TUCSON, Arizona– Holliday Fenoglio Fowler, L.P. (HFF) announces the $24.5 million ($248 PSF) sale of and the $17.8 million acquisition financing for Colonia Verde, a 98,937-square-foot, grocery- and pharmacy-anchored neighborhood shopping center in Tucson.

The HFF team marketed the property on behalf of the seller, Westwood Financial Corporation of Los Angeles and represented the buyer, ROK Properties, Inc of Vancouver, Washington.  Additionally, the HFF team placed the 10-year, fixed-rate loan with a global financial services firm.  HFF will service the loan.

Currently 99 percent leased, Colonia Verde is home to anchors Safeway and Walgreens in addition to Ace Hardware, Wells Fargo, Panda Express, Coldstone Creamery, Jamba Juice and more.  The center, which was completed in 1974 and renovated in 1993, comprises three multi-tenant buildings and one outparcel pad.  Situated on 8.6 acres at 7111-7189 East Tanque Verde Road in northeastern Tucson, Colonia Verde is located on the northeast corner of Sabino Canyon Road and Tanque Verde Road, which have combined traffic counts of more than 95,000 vehicles per day.  The center is adjacent to the upscale Catalina Foothills community, and more than 84,000 residents earning an average annual household income of $64,436 live within three-miles of the center.

The HFF retail investment advisory was led by managing director Gleb Lvovich, who represented the seller.  Senior director Nick Kassab worked with the buyer, who was in a 1031 exchange from another HFF-brokered property, Fourth Plain Shopping Center, in Washington earlier this year.

The HFF debt placement team representing the new owner included senior managing director Jeremy Womack.

“The sale of Colonia Verde Shopping Center represents HFF’s second significant grocery-anchored retail trade in Tucson in the past four months, and the pricing achieved underscores investor demand for grocery/drug-anchored retail,” Lvovich said.  “Arizona has seen significant inflows of capital from key West Coast markets, and HFF’s collaborative platform has been a significant driver of this capital into Arizona.”

“We are thrilled to have facilitated a successful 1031 exchange into a strategic asset for one of our great clients,” Kassab added.  “HFF’s debt team, led by Jeremy Womack, was instrumental in driving yield and ensuring the capital stack met our client’s needs.”

HFF, acting by and through Holliday GP Corp., is a commercial mortgage broker licensed with the Arizona Department of Financial Institutions.

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.com.

For more information, Lvovich can be reached at 949.253.8800, while Kassab is at 503.224.0444 and Womack can be contacted at 602.648.8700.

To learn more, see RED Comp #5307.

Phoenix, Arizona – Downtown experts at SVN Desert Commercial Advisors sell another office building near 3^rd St. & McDowell Road in Phoenix. SVN advisors, Justin Horwitz and Paul Borgesen III continue to thrive in commercial property sales in the downtown Phoenix area simply due to their extended knowledge in the market.  With more than a dozen active listings in the area, Horwitz and Borgesen III serve as a great resource in the valley to any user, investor, or developer alike considering the downtown and midtown Phoenix corridors.

The property located at 365 E. Coronado Road sold for $900,000 ($134 PSF).  Coincidentally, the property was primarily occupied by a law firm and sold to another law firm looking to expand within Midtown Phoenix.  The building had been exposed to the market for about five months with multiple offers before ultimately going under contract and selling.  The 6,700 square-foot property was purchased by SO Building, LLC., who was represented by David Heiple of Travers Realty.  SVN represented the seller, Windsor Group in the transaction.

Horwitz state, “This transaction is a prime example of the continued influx of deals we’re seeing from owner users in the Central Corridor.”  Although there were multiple offers presented, the all cash buyer came forth and all contingencies were waived on Day 1….another sign of just how competitive the commercial property landscape has become in this submarket. The new owner-users will have an easy transition to the area and will benefit from all the local retailers and restaurants only a few minutes away off Central Ave.

Phoenix, AZ  — ABI Multifamily, the Western US’s leading multifamily brokerage and advisory services firm, is pleased to announce the $25,000,000 / $82,237 Per Unit / $94.67 Per SF sale of Arroyo Vista Apartments located in Glendale, AZ. Arroyo Vista is a two story, garden-style apartment community compromised of 16 buildings that rest on approximately 10.01 acres.  The property was built in 1984 of frame construction with built-up/flat roofing and boasts an attractive unit mix of 72 – 1 bedroom, 208 – 2 bedroom and 24 – 3 bedroom unit types with a weighted average size of 869 square feet.  All units are individually metered for electricity and have individual HVACs and all 3 bedroom units have in-suite washer & dryers.  Community amenities include dedicated rental office, resident clubhouse, pool, spa, playground, and dog park.

According to Doug Lazovick, Partner at ABI, and lead broker for the Buyer “there were many aspects that drew the Buyer to the property: the heavy majority of Two Bedroom/Two Bath units, attractive going-in Cap Rate and the ability to add-value through modest interior and exterior renovations.”

”The property was in excellent shape and well operated by the seller over the past 24 years. Over the past 10 years I have transacted over 1,000 apartment units for this seller and they have always been exceptional to work with.  Can’t say enough good things about them; how they operate and treat others – Point blank, The Wasatch Group is an exemplary organization to be involved with,” states Alon Shnitzer, Senior Managing Partner at ABI and lead broker for the selling entity.

The Buyer, Bear Holdings Group, is based in Scottsdale, Arizona and provides project sponsorship, joint venture and investment opportunities for multifamily construction, acquisition, conversion and rehabilitation. Bear Holdings has developed over 83 multifamily and mixed-use developments in California, Nevada, Michigan, Indiana and Arizona valued at just under $1B. Arroyo Vista is their 3rd Arizona acquisition. “We believe Phoenix is a tremendous market now and into the foreseeable future” says Ralph Saterbak, Key Principal with Bear Holdings Group.

The Seller, The Wasatch Group, is based in Utah and are a fully integrated real estate development, construction, property management and guaranty capital company, with holdings that include 16,344 apartments plus commercial properties with assets totaling over $4 billion.

The multifamily brokerage team of Doug Lazovick, Alon Shnitzer, John Kobierowski, Rue Bax, and Eddie Chang represented both the Buyer and the Seller in this transaction.   ABI Multifamily is a brokerage and advisory services firm that focuses exclusively on apartment investment transactions.  With offices in Phoenix, Tucson and San Diego, the experienced advisors at ABI Multifamily have completed billions of dollars in sales and thousands of individual multifamily transactions. ABI Multifamily incorporates a global approach with regional real estate expertise to successfully complete any multifamily transaction, regardless of size and complexity.