Tag Archives: PB Bell

Danny’s Family Car Wash in Scottsdale sells for $2M per acre

Danny's Family Car Wash 1ORION Investment Real Estate is pleased to announce the successful ground lease sale of the Danny’s Family Car Wash located at 15515 N. Scottsdale Rd. in Scottsdale, Ariz., for $6.5M to Pacific Scottsdale, LLC. The seller was Scottsdale Place, LLC.

The car wash, detailing center, gas facilities and 2 convenience stores, totaling approximately 17,700 square feet did not convey in this transaction and are currently owned by Danny’s Family Car Wash, who in turn leases the 3.25 acres. “A property like this does not come along very often. It is over 140,000 square feet of prime North Scottsdale real estate with Scottsdale Road frontage. It is in the middle of 3 marquee projects, namely the Scottsdale Quarter, Kierland Commons, and the Scottsdale Promenade. It is also in close proximity to a couple of major future redevelopments, the former Robb & Stucky site and the Cracker Jax site.”

The buyer, a partnership of high net worth local investors, was drawn to the site because of its superior location and plans to hold for redevelopment. “This was truly a win-win transaction in which the Seller sold at a premium at nearly $50 per square foot for the land, but still left some ‘meat on the bone’ for the next Buyer,” noted Ari Spiro, ORION’s lead broker on this transaction.

The property was purchased for cash after a 45-day escrow. ORION’s Principal, Sean Stutzman summarizes, “Great real estate always gets better and there are few intersections in the entire Southwest quite like this.” ORION should know having transacted over $50 million in real estate at or adjacent to the intersection of Scottsdale Road and Greenway-Hayden Loop in recent years, including most recently assembling the former Barcelona nightclub and adjacent office building. That site, currently nearing completion, is being developed by PB Bell and IPA and later this year will open as Liv Scottsdale, a 240-unit apartment project across from Scottsdale Quarter.

Spiro concludes, “this part of Scottsdale is just booming with high density mixed-use development as it continues its maturation into one of the most dynamic commercial and residential areas in the west. It will virtually be unrecognizable in five years!”

Crestone 2, CBRE, WEB

Shadow Mountain apartments sell for $27.2M

CBRE’s Capital Markets group announced today that it has secured financing on behalf of Real Estate Capital Partners (“RECP”) for the financing of Crestone at Shadow Mountain Apartments (“Crestone”). Brian Eisendrath with CBRE’s Debt and Structured Finance team arranged a 5-year, full term interest only fixed rate loan of $16,811,000 (60% LTC), which was locked in at an interest rate of 3.30% through Freddie Mac. The 248-unit asset was acquired for $27.2> ($109,677/unit) from Scottsdale-based P.B. Bell, who will remain in-place as the property’s management company, and was represented by Tyler Anderson and Sean Cunningham with CBRE in Phoenix.

RECP’s Current Income Fund (the “Fund”) provided the equity for Crestone, which will provide investors a strong current rate of return in a high quality, well located project. RECP is a U.S. real estate investment advisor, founded in 1989, whose goal is to create superior risk adjusted returns by investing in U.S. real estate. Investments have consisted of existing and to-be-built apartment, office, industrial, retail and mixed-use properties.

With the low cost of capital and the full term interest only loan, this execution will allow RECP to execute its business plan,” said Mr. Eisendrath.

Brian and his team were able to secure attractive financing at a 3.30% rate with full term interest only. The execution supports our business plan to maximize cash on cash returns,” said Stephen Henry, Vice President – Investment Management of REC.

Crestone at Shadow Mountain is a well-established community situated in the heart of North Phoenix. This community was built in 1992 and features 248 units, averaging 876 square feet, in 19 two-story buildings. The Property offers proximity to the SR 51 connecting residents to the Loop 101 through North Scottsdale as well as to all the amenities in Downtown Phoenix. Select units offer nine-foot ceilings, full size washers and dryers, and wood burning fireplaces.