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PHOENIX—Last month Denise Nunez with NAI Horizon – the NAI Global office in Phoenix, AZ, represented the buyer and seller of a $10.8 million, 107,130-square-foot…
“This is a once-in-a-lifetime opportunity to purchase portside land with unparalleled maritime access in one of the world's most land constrained port markets,” says Cushman & Wakefield's David Bernhaut.
The market was late out of the recovery but is now becoming a favorite of investors, like San Diego's Tower 16, which plans to buy 1,000 units there in the next 12 months.
The portfolio was purchased by an institutional investor for $57 million and was encumbered by CMBS debt, but selling it intact circumvented defeasance penalties that would have been triggered by carving up.
Varden Capital Partners repositioned the assets following a bulk purchase, and made healthy profits for investors while leaving a great value-add path ahead for Blue Rock, says Cushman & Wakefield's Tyler Averitt.