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Commercial Real Estate News 9-25-12

Sales and Leases

ACCOR North America acquired six Motel 6 properties in the Phoenix area for $35.3M for the 862 total rooms. The company picked up the properties in a portfolio including 32 other hotels in six states; and 23 retail bank branches, distribution centers, a corporate center, and hospital in the Midwest.

Property

Units

Sub-Market

Price

Price Per Unit

Motel 6 #1304

351

SW Phoenix

$15.1M

$43K

Studio 6 #6030

140

Deer Valley

$5.0M

$34K

Motel 6 #1315

101

Tempe

$4.6M

$46K

Studio 6 #6031

149

Ahwatukee

$4.5M

$29K

Motel 6 #1329

61

Airport

$4.0M

$62K

Motel 6 #1303

60

Tempe

$2.2M

$37K

VIZZDA table

 

Photo Credit: Business Wire

Fountain Square, a 118K SF shopping center, Bell Rd. and 7th St., was acquired by Whitestone REIT for $15.4M ($130/SF). Currently 75 percent occupied, the complex has a 20K SF Planet Fitness under construction. The property has been managed by a receiver since 2008. The complex anchor tenants are Safeway and McDonalds.

A 101K SF warehouse in the Santa Fe Business Park, 4534 N. 44th Ave., has been acquired by Precise Metal Products, Inc. The buyer paid $5.5M ($54.70/SF) for the property. Newmark Grubb Knight Frank represented the seller, 44th Avenue, LLC, and Cassidy Turley represented the buyer. Precise Metal is relocating from its current location at 49th Ave. and Indian School Rd.

Photo Credit: AZRE

The Highland Plaza Tutor Time building sold for $2.25M ($225/SF) to Guadalupe Ventures LLC. Seller Highland Plaza LLC used Hossack Realty as its broker. Tutor Time has the 10K SF building leased for the next ten years.

D.R. Horton snapped up 70 finished and five additional spec homes for $2.2M ($27.9K/lot, per lot price is skewed because of the five saleable spec homes) at Hurley Ranch. The development, 91st Ave. and Lower Buckeye Rd., Tolleson, was a distressed property sale by Atreus Homes, formerly Homelife Communities, Atlanta, Ga.

 

Photo Credit: AZRE

Sutter’s Mill Specialties Inc., an advertising and promotional product manufacturer, is leasing a 47K SF warehouse, 921 S. Park Ln., Tempe, from Liberty Property Trust, Malvern, Penn. CBRE handles building management and Elmalon Partners represented the lessee for the decade-long commitment.

 

Photo Credit: AZRE

Spectrum Labs, a pet allergy solutions company, is leasing 26K SF in the Southbank Business Park, 2801 S. 35th St., Phoenix. The facility is 90 percent office and 10 percent warehouse space. Lee & Associates brokered the lease transaction for Spectrum; CBRE handled the transaction for landlord, Hannay Real Estate Advisors.

Ten of Vestar’s shopping centers in Arizona have leased over 220K SF to 34 different retailers in the Phoenix metro and Oro Valley. Largest leases are for Sports Authority and Conn’s with 34K SF in Desert Ridge, Phoenix, and Mesa Grand, respectively; Big Lots with 29K SF in Oro Valley Marketplace; and Jo-Ann’s 20K SF in Queen Creek Marketplace. Conn’s opens next spring. All other large lessees and most of the other new tenants are already open for business. An In-and-Out in Queen Creek, opening in 2014, is the only new construction.

Relocations and Openings

 

Photo Credit:Samantha Sais/Inside Tucson Business

Curacao, a Spanish-language oriented electronics retailer, opens its second Arizona location September 28th, 3390 S. Sixth Ave., Tucson. The store, originally planned for 2008, was delayed twice by the recession. The California-based retailer is housed in 85K SF in the Southgate Shopping Center. When its Phoenix Westridge Mall store opened in 2007, more than 50,000 people attended the festivities.

Steinmart’s expansion in the Valley continues with the opening of its Surprise Towne Center store, 13712 W. Bell Rd., on September 25th. When its Tucson location, 4881 N. Stone Ave., opens in November, the chain will have ten stores in Arizona (AZCentral premium content).

Photo Credit: David Sanders / AZ Daily Star

In a move from everywhere to somewhere, the biggest Sonoran hot dogs in Southern Arizona have found a new home at the Tucson Mall. Brothers Omar and Jose Quijada have ditched their Fatdogs mobile cart and will soon open in the old home of The Grand Burger in the mall’s main food court. Fatdogs is perhaps best known for its Ultimate Fatdog, a two-pound, 18-inch Sonoran dog with mustard, mayo, Mexican cheese, beans, grilled onions, tomatoes and homemade avocado topping.

KatyBug Faye Boutique and Trunk Show is growing with a second location in Casa Paloma, 7131 W. Ray Rd., Chandler. Already open in south Chandler, the second location intends to provide a location closer to the large clientele in Ahwatukee (AZCentral premium content).

Photo Credit: Phoenix Business Journal

SCUBA Pros of Arizona opened September 22nd in a new Peoria location, 9299 W. Olive Ave. The 3.5K SF retail outlet includes a 13-foot-deep pool for lessons and training. The pool has the ability to simulate sea-strength currents for open ocean dive training.

Closures and Foreclosures

Oro Valley’s Hilton El Conquistador Resort, 10000 N. Oracle Rd., is operating under a foreclosure notice. Trustor Ashford Hospitality Trust failed to restructure debt for the resort and the affiliated Cañada Hills Golf Course, 10555 N. La Canada Dr. The combined 45 holes of golf comprise the largest golf resort in Southern Arizona. The resort complex was purchased as part of a $2.4B, 51-property portfolio acquired by the Dallas-based real estate investment firm in 2007. MetLife holds the $19.7M loan on the El Conquistador and Cañada Hills.

Photo Credit: MouthbySouthwest.com

The second of the three Coal Burger eateries owned by Grimaldi’s Pizza has closed at 56th St. and Ray Rd., Chandler. A Texas location closed earlier. Only the restaurant at Scottsdale Quarter remains open.

Razmataz Unique Home Furnishings is closing its five Arizona stores and liquidating the inventory. The retailer first opened in Arizona in 1996. It has stores in Oro Valley, Phoenix, Tucson, Gilbert, Chandler and Glendale.

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