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Dominium Acquires 213 Units in Phoenix AZ
Dominium Development & Acquisition, LLC Acquires Terrace Park Apartments in Phoenix, AZ through PRAEDIUM Advisors
PHOENIX, AZ - Minneapolis based apartment owner, manager, and developer has purchased the 213 unit Terrace Park Apartments at 8130 W. Indian School Road in Phoenix, AZ for $5,775,000.
Dominium purchased Terrace Park Apartments from Blue Valley Apartments of West Palm Beach, Florida which had recently foreclosed on the property. Dominium's all cash offer was selected from amongst a field of prospective buyers by Blue Valley. Dominium had recently closed on another Blue Valley multi-family complex in Georgia so buyer and seller were already comfortable working with each other.
In addition to the $27,113 per unit purchase price, Dominium intends to invest significant additional capital to renovate and upgrade the property and hold the property in its portfolio.
Dominium was represented by Victor Allison and Joe Holeva of PRAEDIUM Advisors. The seller was represented by Mark Forrester, Ric Holway, and Chuck LaBenz of Hendricks & Partners.
"Although Dominium has been in the multi-family business for over 40 years, we're new to Arizona", said Mark Sween, vice president and acquisition manager for Dominium. "PRAEDIUM Advisors had a laser-focus on our acquisition criteria and quickly found us several prospective properties. We ultimately settled on Terrace Park because it was exactly in the bulls-eye of the type of property we like to buy. We'll continue to work with PRAEDIUM Advisors on additional acquisitions".
Dominium's current portfolio boasts in excess of 6,000 units developed, 9,000 units acquired, and 4,000 fee managed units for a total of over 19,000 apartments owned and managed nationwide. Privately held Dominium is actively seeking additional opportunities in Arizona
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Great Hearts charter school buys former Motorola site
by Jan Buchholz
Motorola Inc.’s former regional headquarters in the Arcadia neighborhood soon will become a charter school. The nonprofit Great Hearts Academy paid nearly $6 million for the 142,000-square-foot building and surrounding land
at 3102 N. 56th St.
Colliers International in Phoenix represented the buyer. Praedium Advisors in
Phoenix represented the seller, 3102 N56 LLC, in Scottsdale. Motorola
vacated the property more than a decade ago.
Local developer Richard Zacher, principal for Zacher Development Co., had acquired the property in 2005. He planned to demolish the building and construct single-family homes in a gated community on the site. Zacher was unable to obtain financing for the project before the housing crisis hit. According to trade publication Business Real Estate Weekly, the property was acquired by Inca Capital in Scottsdale through a note purchase and subsequent deed in lieu of foreclosure action. That process occurred in late 2007 and early 2008.
Improvements on the site have started, according to Todd Noel, senior vice president with Colliers.
Great Hearts Academy plans to have its Archway Classical Academy open for the 2011-12 school year. Archway serves students in kindergarten through 5th grade. The Veritas Preparatory Academy, grades 6 through 12, will move in the following year.
Great Hearts headquarters, which also will move to the old Motorola site, currently is located at 2131 E. Lincoln Drive in Phoenix. It will have a network of 12 schools located across the Valley as the 2011-12 school year begins
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International Automotive Components
PRAEDIUM Advisors represented a Montreal based private investment group in their acquisition of a 125,000 s.f. manufacturing facility in Troy, NC. Situated on over 18 acres this absolute NNN leased brick building had over 12 years left on its initial lease term at the time of acquisition. With annual CPI rental increases PRAEDIUM's client was able to buy this building for less that $10 psf and achieve over an 8 CAP rate of return! Victor Allison says: "When I saw this opportunity cross my desk I knew exactly who to call. They wrote a LOI right away and the deal was closed in about 60 days."
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Wilmot Professional Plaza
PRAEDIUM Advisors represented 1031 exchange buyer Western America Equities, LLC in its $10,140,000 acquisition of Wilmot Professional Plaza from Wilmot Professional Plaza Partners, LLC. Initially developed as a retail center, Wilmot Professional Plaza was redeveloped into a medical plaza between 2000 and 2002. The two 21,000 square foot buildings are conveniently located to Tucson’s three primary eastside hospitals: Tuscon Medical Center, El Dorado Hospital, and St. Joseph’s Hospital which helped to make it attractive to the buyer. |
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