TUCSON, Arizona — EPR Properties, a Kansas City-based publicly traded REIT and CNL Lifestyle Properties, Inc. have completed the last tranche of the previously announced acquisitions of the Northstar California Ski Resort, 15 attraction properties (waterparks and amusement parks) and five small family entertainment centers for aggregate consideration valued at $455.5 million. Additionally, the Company provided $251.0 million of five-year secured debt financing to funds affiliated with Och-Ziff Real Estate for its purchase of 14 CNL Lifestyle ski properties valued at $374.5 million.

Included in the final tranche of the acquisition was Arizona’s greatest fun park for all ages, Tucson’s 7-acre Funtasticks Family Fun Park at 221 E Wetmore in Tucson for $1.28 million ($113 PSF), with all the rides and attractions. The sale is part of a bulk sale that comes in at over $700 million total.

Since 1995, Funtasticks has been making priceless memories for birthday parties, church groups, team building events, corporate groups, and school functions in Tucson ‘for all ages’ or those who meet the minimum height requirement of 36 inches for the rides.

Popular rides and attractions at Funtasticks include:

• Go Karts
• Atlantis Laser Tag
• Mini Golf
• Bumper Boats
• Arcade Games
• Batting Cages
• Kiddie Land with 5 attractions including the Kiddie Land Dragon Ride and a Kiddie Roller Coaster

EPR Properties’ aggregate initial investment in this transaction at closing, excluding capitalized transaction costs, was $706.5 million and was funded with $647.4 million of the company’s common shares, consisting of 8,851,264 newly issued, registered common shares, and $59.1 million of cash, before purchase price adjustments. The number of common shares issued was determined based on a price of $73.1421 per share, which was the volume weighted average price per common share on the New York Stock Exchange for the ten business days ending on April 4, 2017. ERP recorded the investment based on the April 6, 2017 closing price of $74.28.

“We are delighted to announce the acquisition of this portfolio of high quality ski and attractions assets that builds on our expertise in the Recreation segment,” commented Gregory Silvers, President and CEO of EPR Properties in a prepared statement. “Further, the transaction is not only expected to be immediately accretive, but it will also diversify our portfolio with proven, durable assets that are aligned with the positive trends we are seeing in the experience economy.”

Amusement Management Partners (AMP), a company chaired by former Ripley’s ‘Believe it or Not’ CEO Robert Masterson, will continue to manage the family entertainment centers, including Funtasticks and Wet ‘n Wild in Glendale, also part of the transaction.

Other parks (there are 15 in total) that are a part of the transaction include Darien Lake, Frontier City, Magic Springs, Wild Waves, Pacific Park, several Wet ‘n’ Wild parks, two Hawaiian Falls water parks.

Stephen H. Mauldin, CEO of CNL Lifestyle, stated, “Throughout its lifecycle, CNL Lifestyle Properties acquired a portfolio of unique assets, including some of the nation’s most iconic ski and attractions properties. The completion of the sale to EPR and Och-Ziff represents the 14th and final transaction since we formally launched our strategic liquidity process in early 2014 and marks a pivotal moment for the company and our shareholders. This transaction not only provides final liquidity for our investors, but also provides a strong future for these properties.”

The completion of the transaction follows the satisfaction of all conditions to the closing of the acquisition, including receipt of approval by the shareholders of CNL Lifestyle which was obtained on March 24, 2017.

To learn more, login and see RED Comp #4741.

TUCSON, Arizona – Scottsdale-based Halle Properties, LLC (Bruce Halle) doing business as Discount Tire/America’s Tire, the world’s largest tire and wheel retailer, purchased 1.08 acres at 3025 S Kino Parkway, located to the north of Culver’s, in Tucson Marketplace at the Bridges for $875,000 ($18.58 PSF), .

The company currently operates more than 925 stores in 33 states, having opened its Virginia location in November and in Louisiana this month. Discount has set a target for six additional stores in Arizona over the next two years, including this one at the Bridges. This will make its 15^th store in metro Tucson.

Founded in 1960 by Bruce Halle, Founder and Chairman of the Board, the company remains privately owned.

Tucson Marketplace at the Bridges, located between Park and Campbell at I-10, is a 114-acre project that will have approximately 1 million-square-feet of shops, pads, entertainment and anchors when fully completed. It has experienced some exceptional growth this past year with over 121,000-square-feet of new retail.

Costco, Walmart, McDonald’s, Great Clips, Mattress Firm, Sports Clips, Sprint, Verizon, Starbuck’s and Culver’s were there at the start of the year, and this past year delivered a 25,000-square-foot Planet Fitness and a 53,678-square-foot Century Theatre with 14 screens in addition to a 12,550-square-foot Lin’s Chinese Buffet. A 30,000-square-foot Dave & Buster’s opened this month and there is a 2,844-square-foot Popeye’s restaurant under construction.

Discount Tire will add an additional 7,680-square-feet to the project and has just received approved development plans by the City of Tucson to proceed. Opening date is expected for Q1 2018.

Randy Titzck and Chad Russell of Land Advisors Organization in Phoenix represented the seller, Fullerton Tucson Kino Parkway, LLC in the transaction. Alan Tanner with Bourn Advisory Services in Tucson represented the buyer.

For additional information, Titzck and Russell can be contacted at 480.483.8100. Tanner should be reached at 520.323.1005.

To learn more, login and also see RED Comp #4742.

[mepr-show rules=”58038″]Sold 4/3/2017. APN: 132-13-079A5 All cash deal for $875,000 for 1.08 acres[/mepr-show]

Angel Charity for Children raised $600,000 for Imago Dei Middle School’s down payment on its Downtown Tucson building

TUCSON, Arizona — Miracles do happen, as was demonstrated recently in Tucson when Imago Dei Middle School was able to purchase the building it rented in Downtown Tucson.  Located at 55 N. 6th Ave. in Tucson, Imago Dei was able to purchase the building from Great Western Associates, LLLP of Phoenix (Gregory, James, Robert & Richard Melikian, general partners) for $2.1 million ($99.50 PSF), but not without some help from Angels.

The 21,103-square-foot, office building, built in 1953, will be the permanent home for Imago Dei which serves children of diverse faiths, races, cultures, and cognitive profiles from low-income families.

Imago Dei, established in 2005, serves about 80 boys and girls in the 5th through 8th grades in this location, and is modeled after the Epiphany School in Dorchester, MA. It is accredited through the Southwestern Association of Episcopal Schools.

100% of the students attending Imago Dei Middle School are from families that qualify for the Federal Free/Reduced School Lunch program which means a family of two may have income of no more than $29,471 per year. The demographic breakdown of the school is 65.3% Latino, 23.6% African/African American, 4.2% Native American, 1.4% Caucasian and 5.5% other. Nearly half the students enter school as English Language Learners. Low income children of similar demographics have a nearly 70% high school dropout rate.

Imago Dei provides a comprehensive curriculum and support services including the following:

• Quality academic, physical, social, and spiritual education
• Individualized support, nurturing each child’s development and identity
• An extended school day (10 hours), week (5 ½ days) and year (11 months)
• Small classes for specialized instruction (teaching ratio of 1 to 10)
• Tuition-free education
• Opportunities for strong parental involvement

The focus is on educating the whole child, never giving up on a child and breaking cycles of poverty. The criterion for admission is based on students qualifying for the National School Lunch Program, and the cost of tuition is approximately $17,000 per year per child. It operates as a tuition-free school due to the economic limitations of students’ families; and therefore, donor support is essential for its success.

Since 1983, Angel Charity for Children has helped over 1 million children in Pima County have a better life. In 2016, Imago Dei Middle School was chosen as one of the beneficiaries of the Angels and raised $600,000 to use as a down payment to purchase this building.

Imago Dei posted to their website in February, “We are so grateful to have been chosen a 2016 Angel Charity for Children, Inc, beneficiary! Many thanks for all the prayers and well wishes as we are on our way to having a permanent school home. Thank you Angels for blessing us!”

Isaac Figueroa, Office and Investment Specialist with Cushman & Wakefield | PICOR, and a board member of Imago Dei Middle School, handled the transaction.

“It is truly a great school and deserving of all the generous, heartfelt community support. The remainder of the price as established by an independent appraisal, will be carried back by the seller,” said Figueroa. “By funding this request, Angel Charity for Children made it possible for the school to exercise its option to purchase this ideal location for students’ access via public transportation being located directly across from the Ronstadt Transit Center, instead of having to relocate this successful school.”

For more information, Figueroa can be reached at 520.546.2743.

To learn more, see RED Comp #4748.