Holualoa Companies has enjoyed a strong first four months of the year despite recent economic challenges, closing on several key transactions in Arizona.
The company sold several properties in Phoenix and Tucson over the past few months and signed a significant new lease at one of its signature properties:
• On April 14, Holualoa sold the 64-unit Sandpiper Apartments located in Tucson for $4.7 million. They acquired Sandpiper in November 1995 in a joint venture with Scotia Group. The property is well located in Tucson’s North Central submarket with excellent access to shopping, major employers, recreation and transportation corridors, and the University of Arizona is minutes away.
• Holualoa, in a joint venture with Epic Real Estate Partners, sold the Starbucks at Scottsdale North in a $2.4 million transaction. Holualoa had purchased the AJ’s Fine Foods-anchored retail center located on North Scottsdale Road in 2019.
• Holualoa sold the 25-unit McCormick Rental Homes located in downtown Tucson in February for $8.1 million. Holualoa had partnered with Scotia Group on the project, which they built from the ground up with construction completed in 2017.
• Holualoa, in a joint venture with Plaza Companies, sold the Rancho Santa Fe Center in Avondale in January in a $17.8 million transaction. The 74,000-square-foot building was purchased by the joint venture in 2014, including a 2.83-acre parcel adjacent to the building which the joint venture retained ownership of and is available for build-to-suit use. The building was 98 percent leased at the time of the transaction in January.
• And, Holualoa, in a joint venture with LaPour Partners, signed a lease with PNC Bank at Camelback Collective, a high-profile, mixed-use property located at 2801 E. Camelback Road, Phoenix. It is a seven-year lease for 10,460 square feet of space on the property’s fourth floor. With the new lease, the office building is now approaching 80 percent occupancy.
“We are very pleased with the momentum we’ve been able to build this spring despite the sudden change in economic conditions,” said Stan Shafer, Chief Operating Officer of Holualoa Companies. “We are well-positioned to make the most of our opportunities once the pandemic eases and we look forward to continuing our investments in the marketplace.”
Holualoa has also seen several other positive developments at its properties throughout Arizona, including:
• Increased leasing activity and the completion of a Phase II of renovations at Park Central, the award-winning revitalization project in central Phoenix.
• Holualoa is also partnering with Greenlight Communities to develop the new Cabana multifamily properties throughout the Phoenix area. The new brand provides an attainable rental solution for individuals and families while creating a welcoming community environment.
Holualoa is celebrating its 35th year in 2020, and Shafer said the company continues to look for opportunities and partnerships.
“We know that we are facing unprecedented economic times, but we also know that these economic challenges often create opportunities,” he said. “We will continue to monitor the market and look for ways we can create value and have a positive impact on the commercial real estate industry.”
