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Equus Capital Partners Takes 2 Scottsdale Office Buildings for $44M

21 Jun 2014, 6:13 pm

By Liviu Oltean, Associate Editor

Equus Capital Partners, Ltd. recently expanded  its Scottsdale footprint with the  acquisition of two Class A office properties for $44.14 million,  92 Mountain View and Scottsdale Gateway I.  Totaling 223,131 square feet of space, the two-story buildings had a 96 percent occupancy rate under the previous ownership of TR Scottsdale Gateway I and TR Mountain View Corporation.

According to data from PropertyShark.com, Scottsdale Gateway I was built in 1997 and encompasses roughly 107,000 square feet. Its tenants include Matrix Medical Network, Grand Canyon University, Scottsdale Healthcare Rehabilitation Center, SimonMed Imaging and Q Vision. Also completed in 1997, 92 Mountain View encompasses 116,200 square feet and is fully leased to CVS Caremark.

The acquisition is Equus Capital’s  third in Scottsdale. In  2008, the company purchased Scottsdale Financial Center I, a  106,000-square-foot office project, on behalf of BPG Investment Partnership VIII L.P. Four years later, it acquired the Lincoln Towne Centre for $34.3 million (or about $153 per square foot).

“We are pleased to add these two well-leased, Class A office properties to our existing Scottsdale portfolio,”  said Jonathan Praw, vice president & head of Equss Capital’s west coast regional office, in a statement. “This investment presents the opportunity to acquire institutional grade assets at an attractive basis in a strong infill location.”

 



Habitat Metro, Sunbelt Holdings to Break Ground on $75M Downtown Condo Project

13 Jun 2014, 7:42 pm

By Amalia Otet, Associate Editor

As the economy picks up,  homebuyers across the Valley are increasingly opting for downtown living. An influx of new residents is seeking walkability and easy access to mass transit, as well as proximity to jobs, cultural venues, retail and entertainment destinations.

In response, developers are picking up the pace of condominium development in downtown Phoenix. No fewer than four projects are in the pipeline, according to The Republic. Habitat Metro, in a joint venture with Scottsdale-based Sunbelt Holdings, plans to break ground by the end of the year on Portland Park, an 170-unit mixed-use development in downtown Phoenix.

Designed by DAVIS Architecture, the infill project bears a $75 million price tag, as the Phoenix Business Journal reports.

To be located on the north side of Portland Street between First and Third avenues, adjacent to Margaret T. Hance Park, the complex will consist of three buildings varying from four to 14 stories. Units will range in size from 745 square feet to 2,381 square feet. Prices are expected to range from the low $200,000s to about $1 million.

In addition to the residential component, Portland Park will include commercial space on the first floor. The community will also feature bike storage and car charging stations. Completion is set for 2016.

The luxury development is the second phase of Portland Place (pictured at right), which was launched in July 2007. The first phase received the Arizona Real Estate Magazine RED Award for Best Multifamily Project in 2008, and the Pacific Coast Builder’s Conference 2008 Gold Nugget Award Best Mid Rise Attached Housing Project.

Meanwhile, California Capital Real Estate Advisors, Inc. has acquired Northwest Gardens Apartments, a 198-unit multi-family community in Peoria, for $9 million, or $45,480 per unit. According to CALCAP Advisors, the complex was an REO property that Fannie Mae acquired in 2012 with an original loan balance of slightly less than $10.2 million. Owen Loan Servicing handled the sale for Fannie Mae.

“Northwest Gardens last sold in 2007 for $14,150,000. We feel confident that our purchase price is attractive relative to its past sales history, as well as against similar properties in the Peoria/Glendale submarket,” stated Pat Wakeman, Principal of CALCAP Advisors.

The company plans to add value by implementing upgrades, including exterior painting to enhance curb appeal, installing attractive drought-tolerant landscaping, remodeling the clubhouse and adding a fitness center.

Photo credit: Habitat Metro, LLC



March 2015 Debut Planned for 180-Key Sheraton Next to Cubs Complex in Mesa

8 Jun 2014, 3:34 am

By Amalia Otet, Associate Editor

Starwood Hotels & Resorts Worldwide Inc. plans to open a 180-key Sheraton in Mesa, adjacent to the Chicago Cubs’ new spring training ballpark. Owned and developed by River View Hotel, L.L.C. and operated by Power Hotels, L.L.C., the Sheraton Mesa Hotel is scheduled to open in March 2015. The hotel will be Starwood’s first property in Mesa and the sixth Sheraton in metropolitan Phoenix.

The hotel will be located near Cubs Park at Wrigleyville West, the team’s brand-new, 15,000-seat stadium. While catering to sports travelers and baseball fans, the hotel will also aim to meet the demand for high-quality lodging and conference space. “We look forward to offering Cubs fans and travelers a stylish, comfortable atmosphere where they can make connections and enjoy all the brand’s signature amenities and services,” said Hoyt Harper, global brand leader for Sheraton Hotels & Resorts.

The Sheraton Mesa will offer more than 30,000 square feet of indoor and outdoor meeting and function space. Guest room amenities will include an oversized desk, high-speed Internet, a 42-inch flat-panel television and the all-white Sheraton Sweet Sleeper bed, designed to meet AAA’s Five Diamond Award criteria.

Hotel amenities include two full-service restaurants, indoor and outdoor bars, a resort-style outdoor swimming pool, a fitness facility, and Link@Sheraton, a casual lobby space providing complimentary wireless broadband service. The hotel will be walking distance from the Mesa Riverview shopping center and minutes from Phoenix Sky Harbor International Airport, the Mesa Convention Center and Arizona State University.

The new Sheraton hotel is part of the Riverview redevelopment project, which spans 170 acres and will provide venues for sports, recreational, cultural, and public events.

Link@Sheraton at Sheraton Chicago O’Hare via Sheraton Hotels & Resorts Facebook Page



KBS Acquires Camelback Corridor Office Complex for $85M

31 May 2014, 6:12 pm

By Amalia Otet, Associate Editor

In an $85.1 million deal, KBS Real Estate Investment Trust III of Newport Beach, Calif., has acquired Anchor Centre, a 333,284-square-foot office complex in Phoenix’s Camelback Corridor submarket.

The seller was an entity owned by Angelo Gordon and DW Capital. According to The Republic, the deal is the priciest office sale in the Valley in at least two years.

Located near the southwest corner of 24th Street and Camelback Road on a 7.3-acre tract, Anchor Centre consists of one six-story building and one four-story building, plus an underground parking structure that links the two.

A $10 million renovation in 2011 and 2012 added a modernized entry, visitor parking with direct access to Camelback Road, a outdoor common area with a central water feature, shaded outdoor seating and wireless internet access. Additionally, the complex features a fitness center, on-site conference room and the Gladley, a white- tablecloth restaurant.

Anchor Centre was 79 percent leased at the time of closing. The building’s largest tenant is health-insurance provider Humana, which occupies 71,221 square feet.

The buyer was attracted by Anchor Centre’s location along the top-performing Camelback Corridor submarket. KBS plans additional upgrades to add value and keep the property competitive.

“Because of its amenity package, walkable amenities, nearby hotels and its 24th Street and Camelback location in the Camelback Corridor, we believe Anchor Centre is an exceptional asset that combines everything KBS REIT III pursues in a new acquisition,” said KBS Capital Advisors West Region President Rodney Richerson in a statement. KBS Capital Advisors is KBS REIT III’s external adviser and is an affiliate of KBS Realty Advisors, an SEC-registered investment adviser.

One other Phoenix-area asset is owned by a KBS affiliate: the 445,957-square-foot Fountainhead Office Plaza, a two-building, Class A office complex in Tempe. Located in the 140-acre Fountainhead Corporate Park, that complex is owned by KBS REIT II.

Image courtesy of KBS Capital Advisors via Business Wire



Bob Parsons Entity Acquires Infill M-U Property in Tempe for $26.5M

24 May 2014, 2:24 am

By Amalia Otet, Associate Editor

Mill Avenue Office L.L.C., an entity owned by GoDaddy founder Bob Parsons, has acquired Hayden Station, a 107,508-square-foot office and retail development in Tempe, for $26.5 million (or $246.49 per square foot). The seller was Holualoa Cos. of  Tucson.

Bob Buckley,Tracy Cartledge and Steve Lindley, all senior managing directors with Cassidy Turley’s capital markets group, joined Jeff Hartland, Scott Boardman, Trevor Klinkhamer and Brent Mallonee of the firm’s office and retail team in arranging the transaction for the buyer and seller.

“Urban infill properties in true walkable, 24/7 locations are generating exceptional investor interest,” said Lindley. “We were able to take advantage of this interest with Hayden Station’s Mill Avenue address in downtown Tempe right at the light rail station.”

Formerly known as Hayden Square, the property is located on the southwest corner of Mill Avenue and 3rd Street, near a variety of shopping and dining destinations as well as Arizona State University. It comprises five buildings: 310, 350, 404 and 410 S. Mill Avenue and 51 W. 3rd Street. The four Mill Avenue buildings range in size from 5,642 to 9,548 square feet. The 3rd Street building is a five-story, 74,307 square-foot multi-tenant office building with views of Tempe Town Lake.

The project was 97 percent leased at the time of the sale to such tenants as The Tavern on Mill, Pop Health Man, Logan Simpson Design, NCounter, Mojo Yogurt, Moonshine Whiskey Bar and Downtown Tempe Community, Inc. “Hayden Station has had a history of maintaining high occupancy, even during the recent downturn,” observed Stan Shafer, COO of Holualoa Cos.

According to Cassidy Turley, Downtown Tempe is one of the Phoenix metro’s strongest office markets.During the first quarter, the Tempe North submarket recorded the lowest overall vacancy in the Valley at 8.4 percent. The acquisition brings Parsons’ holdings in metro Phoenix to more than 760,000 square feet. The firm’s local properties include Centerpoint on Mill, Tempe Town Center, Arrowhead Professional Center, Il Palazzo Center, Citadelle Center, The Shoppes at Legacy House, Grayhawk Plaza and McDowell Mountain Marketplace.

Image courtesy of YAM Properties via PRWeb



Standard Pacific Launches New Community in Phoenix; Broadstone Camelback Awarded LEED Platinum

18 May 2014, 5:14 am

By Amalia Otet, Associate Editor

California homebuilder Standard Pacific Homes has officially launched its newest gated community in Phoenix.

Dubbed The Enclave at Blossom Hills, the development is situated at the base of South Mountain Park and minutes away from downtown Phoenix, providing residents with convenient access to the area’s best employment, dining and entertainment options. Sky Harbor International Airport and downtown Tempe are also just short drives away.

The neighborhood features eight brand-new home designs specifically tailored to meet the needs of today’s most discerning home shoppers.

Homes range from approximately 2,900 to 4,350 square feet and contain as many as five bedrooms and four-and-a-half baths. Among a series of contemporary design elements, the properties showcase flexible living spaces, gourmet kitchens, generous bedroom counts, spa-like master suites, large outdoor covered living areas, as well as plenty of storage space in both single- and two-story plans. Additionally, homes may include an optional front casita, an office or even a puppy wash station.

The exterior styles of the homes are inspired from the architectural marvels of the Southwest, offering Hacienda Ranch, Spanish Colonial and European Cottage elevations.

Prices for the estate-size residences within The Enclave at Blossom Hills start in the $400,000s, according to the developer.

Founded and headquartered in Orange County, California, Standard Pacific Homes specializes in building family-oriented communities, with a particular focus on the nation’s largest housing markets, including California, Florida, Arizona, North Carolina, South Carolina, Texas and Colorado.

Meanwhile, Broadstone Camelback, a 270-unit luxury apartment community in the upscale Biltmore area, has been awarded LEED Platinum certification by the U.S. Green Building Council, reported AZ Big Media.

Developed by Alliance Residential, the multifamily complex offers a mix of studio, one- and two-bedroom residences ranging in size from 650 to 1,100 square feet.

The community incorporates a variety of green elements and sustainability features, including an energy-efficient building envelope (insulation), recycled building materials, high-efficiency mechanical systems, water-conserving fixtures and irrigation systems, environmentally conscious landscaping, high-efficiency low-E windows, climate-controlled elevators and halls, enhanced indoor-air quality, EnergyStar appliances and electric vehicle charging stations.

Photo credits: The Enclave at Blossom Hills Home Model courtesy of Standard Pacific Homes; Broadstone Camelback via Official Website



Bela Flor Unveils 121-Unit Condo Development in Mesa

10 May 2014, 2:06 am

By Amalia Otet, Associate Editor

Real estate development firm Bela Flor Communities has debuted Villa Rialto, a 121-unit luxury condominium development in Mesa.

Villa Rialto is located at 7726 East Baseline Road, near the junction of Loop 202 and I-60 in the southeast Valley. It offers easy access to Superstition Springs Mall, Costco, golf courses, lakes and other destinations.

The upscale development offers nine two- and three-bedroom floor plans, ranging in size from 947 to 1,557 square feet. Interiors feature high-end appliances and fixtures, including gourmet kitchens with solid slab granite countertops, stainless steel appliances, 9-foot ceilings, 8-foot entry doors and 18″ ceramic tile flooring.

Common amenities include gated access, free Wi-Fi, a heated pool, a clubhouse outfitted with an entertainment kitchen and fitness center, and attached garages.

Additionally, the residences will offer a ‘smart home’ technology package upgrade ,that includes tankless electric water heaters and high-tech thermostats, both of which allow residents to adjust settings and monitor usage via an iOS or Android mobile device.

“Smart home technology has become increasingly attractive for today’s buyer,” said Hudd Hassell of Bela Flor. “It helps us offer a truly hassle-free ‘lock-and-leave’ lifestyle, which is very appealing – especially for homeowners who travel a lot,” he added.

Prices for the residences at Villa Rialto start in the mid-$140,000 range.

Bela Flor plans to break ground later this year on another high-end condominium project. Dubbed Bella Victoria, the 240-unit community will be located at Ellsworth and US 60. Offering high-tech features is part of the firm’s strategy to attract condominium buyers.

Photo credit: Villa Rialto via official website



MIG Real Estate Pays $42M for M-F Community in Tempe

28 Apr 2014, 1:58 am

By Amalia Otet, Associate Editor

Newport Beach, Calif.-based MIG Real Estate L.L.C. has acquired Quadrangles Village, a 510-unit multi-family community in Tempe. The purchase price was  $41.9 million or $82,108 per unit, reported Business Real Estate Weekly of Arizona. The seller, an affiliate of Beverly Hills FSC Realty Inc. in Beverly Hills, Calif., was represented by Tyler Anderson and Sean Cunningham of CBRE Group Inc.

“In acquiring this property, MIG Real Estate recognized Quadrangles Village’s desirable location next to ASU’s 60,000 students and 12,000 employees, as well as its excellent potential for value-add upgrades,” said MIG Real Estate’s CEO Greg Merage in a statement. Quadrangles Village represents the company’s second investment in the local multifamily market, following its investment in Acacia Creek in Scottsdale in 2013.

Located at 1255 E. University Drive, the complex consists of 23 three-story buildings with studio, one- and two-bedroom apartments.  Units feature walk-in closets, private patios or balconies, and fully equipped kitchens with breakfast bars.

Community amenities include gated access, three swimming pools with spas, poolside WiFi and water features, a clubhouse with a kitchen, billiards table and televisions, a fitness center, a business center and laundry facilities. Greystar Student Living will provide property management services.

Quadrangles Village is within walking distance of the main Arizona State University campus. Nearby attractions include Wells Fargo Arena, Sun Devil Stadium, and Tempe Town Lake. Retail amenities include Tempe Marketplace and Mill Avenue Shopping District.

Since April 2009, MIG Real Estate has acquired nearly 7 million square feet of investment properties totaling approximately $1 billion in assets under management throughout Arizona, California, Colorado, Edmonton-Alberta, Florida, Hawaii, Nevada, North Carolina, Texas, Utah, Washington, and Wyoming.

Photo credit: Quadrangles Village in Tempe, Arizona via Official Facebook Page



Buchanan Street Picks Up Office, M-F Properties for $43M

15 Apr 2014, 9:40 pm

By Amalia Otet, Associate Editor

Newport Beach, Calif.-based Buchanan Street Partners has teamed with Baron Properties of Denver to purchase Vue Park West, a 260-unit luxury apartment community in Peoria. The partnership paid $30 million for the complex, or $115,300 per unit.

Buchanan Street is currently on a buying spree, with eyes on California, Arizona, Nevada and Texas. The company is targeting properties in the $10 million to $100 million range.

“Vue Park West is an excellent example of the caliber of core-plus and value-add investments that we are making in select Western markets,” said Bob Dougherty, partner at Buchanan Street, adding that the venture was drawn to the asset’s cash flow and the prospect for rent growth in the West Valley market.

Completed by Wood Partners in 2008, the asset has reportedly enjoyed an occupancy rate of more than 90% since 2010, outperforming its submarket during that period.

Formerly known as Alta Park West, the community is located at 9680 W Northern Ave., within walking distance of the Park West lifestyle center and minutes away from Westgate Entertainment District. It also offers easy access to the Agua Fria (101) Freeway at West Northern Avenue.

The complex is a mix of studio, one-, two-, and three-bedroom units with island kitchens, vaulted ceilings, washer and dryer in the unit, garden tub and oversized closets. Common amenities include a business center, swimming pool, fitness center, pet park, eco-friendly environment, covered parking and gated access. Additionally, the new ownership plans to add value and re-position the property by implementing a series of improvements.

Further expanding its Phoenix footprint, Buchanan Street has acquired Mesa Corporate Center, a two-story Class A office building in Mesa, for $13.2 million. The seller was Parkway Properties in Orlando, Fla.

Located at 1001 W. Southern Avenue, the 106,077-square-foot property was 89 percent occupied at the time of closing, with a credit tenant roster that included Allstate Corp. and Carrington College (DeVry).

According to Brian Payne, vice president at Buchanan Street Partners, Mesa Corporate Center is a first-class property in a premier location and has amenities that broaden the firm’s offerings to present and potential tenants, and achieve further economies of scale.

Buchanan Street picked up the property at a 40% discount to estimated replacement cost and was attracted to the project’s current cash flow and the opportunity to participate in improving fundamentals as leases expire.

Photo credit: Vue Park West Apartment Homes in Peoria, Az. via Official Website



W. P. Carey Pays $43M for Chandler Office Building; Meritex Makes Local Debut With Industrial Acquisition

8 Apr 2014, 10:58 pm

By Amalia Otet, Associate Editor

In a $43 million deal, W. P. Carey Inc. has acquired a 183,000-square-foot Class A office building in the heart of Chandler’s Price Road Corridor, one of the Phoenix metro’s most sought-after office submarkets. The seller was Los Angeles-based Regent Properties.

The transaction was arranged by a three-member team of Colliers International brokers: Neil Glassmoyer, senior vice president; Tivon Moffitt, vice president; and Peter Bauman, senior associate, AZ Big Media reported.

Located at 2700 Frye Road, the three-story building serves as the West Coast regional headquarters of QBE Holdings, a global insurance company, which occupies the property under a 10-year-lease. Amenities include covered parking for more than 1,000 vehicles, a large cafeteria, reflective windows and significant IT infrastructure. The site offers additional development opportunities.

“The Price Road Corridor is Phoenix’s strongest submarket, with an 8.9 percent Class-A office vacancy,” said Gino Sabatini, W. P. Carey managing director and co-head of global investments, in a statement. “”The submarket – referred to as the ‘Silicon Desert’ – is filled with companies that specialize in research, technology, financial services and high-tech manufacturing. High-tech, professional and other ‘knowledge workers account for over 60% of Chandler’s workforce.”

In industrial investment news, Minneapolis-based Meritex Enterprises purchased a two-building industrial portfolio totaling 193,366 square feet in a deal that marks the company’s entry into the Phoenix market. The Class A properties are located at 21410 and 21415 North 15th Lane in the Deer Valley submarket.

At the time of closing, the buildings were 97 percent leased to ten tenants, including one that recently expanded by nearly 15,000 square feet. Both properties offer easy access to I-17 and Loop 101.

Tony Lydon and Pat Harlan, both managing directors with JLL, represented Meritex. Metro Commercial Properties will continue to handle management duties for the assets, and John Pompay of Cassidy Turley has been retained as the listing agent.

Meritex’s chief investment officer, Dan Williams, said in a statement that the firm will seek additional investment opportunities in the Phoenix area as part of its strategy to expand and diversify its industrial portfolio.

Photo courtesy of W.P. Carey Inc. via official website







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