ABI Multifamily Brokers North Central Phoenix Apartment Community for $3.48 Million

Phoenix, Ariz. – ABI Multifamily is proud to announce the $3,480,000 / $145,000 Per Unit / $202.09 per SF sale of Ocotillo Apartments in Phoenix, Ariz.

The Ocotillo Apartments transaction consists of 24 garden-style units in the North Central Phoenix submarket, conveniently located near Uptown Plaza, the Midtown Phoenix Light Rail, and the State Route 51 Freeway. In addition, the property is located down the street from the brand-new Wyatt Communities of Arizona Residential Development as well as a short 15-minute drive to Phoenix Sky Harbor International Airport.

With 24 units built in 1963, the Ocotillo Apartments feature six individual four-plex properties on separate parcels. The apartment community is comprised of 50% two-bedroom units and 50% one-bedroom units. All units are individually metered for electricity, while 66% of the units have private fenced backyards.

ABI Multifamily’s Mitchell Drake and Ryan Smith represented the seller. ABI Multifamily’s Dallin Hammond and Rue Bax represented the buyer.

“This is a great opportunity for the Buyer as the property is located right along the canal in Uptown Phoenix,” states Dallin Hammond, Vice President at ABI, who represented the buyer in the transaction. “With the properties being separately parceled and contiguous, it provides the Buyer with numerous exit strategies in the future.”

“The Seller’s initial plans were to hold these apartments long term and eventually buy out the remaining ownership within the community,” explained Mitchell Drake, Vice President at ABI who was in representation of the Seller. “Due to the low supply and high demand for multifamily in Uptown & Central Phoenix, the Seller decided to forgo his holding pattern and capitalize on the current market conditions.”

The Buyer is an Arizona-based private investor. The Seller is a New York-based private investor.

Industry experts in restoration, facility maintenance launch Gilbert-based CPR Construction Cleaning

Patrick Maez and Corina Burton, CPR Construction Cleaning

GILBERT, Ariz. – Restoration and facility maintenance professionals Corina Burton and Patrick Maez have combined their expertise and launched a new firm, CPR Construction Cleaning.

The Gilbert-based firm offers three phases of cleaning: progress/rough cleaning, final cleaning and touch-up cleaning. The company can handle projects from 300 square feet to more than 1 million-square-feet. Services include ongoing maintenance cleaning, hard-surface floor cleaning and maintenance, window cleaning, pressure washing and parking lot sweeping.

Burton and Maez possess more than 20 years of experience in business development, managing strategic national accounts, marketing, sales and relationship building. Burton previously served as Director of Business Development at EHS Restoration. Maez formerly was Executive Director at Square Care, a mission-critical/data center cleaning and carpet and textile cleaning firm.

“Our clients range from general contractors, commercial real estate professionals, property managers and corporate and multifamily/residential professionals,” said Maez, who possesses more than 15 years of experience managing strategic national accounts and operations within the facility maintenance industry.

CPR’s three-phase construction cleaning process assures that newly constructed space is move-in ready. “We work during the actual construction phase removing and cleaning all construction debris, caulking and adhesives,” Burton said. “We thoroughly clean windows, glass doors and glass partitions. General cleaning of walls and floors are also included during this phase.”

The final clean consists of a very detailed clean from the ceiling, walls, windows, glass, doors to baseboards and floors. A week or so after the dust settles, CPR goes back in and wipes down all horizontal surfaces to assure that all dust and debris is eliminated.

“At CPR we focus on teamwork,” Burton said. “Teamwork is the result of groups working together to effectively and efficiently achieve the organizational tasks, vision and mission.” For more information, visit cprclean.com.

Court approves Pier 1 bankruptcy sale

Pier 1 Imports (NYSE:PIR) won court approval for a speedy sale process a day after the home furnishings chain plunged into bankruptcy.

Judge Kevin Huennekens also signed off on a request that allows Pier 1 to obtain $256M in bankruptcy financing from its term-loan lenders to enable the retailer to keep operating pending a possible sale of the business.

The company also has secured $256 million in debtor-in-possession financing to provide sufficient liquidity until the sales process has been completed.

In addition, Pier 1 Imports is in discussion with potential buyers which could result in the company selecting a stalking horse bidder for the upcoming court-supervised auction. Qualified bids are expected to be submitted by March 23 and the auction to take place on March 31. Court confirmation is currently expected by April 23.

The company has filed for bankruptcy protection to quickly implement the recently announced almost 50% reduction of its store base which includes pulling out of Canada entirely.

Looking at the most recent 10-Q, equityholders are unlikely to receive any form of recovery as sales proceeds will likely be a insufficient to cover creditor claims, particularly after giving effect to the $256 million in debtor-in-possession financing now sitting at the top of the capital structure.

Court documents indicate seven Arizona store closures.

On Feb. 29, Pier 1 will close the following stores:

  • Happy Valley Towne Center – 2501 W. Happy Valley Pkwy., Phoenix
  • Village Fair North shopping center near Paradise Valley Mall – 12657 N. Tatum Blvd., Phoenix

On March 31, these stores are set to close:

  • Chandler Fiesta shopping center – 2600 W. Chandler Blvd., Chandler
  • Lake Pleasant Towne Center – 10092 W. Happy Valley Road, Peoria
  • Camelback Colonnade – 1743 E. Camelback Road, Phoenix
  • Ahwatukee Foothills Towne Center – 4717 E. Ray Road, Phoenix
  • 5919 E. Broadway Blvd., Tucson