The Islands Village Shopping Center, located at 1422-1560 W. Warner Rd in Gilbert, Arizona just sold for $7.5M or $72.75 per square foot. The 103,082 square foot retail anchored center is a multi-tenant property located at the heavily travelled intersection of Warner & McQueen. Gilbert is the fastest growing community in Arizona. Voted 2nd Safest City and 8th Most Thriving City in the U.S., Gilbert boasts an impressive economic climate. With 38.3% of residents holding a bachelor’s degree or higher and a median income of $76,574, Gilbert is home to rising technology companies growing and relocating within its borders.
The seller was represented by Barbara Lloyd and Lane Neville with NAI Horizon’s Investment Services Group. This was an REO sale; the loan on the property was a commercial mortgage backed security (CMBS) loan. The property had experienced distress due to the real estate recession and was foreclosed upon by the lender. The property was purchased by BH Properties which marks the third commercial transaction in the Valley with NAI Horizon in the past two years.
Islands Village Shopping Center was broadly marketed nationwide and the sale was held in a competitive bid format and generated multiple qualified offers. The competitive sale strategy has proven successful over the past two years for NAI Horizon’s Investment Services Group and has become a trademark approach for the team. Since 2012, the NAI sales team has sold over $110M in CMBS and REO bank properties represented in over 20 transactions.
Key Notes-LAI Phoenix Chapter & REIAC Joint Presentation
John Graham, Sunbelt Holdings and Dr. Morgan Olsen, Arizona State University
How does the largest single tenant office project in the history of the great State of Arizona get done?
According to John Graham, the President and CEO of Sunbelt Holdings, its germination started in a Starbucks while he was buying his usual morning Cup of Joe. On November 15, 2013 over breakfast, John Graham and Dr. Morgan Olsen jointly presented the details for both the Marina Heights office project as well as ASU’s expansion of its sporting facilities “District” at the Phoenix Country Club. The presentation, made to a packed room of over 100 attendees, was itself a joint venture program of the LAI Phoenix Chapter and REIAC communities.
John Graham kicked off the presentation by detailing how his morning Starbucks ritual finally paid off big. Mr. Graham, a cautious yet visionary Stanford grad, is a belt and suspenders type of guy. He came prepared with a super high-tech PowerPoint presentation, but brought a large story board with mounted project exhibits “just in case” his technology failed him. Mr. Graham articulated some of the major highlights that are related to the project such as its history, timeline, financial structure, as well as design concepts.
- See more at NAI Horizon Blog
Reporter-Phoenix Business Journal
May 24, 2013
Tempe city officials have finally put to rest months of rumors and confirmed in a statement Friday that a massive regional headquarters along Tempe Town Lake will be built for State Farm Insurance.
I first reported on the story back in February — although all parties involved, including State Farm, remained tight lipped until now — but the project is much bigger than first thought.
In fact, city officials said the mixed-use project, dubbed Marina Heights, will be the largest office development deal in Arizona history. According to Business Journal research, the largest office project in the state is the Arizona Center in downtown Phoenix, at 1.2 million square feet.
Phoenix Sky Train began revenue service Monday at noon, with Bombardier automated people mover (APM) equipment linking Sky Harbor Airport Terminal 4 to parking lots and Valley Metro light rail transit at 44th Street and Washington.
A fleet of 18 Bombardier INNOVIA APM 200 vehicles cover the initial 2.2-mile route, providing three-minute headways, and replacing current bus service. Plans are under way to extend the Sky Train to Terminal 3, with a walkway to Terminal 2, by 2015.
Sky Train, which cost $1.6 billion to construct, is expected to handle 2.5 million people in its first year of operation. Phoenix awarded a $255 million to Bombardier Transportation for the design, supply, operation, and maintenance of Sky Train in July 2009.
Phoenix Mayor Greg Stanton cut the ceremonial ribbon Monday, and was among those making the initial trip.
The Special Asset Solutions Team and Investment Services Group of NAI Global is proud to present the 30 acre site of Val Vista Square. The site is available in portions for development conducive to high tech employment. Recently, the Veteran’s Administration Clinic was placed at the NEC of Val Vista and Market Street, while WinCo Foods broke ground at the SEC of Market Street and Pecos.
Val Vista Square offers a unique opportunity in Gilbert where land for this type of development is highly valued and scarce in the market. The regional significance of such a well located 30 acre property creates a special “one-of-a-kind” site for various high-end employment uses including healthcare, bio-medical research, high-tech, alternative energy, bio-fuel, aviation and aerospace.
If you are interested in acquiring additional information on Val Vista Square and the development opportunities that are available, feel free to contact one of our team members. In addition, there is a dedicated site for Val Vista Square at www.naispecialassets.com/ValVistaSquare. This site will provide additional information as well as a presentation on the property.
*Please be advised that the owner will not consider offers on the entire property.
March 12, 2013, 12:51pm MST
Phoenix Business Journal
State Farm may be keeping tight-lipped about its yet-to-be-inked plan to build a massive regional headquarters along Tempe Town Lake, but the insurance giant is open about one thing: it’s hiring in metro Phoenix.
Robert Villegas, a local company spokesman, emailed me today saying State Farm is looking to fill more than 500 customer service-related positions this year and will begin recruiting next week at a career fair in Tempe.
Published: November 16, 2012
Volume: XVIII Number: 43
DALLAS-BASED FIRM STARTS YEAR AND ENDS YEAR WITH BIG INVESTMENTS IN VALLEY
Tempe/Phoenix/Peoria/Fountain Hills – Companies formed by TriGate Capital LLC in Dallas, Tex. (Jay Henry, managing member) paid a combined $28.3 million ($92.19 per foot) to acquire retail properties in the Valley totaling a combined 306,959 sq. ft. The portfolio of retail properties, located in four plazas spread across the Valley, were sold through C-III Asset Management LLC in Irving, Tex. The sellers in four separate cash sales were commercial mortgage backed securities (CMBS). The deal was brokered by Lane Neville, Brad Ranly, Barbara Lloyd and Hunter Null of NAI Horizon Commercial Real Estate Services in Phoenix. At the beginning of the year, BREW reported TriGate Capital entering the Valley market with the purchase of 353,823 sq. ft. of retail space in a portfolio of six plazas located across the Valley in a deal totaling $26.8 million. C-III Asset Management also served as the special servicer in disposing of those assets, which were also all CMBS. Between the two portfolios, TriGate Capital has now invested $55.1 million in buying 10 Valley retail properties totaling 660,782 sq. ft. In the recent portfolio acquisition, the buyer in all four sales was TPP JV Maricopa LLC. Here is the description, location and purchase price of the four assets that were sold to TriGate Capital: Ventana Lakes Village Center, a 83,436-square-foot plaza built in 2003 and 2004 at 20283 N. Lake Pleasant Road in Peoria, $6.5 million ($77.90 per foot); Elliot Plaza, a 148,797-square-foot center built from 1994 to 1997 at 4623 E. Elliot Road in Phoenix, $7 million ($469.89 per foot); Ahwatukee Mercado, a 54,065-square-foot plaza built in 1986 at 7760 S. Priest Drive in Tempe, $12.95 million ($239,53 per foot), and The Crossing at Fountain Hills, a 20,661-square-foot center built in 2001 that is located at 16650 E. Palisades Boulevard in Fountain Hills, $1.85 million ($89.54 per foot). Keith Schneider, v.p. at TriGate, is the contact for the company . . . call him at (214) 220-2274. Dan Littauer is the contact at C-III . . . reach him at (972) 868-5426. Talk to the NAI Horizon agents at (602) 955-4000.
On behalf of Sunrise Bank of Arizona, NAI Horizon is pleased to announce the portfolio sale of thirty-one REO properties located throughout Arizona. Our Special Asset Solutions disposition sales team is selling the portfolio which includes seven commercial buildings, ten commercial land parcels, and fourteen single-family residential lots.
Please note that all bank owned properties are being sold “as-is”. Properties may be purchased separately, in partial or as a full portfolio sale. Initial call for offers will be mid September. Feel free to call or email our group for more information. More specific information regarding this portfolio sale shall be forthcoming.
For more information: http://www.naispecialassets.com/sunrisereo/
Analysts predicted that the CMBS loan delinquencies would level off this year but that has not been the case. Since February, Trepp reports have showed a increased in delinquencies from 9.52% to 10.34% reported in July. Manus Clancy of Trepp LLC said that they had forecasted that loans made in 2007 would mature this year and cause in inflation in the delinquency numbers. He was correct but misinterpreted how long it would last due to our economy. Now, Clancy feels that it will take a few more months for the rate to plateau and eventually start to decline. This has a lot to do with the unemployment rate staying extremely high. Multi-family, hotels, and industrial properties remain the highest property types for delinquent loans. All three of these major property types have a rate of over 11% as of July. The only property type that has actually seen improvement over the last month is retail, which has dropped to 8.03%. Although these analyses do not show promising numbers, the end of the year is expected to result decreasing rates of delinquencies. All of these numbers are directly affected by our overall economy, and without increased job growth, these numbers will continue to rise.
Read more: http://www.globest.com/news/12_405/newyork/finance/For-the-Fifth-Consecutive-Month-CMBS-Delinquencies-Increase-Again-323839.html