The 330,000-Square-Foot Community, Paradise @ P83, Offers Smart Apartments and Upscale Amenities in Peoria 

Peoria, Arizona — Paradise @ P83, a new luxury apartment community developed by The Opus Group (Opus) along with joint venture partner Principal Real Estate Investors, recently opened in the center of the P83 Entertainment District located in Peoria. Managed by P.B. Bell, the 330,000-square-foot development consisting of three- and four-story buildings is minutes away from Peoria Sports Complex, as well as all of the dining, shopping and entertainment that Peoria area has to offer.

Located at 16601 N. 75th Ave., Paradise @ P83 offers 352 luxury apartment homes with studio, one-, two- and three-bedroom floor plans ranging from 640 to 1,445 square feet. Paradise @ P83 is one of the first communities in the West Valley to offer smart apartments with smart door locks, thermostats and lights; all easily controlled with the MyAPT app by Cox. Additionally, each apartment home features natural stone countertops with a subway tile backsplash, gourmet kitchen islands, GE® stainless steel energy-efficient appliances, walk-in closets with built-in shelving and storage as well as covered parking including resident garages. Each apartment home also comes standard with wood style flooring, 9-foot ceilings, a full-sized washer and dryer and a personal patio or balcony.

“The West Valley is booming right now, and we’re happy to be able to provide luxury housing to Peoria residents,” said Dustin Slack, vice president, real estate development at Opus. “Being one of the only apartments to offer worry-free smart-home living, truly sets us apart, and we know it’ll add additional conveniences for our residents.”

The gated community with controlled access offers elevator- and stair-served buildings with a modern-vibe and lush grounds. Amenities include a 6,000-square-foot vibrant clubhouse and leasing center with floor-to-ceiling windows featuring an upscale kitchen; a Starbucks coffee bar; lounge areas with TVs; and games such as pool, foosball and shuffle board. Residents can also enjoy exclusive amenity areas including a heated swimming pool and spa, large courtyard with patio dining and grilling stations, business center with coworking space, community dog park and pet spa as well as a 24-hour, 2,000-square-foot fitness center with top-of-the line equipment and a full spin studio. Paradise @ P83 also offers a package locker system, valet trash, electric vehicle charging stations and a shaded playground.

“Working with Opus and Principal Real Estate Investors on this community has been wonderful, and we’re honored they chose us to manage it for them,” said Chapin Bell, CEO at P.B. Bell. “This unique community is already buzzing with new residents and our leasing team is excited to get to know them and introduce them to all their new home has to offer.”

For more information and to book a self-guided or virtual tour at Paradise @ P83, please visit https://www.paradiseatp83.com/.

In one of the largest restaurant deals in more than a decade, the parent company of the Dunkin’ and Baskin-Robbins chains is going private.

Dunkin’ Brands has agreed to be acquired by Inspire Brands, whose portfolio includes Buffalo Wild Wings, Arby’s, Sonic Drive-In, and Jimmy John’s, for $106.50 per share in cash in a deal valued at $11.3 billion, including debt. The acquisition did not come cheap: The deal represents a premium of approximately 20% per share to Dunkin’ Brands’ closing stock price on October 23.

Inspire Brands, which is a holding company backed by private equity firm Roark Capital, operates more than 11,000 restaurants. It will more than double its footprint by buying Dunkin’, which operates more than 12,500 Dunkin’ and almost 8,000 Baskin-Robbins restaurants worldwide.

Following the completion of the transaction, Dunkin’ and Baskin-Robbins will be operated as distinct brands within Inspire.

“Dunkin’ and Baskin-Robbins are category leaders with more than 70 years of rich heritage, and together they are two of the most iconic restaurant brands in the world,” said Paul Brown, co-founder and CEO of Inspire Brands. “By joining Inspire, these brands will add complementary guest experiences and occasions to our current portfolio.

Dunkin’ Brands generated $74 million in profits in the third quarter, up about 2% from a year earlier.

“Today’s announcement is a testament to our world-class group of franchisees, licensees, employees, and suppliers who have worked together to transform Dunkin’ and Baskin-Robbins into modern, relevant brands,” said Dave Hoffmann, CEO of Dunkin’ Brands. “This team’s grit and determination has enabled us to deliver outsized performance and made our brands among the most elite in the quick service industry. I am particularly proud of our actions since March of this year. During the global pandemic, we have stood tall. We’ve had each other’s backs and are now stronger than ever.”

See Chain Store Age for full article.

TUCSON, ARIZONA – A Mister Car Wash at 3050 N Oracle Road in Tucson sold in a sale leaseback net lease transaction for approximately $2.7 million ($896 PSF). The 3,000-square-foot full service automatic car wash was built in 1986 and is located at the southeast corner of Delano Street and Oracle Road, north of Miracle Mile in Tucson.

Tucson-based, CWPS Corporation, dba Mister Car Wash, is the largest carwash operator in the U.S.,with nearly 50 years in the business.

Unlike a Dutch Bros or a Walgreens, net leased car wash properties are still a relatively new category for private investors. The professional car wash industry is more than 100 years old. Yet, the category has only recently picked up steam as a viable alternative to traditional net leased retail properties for private investors. Now, they are being viewed as extremely profitable and safe investments by large private equity funds, publicly traded REITs, and individual net lease investors.

Express car washes are a service-based, internet-resistant business and typically operate with a long-term lease with fixed increases. Also, car wash locations are often fundamentally sound sites that are located at high-traffic-count intersections with dense surrounding populations. Investors have the security of valuable leasehold improvements in the form of expensive car wash equipment that can qualify for accelerated depreciation giving the investor extensive tax advantages.

The International Carwash Association estimates that there are approximately 80,000 professional car wash locations in North America, which includes 24,000 express locations. The majority of car wash locations in the United States are owned and operated by small- to medium-sized independent car wash companies. Mister Car Wash is the largest car wash operator in the United States operating 280-plus carwashes in 22 states.  Other operators include Zips Car Wash (140 locations), International Car Wash Group (134 locations), Autobell Car Wash (81 locations), and Quick Quack Car Wash (74 locations).

Austin Blodgett and Lee Csenar of Hanley Investment Group represented the seller. Matt Riesterer of Luther Group in Elm Grove, WI represented the Wisconsin private investor.

Hanley Investment Group has completed or has in escrow the sales of more than $180 million single-tenant car wash properties across the country since January 2018,  making Hanley Investment Group the most active brokerage company in the net lease car wash sector. Hanley Investment Group was also one of the first brokerage companies to market and sell multiple car wash sale-leasebacks for a major operator. On all car wash sales completed by Hanley Investment Group, 83 percent of these buyers came from California. Hanley Investment Group was able to guide California-based 1031 exchange buyers who were in search of internet-resistant net lease investments to properties located in the western U.S., resulting in premium a premium cap rate for the car wash chain.

For more information, Blodgett should be reached at 949.235.0621.

To learn more, see RED Comp #8146.