Arizona

Best Western Hotels & Resorts Acquires Luxury Hotel Collection WorldHotels

by David Cohen February 19, 2019

PHOENIX— Best Western Hotels & Resorts has acquired global hotel brand WorldHotels from Associated Luxury Hotels for an undisclosed price. The brand consists of approximately 300 specialty hotels and resorts around the world and 31 in the United States. WorldHotels will maintain its distinct personality while benefiting from Best Western’s e-commerce platform, partnerships, loyalty program and global distribution network. The acquisition marks another move by Best Western into soft-brand hotels, an affiliation in which a hotel relies primarily on its individual identity rather than that of the larger hotel chain. A number of global hotel chains have launched soft brands in recent years, including the Ascend Collection by Choice Hotels International and Marriott International’s Autograph Collection. Best Western isn’t the only hotelier that recently purchased a luxury brand. InterContinental Hotels Group acquired Six Senses Hotels Resorts Spas for $300 million on Feb. 13. “There is tremendous synergy between Best Western and WorldHotels,” says David Kong, CEO of Best Western Hotels & Resorts. “By joining forces in this new partnership, we will create competitive advantages for both companies.” The acquisition of WorldHotels was completed last week. The move expands Best Western’s portfolio of offerings to include upscale and luxury segments. Phoenix-based Best Western Hotels & …

February 19, 2019

Arizona Market Reports Multifamily Western Western Market Reports

Job, Population Growth Spur Phoenix’s Multifamily Market

by Taylor Williams February 19, 2019

The multifamily investment activity in Metro Phoenix remains extremely strong. This is driven by the employment and population growth in these markets, as well as by the affordability of rental housing compared to other parts of the nation. The employment growth has occurred in many segments, including technology, medical and finance. Technology companies are focused on cities where universities provide an abundant supply of skilled labor for these types of jobs. Arizona State University (ASU) in Metro Phoenix is one of the largest universities in the country with more than 87,000 students. It is working hand in hand with technology companies and other expanding employers to provide the education their students will need to fulfill openings in the market. A skilled workforce and affordable housing have been strong pulls for companies looking to relocate, expand or get off the ground. The increases in jobs and population have led to further increases in rent, occupancy, construction and absorption. The public’s changing perception about home ownership and the freedom that renting allows — along with the amenities provided in many of today’s apartment communities — has propelled multifamily demand in Metro Phoenix. The area’s overall vacancy rate for the third quarter was …

February 19, 2019

Arizona Hospitality Loans Walker & Dunlop Western

Walker & Dunlop Structures $40M in Financing for 136-Key AC Marriott in Tucson, Arizona

by Jeff Shaw February 18, 2019

TUCSON, ARIZ. — Walker & Dunlop has structured $40 million in financing for the AC Hotel by Marriott Tucson Downtown, located at 151 E. Broadway Blvd. in Tucson. The borrower is Tucson Urban. Completed in fall 2017, the eight-story hotel features 136 guest rooms and was the first hotel built in downtown Tucson since the early 1970s, according to Walker & Dunlop. Hotel amenities include a fitness center, rooftop pool and 1,847 square feet of meeting space. Jim Pierson and Keaton Merrell of Walker & Dunlop’s Phoenix office, in collaboration with Alison Williams and Matt Baldwin of Walker & Dunlop’s Tampa, Fla., office, arranged the 10-year cash-out loan, which features three years of interest-only payments, through a CMBS provider.

February 18, 2019

Acquisitions Arizona Data Centers Industrial Western

Stream Data Centers Acquires a 418,000 SF Industrial Facility in Goodyear, Arizona

by Jeff Shaw February 18, 2019

GOODYEAR, ARIZ. — Stream Data Centers has purchased an industrial facility on 157 acres in Goodyear. The company plans to establish a data center campus for hyperscale and enterprise customers in the greater Phoenix region. This acquisition marks Stream’s entrance into the Phoenix market. Stream will redevelop the existing 418,000-square-foot facility. At full build-out, the data center will contain approximately 50 megawatts of critical load. The facility is slated to be fully operational for customers in the first quarter of 2020. Additionally, at full build, the entire campus will be able to support approximately 2 million square feet. The company will dedicate land for an on-site sub-station to be constructed by Arizona Public Service with ultimate power capacity of 350 megawatts.

February 18, 2019

Arizona Loans Multifamily Oregon Seniors Housing Walker & Dunlop Western

Walker & Dunlop Provides $39.3M in Financing for Seniors Housing Properties in Arizona, Oregon

by Amy Works February 15, 2019

MESA, ARIZ., AND SPRINGFIELD, ORE. — Walker & Dunlop has funded $39.3 million in financing for two seniors housing properties in Arizona and Oregon. Kevin Giusti, Michael Davis and Jeff Ringwald of Walker & Dunlop led the origination team for the transactions. The Walker & Dunlop team structured a $25.8 million Fannie Mae loan backed by The Summit at Sunland Springs, located at 2415 S. Signal Butte Road in Mesa. Owned Ahlstrom Investments and managed by Avista Senior Living, the facility offers assisted living and memory care units. Prior to the property’s full stabilization, Walker & Dunlop secured a 10-year, fixed-rate loan while recapitalizing the property owner’s equity. The team also arranged a $13.5 million refinance through Freddie Mac for The Rawlin at Riverbend Memory Care. The Freddie Mac loan enabled the sponsor, Onelife Investments, to recapitalize 100 percent of its equity while providing a 15-year, fixed-rate loan. The dedicated memory care facility is located at 3491 Game Farm Road in Springfield.

February 15, 2019

Acquisitions Arizona Industrial Western

Northstar Commercial Sells Industrial Property in Surprise, Arizona, for $24.1M

by Amy Works February 15, 2019

SURPRISE, ARIZ. — Northstar Commercial Partners has completed the sale of an industrial property, located at 12000 N. 132nd Ave. in Surprise. A Canadian REIT acquired the property for $24.1 million. Situated on 32 acres, the 418,000-square-foot warehouse/industrial building was built in 2013. Anthony Lydon, Bill Honsaker and Marc Hertzberg of Jones Lang LaSalle represented the seller in the deal.

February 15, 2019

North-Hayden-Commerce-Center-Scottsdale-AZ

Acquisitions Arizona Industrial Western

Hayden Center Investments Acquires 103,517 SF Warehouse in Arizona for $16.5M

by Amy Works February 14, 2019

SCOTTSDALE, ARIZ. — Hayden Center Investments has purchased North Hayden Commerce Center, an industrial warehouse located at 14000 N. Hayden Road in Scottsdale. New York-based 14000 N. Hayden Road, Scottsdale LLC (a company formed by iStar Financial Inc.) sold the property for $16.5 million. Paul Boyle, Rick Danis and Michael Kitlica of Cushman & Wakefield represented the seller, while Randy Shell of Shell Commercial represented the buyer in the deal. Completed in 2007, North Hayden Commerce Center is a single-story building totaling 103,517 square feet. Situated on 7.6 acres, the multi-tenant asset is currently 67 percent leased to a variety of tenants, including The Tile Shop, R.E. Michel Co., Red Mountain Weight Loss Center and Ferguson Enterprises.

February 14, 2019

Arizona Development Industrial Market Reports Western Western Market Reports

Phoenix Is Defined by Land, Labor, Logistics

by Taylor Williams February 12, 2019

Phoenix has long enjoyed the benefits of land, labor and logistics. In today’s ecommerce-driven market, however, those benefits are propelling the Valley’s industrial activity, and opportunity, to new heights. The region has absorbed more than 5.8 million square feet of industrial space year-to-date. It has also welcomed almost 5 million square feet of new industrial construction, while industrial vacancy rates still sit below 7 percent — their lowest levels in 12 years. Some of this activity can be credited to the price and availability of our land. This typically involves large parcels in the West Valley within close proximity to freeways that are often available at $5 per square foot to $6 per square foot. This is attracting tremendous big box interest, particularly in the Southwest Valley submarket where much of the metro’s more than 5.7 million square feet of new construction is occurring. Lincoln Property Company delivered one of the largest of these developments this past December: the $85 million, 901,700-square-foot Lincoln Logistics Center 40. Underscoring high confidence in the industrial sector, Lincoln Logistics 40 was developed fully speculative with amenities that target ecommerce and logistics-focused users. Among these are 40’ clear height ceilings, sophisticated cross-dock configuration, and extensive …

February 12, 2019

Acquisitions Arizona Hospitality Western

Park Hotels & Resorts Sells Pointe Hilton Squaw Peak Resort in Phoenix for $51.4M

by Amy Works February 11, 2019

PHOENIX — Park Hotels & Resorts has closed on the sale of Pointe Hilton Squaw Peak Resort, located at 7677 N. 16th St. in Phoenix. An undisclosed buyer acquired the asset for $51.4 million, or $91,200 per key before customary closing costs. The all-suite resort features 563 rooms, a four-acre waterpark, kid’s camp, full-service spa and fitness center, three restaurants and 48,000 square feet of indoor/outdoor meeting space. This transaction represents the 14th hotel that Park has sold over the prior year and continues the company’s strategy of improving the overall quality of its portfolio by recycling out of non-core hotels.

February 11, 2019

Acquisitions Arizona Retail Western

SVN Desert Commercial Advisors Arranges $6.9M Shopping Center Sale in Mesa, Arizona

by Amy Works February 8, 2019

MESA, ARIZ. — SVN Desert Commercial Advisors has brokered the sale of a shopping center, located at 810-848 S. Alma School Road in Mesa. Alex Holding LLC and Sunnyslope LLC acquired the asset for $6.9 million. At the time of sale, the 74,604-square-foot property was fully occupied. Rommie Mojahed and Beau Flahart of SVN Desert Commercial Advisors represented the undisclosed seller in the transaction.

February 8, 2019

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