PHOENIX—In this edition of Deal-Tracker, ORION Investment Real Estate facilitated the sale of The Glen condominiums located near 63th Avenue and Bethany Home Road in Glendale. The condominium complex consists of 200 total units, of which 129 were just sold for $5 million. The seller in the transaction was Janet Azar and David Farjoodi of The Glen Condominiums, LLC, which is based in Woodland Hills, CA. The buyer was North63 Holdings LLC, based in Vancouver.
The transaction was negotiated by Christopher Roach and Joseph Dietz of ORION Investment Real Estate based in Scottsdale.
The Glen Condominiums have frontage on 63rd Avenue and are within walking distance of Harold Smith Elementary School providing a benefit to residents and their families as well as a huge rent driver for ownership. Within five minutes of the property is Westgate City Center, offering residents employment and entertainment through 6.5 million square feet of restaurants, bars, retail, and offices. Westgate is also home to Jobing.com Arena home to the Phoenix Coyotes and University of Phoenix Stadium. Furthermore the community is walking distance of Historic Downtown Glendale, an area known for its antique shopping, various restaurants & eateries, festivals, arts and cultural events.
ORION's Roach notes, “The seller purchased The Glen in early 2012 when it was highly distressed with high vacancy and in rough shape; they repositioned the property and worked with management and the in-place HOA to improve occupancy, upgrade the units and stabilize the property. The Glen is currently a desirable place to live, and provided the buyer with a strong cash flowing investment with additional upside remaining through future rental increases.”
PHOENIX—Colliers International in Greater Phoenix recently completed the sale of the class B, 54,072-square-foot Siete II building in Phoenix for $3.2 million.
Orsett Acquisitions LLC of Phoenix purchased the building, located at 3707 N. 7th St., from UFB Development Corporation of Indianapolis.
Both parties were represented by the Colliers Office Solutions Group: Phil Breidenbach, executive vice president, Peter Nieman, executive vice president, Kathy Foster, senior vice president, and Lindsey Carlson, vice president.
Built in 1988, the three-story Siete II is situated on a 2.3-acre lot. The building fronts 7th Street, south of Indian School Road. It is positioned between the Camelback Corridor and downtown Phoenix, and is within two miles to State Route 51 and I-10.
“Orsett plans to update the building, specifically modernizing the structure and suites to respond to new tenants looking for offices in the 7th Street area. The upgrades will make Siete II more competitive in the market,” Breidenbach says. “The terms were right for both UFB and Orsett; it was truly a win-win transaction.”
PHOENIX—Colliers International in Greater Phoenix recently completed the $1.575 million sale of 4.91 acres ($7.37 per square foot) of land zoned for multifamily in the heart of Chandler.
MPC Development LLC of Phoenix purchased the land, located on Alma School Road between Chandler Boulevard and West Fry Road, from Grossman/Robson Associates of Phoenix.
The seller was represented by Chaz Smith, senior vice president, John Finnegan, senior vice president, and Ramey Peru, associate vice president, of Colliers International. The buyer's broker was Mark Forrester, senior partner with Hendricks and Partners of Phoenix.
“This is a highly desirable infill Chandler location with multifamily zoning approval in place,” says Smith, noting MPC homes is planning to construct 77 townhomes on the site, which was previously approved for 92 residential units.
The land is south of the The Park at Chandler, which is a 268,000 square-foot, mixed-use commercial development anchored by Home Depot, Safeway and Staples. The Park Business Center is to the west.
Just east from the land is the San Marcos Golf Course and Resort. Also nearby are downtown Chandler, Chandler Regional Medical Center, Chandler Fashion Center and the Price Road Tech Corridor.
The property has excellent regional access since Chandler Boulevard and Alma School Road are exits on the Loop 101 and Loop 202.
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