Class B complex cost $8.8M ($46K/unit) from a private party in Sacramento, Calif. The nearly 30-year old Class B complex is within walking distance of a light rail station. ORION Multifamily Group worked both sides of the deal.

CRE 313. ?Walgreens, 9800 S. Estrella Pkwy., Goodyear, sold to a private investor for $9.094M ($613/SF). The 15KSF building is fully occupied with Arizona?s first of Walgreen?s new ?Wellness Experience? prototype.?Marcus & Millichap?was the broker for both sides. The building is Walgreen?s second LEED-certified building in the U.S. A private LLC was the seller.

14. ?Renue of Orange LLC plans to start remodeling Campus Walk and Campus View apartments near Terrace Road and Orange Street, Tempe. The company paid $5.6M to pick up two circa-1968 student housing complexes near ASU. The company considered the older units a good investment and plan to upgrade them to be competitive with the new high-rise units currently under construction in the area. Colliers International represented buyer and seller, Steve Heimler, in the deal.

Lease Transactions

15. ? A collection of a half dozen leases locked up 80KSF at the Avondale Commerce Center, a 13-building industrial project, 1050 and 1250 N. El Mirage Rd. Two tenants, OmniSolv Inc. and Amware Fulfillment of AZ, LLC, signed lease expansions. ServPro of Litchfield, Miner Southwest, LLC, Hawk Fitness LLC and Joel Grimes Photography took on new spaces. Cassidy Turley represented owner iStar Financial in these deals?iStar also closed a major lease at its Westgate property (see below)

16. ?Burlington, a national chain, is opening a 76KSF outlet in Tucson. The second area store for the retailer, is in the Santa Cruz Plaza, 4640 S. 16th Ave. The new location will hire about 90 people, and becomes the eighth Burlington store in Arizona.

17. ?Allred Airport Center locked down a 36KSF lease with ClearCall Solutions, a national sales and marketing company, 2150 E. Germann Rd., Chandler. CBRE was the broker for both sides at the 225-acre mixed-use commercial complex near Chandler Municipal Airport. The office will open with more than 200 employees. ClearCall is relocating from a small office in Gilbert to accommodate a tripling of its space.

18. ?Glendale and iStar Financial Inc. scored a goal in the Westgate Entertainment District with a 32.8KSF office lease for Terminix International Co. The Memphis-based corporation inked a deal with the district?s new owner to take over an entire floor in the complex for its 300-worker office. This represents the first big deal following the start of iStar?s $1M upgrade project (AZBEX, April 2). The Glendale selection came after site considerations in Denver and Salt Lake City. CBRE handled the lease for the landlord; Newmark Grubb Knight Frank was broker for Terminix. Permits are under review, and a fall move-in is expected.

19. ?Michael?s is moving from Foothills Park Place into the Ahwatukee Foothills Towne Center. The craft store is expanding into 27KSF, an increase for its new concept design. The space was not available in the old location. Michael?s will co-anchor the center next to a new Sprouts. DDR is the manager for Ahwatukee Foothills. Zell Commercial Real Estate manages the Foothills.

20. ?AZ Air Time Tucson LLC leased 26KSF, 3931 W. Costco Dr., Tucson, for an indoor trampoline park. Volk Company Commercial Real Estate represented the landlord, D.D. Dunlap Trust and Dorothy Dunlap Trust. Realty One Group represented the tenant.

21. ??Dollar Tree is moving into a 12KSF store at San Tan Gateway North shopping center, Loop 202 and Arizona Ave., Chandler. The store is reported open in its setting next to Walmart and 24 Hour Fitness. SRS Real Estate Partners was the broker on the deal for the retailer.

Closures and Foreclosures

CRE 422. ?VA officials are looking at two options to keep open the Buckeye medical clinic it plans to close. The administration could either reopen bids to find a provider or lease a building to be staffed by the VA. If the clinic closes, West Valley residents would have to travel 35 to 50 miles to the nearest clinic in Surprise. About 100 veterans attended a hearing to oppose the planned closure. The clinic serves about 400 vets. A previous attempt to turn the facility over to a private provider elicited no bids in 2012.

23. ?Petrus Partners, Ltd., New York City, has defaulted on a $54M loan applied to the Phoenix Corporate Center, 3003 N. Central Ave. The 445KSF high rise was 1960s tallest building and underwent several renovations over the years. Fennimore Craig had been the anchor tenant in the building, but relocated in February to 24th Street and Camelback Road, Phoenix. The auction is set for September 18.

24. ?The Passages of Tucson, Vail, is in default for a second time on a $7M loan. The mixed-use complex, I-10 and Sonoita Highway were set for sale in 2010, but fought off the effort. Hoffman Development, Inc., Burnsville, Minn. is the trustee for the hoped-for 6.2MSF of retail and commercial space, plus hotels, MOB, and 2,400 residential units. The planned development was supposed to start in 2009, but no construction has started at the site.

25. ?A unique combination saved the Moon Valley Golf Course from a condo development threat by its largest creditor. A Hong Kong-based investor, C-Bons Group, put up $4.5M and golf course neighbors raised $100K more than the $1.5M they needed to save the property from development. The bankruptcy court approved the reorganization, placing a $6M value on the course property. Largest creditor Dimension Financial Realty Investments Inc. is appealing the decision. It wanted to take the land and sell off a portion for development. In the interim, the reorganization plan is in effect and Moon Valley is paying off creditors.

26. ?Old Navy Ahwatukee is moving to the Phoenix Premium Outlets on the Gila River Indian Community. The retailer is closing at Ahwatukee Foothills Towne Center today and will open in the premium outlet mall in the next month.

Source: http://azbex.com/commercial-real-estate-news-12/

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