Phoenix, Arizona – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $3,025,000 / $115.05 Per Land SF sale of One West Madison, a land deal located at 1 West Madison Street, Phoenix, AZ 85003. ABI Multifamily’s John Klocek, and Patrick Burch represented the seller in this transaction.

The buyer is based in Colorado and the seller is based in Arizona.

One West Madison is an existing 26,756 square foot building on 3/5 net acres of land located in an opportunity zone. The property is located less than a block to Footprint Center Arena and CityScape. It is walking distance to the new Fry’s grocery store downtown, which is less than two blocks away. It sits right on the new light rail that heads south (currently under construction) with a station on the new line approximately a block away. It is across the street from the brand-new Marriott Hotel and is within walking distance to the ASU Downtown Campus, the biomedical hub, and the Phoenix Convention Center. This location is as central as it gets and allows residents to enjoy, with ease, so much of what Downtown Phoenix has to offer. With many dining, shopping, and entertainment options, as well as multiple freeway access points within minutes, One West Madison is an ideal location for a great mixed-use development in the heart of Downtown Phoenix.

One West Madison is a solid building, with over 26,000 square feet including a main level with high ceilings and a fully functioning basement which is well-lit with accessible outdoor areas. Originally this was the Pratt-Gilbert Hardware Company building that was constructed in 1913 and is now on the Phoenix Historic Register. It was recently a Maricopa County Courthouse building and is solidly constructed and in great condition.

By Fan-Yu Kuo on March 29, 2022

After dropping to a one-year low last month, consumer confidence rebounded slightly in March as strong job growth offset consumer’s concerns about the Ukraine crisis and decades-high inflation.The Consumer Confidence Index, reported by the Conference Board, rose 1.5 points from 105.7 to 107.2 in March. The Present Situation Index increased 10.0 points from 143.0 to 153.0, while the Expectation Situation Index fell 4.2 points from 80.8 to 76.6, the lowest since February 2014.

Consumers’ assessment of current business conditions improved in March. The shares of respondents rating business conditions “good” rose by 2.0 percentage points to 19.6%, while those claiming business conditions “bad” fell by 3.0 percentage points to 22.1%. Meanwhile, consumers’ assessment of the labor market was also favorable. The share of respondents reporting that jobs were “plentiful” climbed by 3.7 percentage points to a new historical high, while those saw jobs as “hard to get” declined by 2.2 percentage points.

Consumers were less optimistic about the short-term outlook. The share of respondents expecting business conditions to improve fell from 21.3% to 18.7%, while those expecting business conditions to deteriorate rose from 19.9% to 23.8%. Similarly, expectations of employment over the next six months were less favorable. The share of respondents expecting “more jobs” dropped by 2.0 percentage points to 17.4%, and those anticipating “fewer jobs” declined by 1.9 percentage points to 17.7%.

The Conference Board also reported the share of respondents planning to buy a home within six months. The share of respondents planning to buy a home stayed unchanged at 5.8% in March, the lowest level since November. The share of respondents planning to buy a newly constructed home remained at 0.6%, while for those who planning to buy an existing home fell to 2.3%.

TUCSON, ARIZONA — Studio 6 Motel with 121 rooms, at 4950 S Outlet Center Drive in Tucson sold for $8,033,537, or $66,392 per room, as part of a nine-property portfolio sale.

NewcrestImage purchased nine hotels in Arizona from G6 Hospitality (Motel 6 Operations, LP) – six are branded Motel 6 and three are branded Studio 6.

“Acquiring properties, along with developing new hotels, are our two primary investment strategies for achieving growth in 2022,” said Mehul Patel, Chairman and CEO of Dallas-based NewcrestImage. “We look forward to creating fresh opportunities for these nine Arizona hotels in keeping with our operating philosophy, abilities, and track record.”

According to Patel, Arizona is an attractive market because its hotel occupancy is robust and above the national average.

“As people get out and reconnect, Arizona benefits by offering a favorable climate and many popular destinations for both vacation trips and business events,” he added.

“NewcrestImage has an outstanding reputation for being great partners and quality hoteliers,” said Rob Palleschi, CEO of G6 Hospitality. “Their experience, ingenuity and commitment to common values position us for a strong and strategic partnership. I’m honored to welcome them into the G6 family.”

The six Motel 6 properties being acquired are:

• Mesa North with 152 rooms
• Phoenix West with 148 rooms
• Phoenix Tempe with 131 rooms
• Scottsdale South with 100 rooms
• Mesa South with 91 rooms
• Phoenix Airport with 61 rooms

The three Studio 6 properties being acquired are:

• Tempe with 151 rooms
• Phoenix Deer Valley with 142 rooms
• Tucson East with 121 rooms

G6 Hospitality owns, operates, and franchises about 1,400 economy lodging locations in the United States and Canada under the Motel 6 and Studio 6 brands. The company has headquarters in the North Dallas suburb of Carrollton, Texas.

NewcrestImage has become one of the leading hotel companies in America, having transacted over 185 hotels since its start in February of 2013. It is known and respected for unique properties and for repeatedly developing bold, award-winning projects that have transformed the hospitality industry. Among the company’s notable properties are dual-brand hotels, innovatively converted historic buildings, and “lifestyle hotel campuses” which create vibrant mixed-use neighborhoods.