 Phoenix/Gilbert - A limited partnership formed by Clarion Partners LLC in New York City, N.Y. (Stephen Furnary, CEO) paid $80 million ($61.47 per foot) to buy a 1.3 + million square-foot portfolio of industrial properties in the Valley. The seller in a single cash transaction was the Zimmerman Revocable Trust in Oakland, Calif. (Myron Zimmerman, trustee). Maricopa County records show the buyer was LIT Industrial Limited Partnership (Lion Industrial Trust entity formed by Clarion). The off-market sale was brokered by Bo Mills, Mark Detmer, Marc Hertzberg and Tony Lydonof Jones Lang LaSalle in Phoenix. The group of assets includes nine distribution-warehouse and manufacturing buildings in Phoenix and Gilbert. On the average, the space is 41 percent occupied. The leasing will be handled by Pat Harlan also of JLL, along with Lydon and Hertzberg. The properties, which were developed from 1984 to 2000, range from 13,656 sq. ft. to 323,345 sq. ft. Here is a description and location of each of the buildings: Valley West Distribution Center I, 323,345 sq. ft. located at 601 N. 75th Avenue in Phoenix; Valley West Distribution Center II, 323,345 sq. ft. at 605 N. 75th Avenue in Phoenix; Papago Distribution Center, 226,436 sq. ft. at 1010 N. 47th Avenuein Phoenix; Continental Tech Center, 108,212 sq. ft. at 955 N. Fiesta Boulevard in Gilbert; El Dorado Tech Center I, 83,472 sq. ft. located at 1171 N. Fiesta Boulevard in Gilbert and El Dorado Tech Center II, 43,000 sq. ft. located at1191 N. Fiesta Boulevard in Gilbert; 13,656 sq. ft. at El Dorado Tech Center located at 2020 W. Guadalupe Road in Gilbert; El Dorado Tech Center III, 110,975 sq. ft. at 2075 W. Obispo Avenue in Gilbert, and 69,112 sq. ft. at 2135 W. Obispo Avenue in Gilbert. BREW reported Zimmerman of Zimmerman Investments buying 982,455 sq. ft. of the portfolio in four separate sales completed in 2000 and 2001 that totaled $22.111 million (blended average of $22.50 per foot). Clarion Partners is a global real estate investment firm with $36.8 billion in assets under its management. The employee-owned company, formerly a subsidiary of Netherlands-based ING, is a registered investment advisor. Clarion Partners invests in office, retail, industrial, multi-family and hotel properties, either through buying existing assets or developing new projects in joint ventures. BREW has previously reported Clarion Partners buying, selling and developing all of the aforementioned property types in the Valley. The company is looking for more investment opportunities in the Phoenix area.
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Phoenix - It had been over a decade since the company's last apartment property purchase in the Valley, but IMT Capital LLC in Sherman Oaks, Calif. (Cory Thabit, et al., general partners) has jumped back into the Phoenix multi-family investment market in a big way. The company paid $100.5 million ($120,793 per unit) to acquire the 832-unitDeer Valley Village apartments located at 3010 W. Yorkshire Drive and 19645 N. 31st Avenue in Phoenix. The seller was Deer Valley Apartments NF LLC, a company formed by Sterling American Property Inc. in Great Neck, N.Y. (Michael Katz, Richard Wilpon, co-CEOs). The transaction was negotiated through Tyler Anderson, Sean Cunningham,Asher Gunter and Matt Pesch of CBRE in Phoenix. Maricopa County records show IMT Capital III Deer Valley LLCacquired the real estate using a $500 million credit facility from Freddie Mac(Federal Home Loan Mortgage Corp.). In April 2008, BREW reported Sterling American Property paying $85.2 million ($102,404 per unit) to acquire Deer Valley Village apartments. The complex, which was built in phases in 1996 and 2000, is now being called IMT Deer Valley. The With the acquisition, the privately-held IMT now owns 3,232 apartment units in seven Phoenix-area projects. The company also owns multi-family assets in California, Colorado, Texas, Florida and Georgia. The projects are managed by affiliate IMT Residential, which currently manages more than 20,000 apartment units in six states. IMT Capital is looking for additional multi-family investment opportunities in the Valley, as well as other target markets. In its last Phoenix-area purchase reported by BREW in August 2004, IMP (formerly called Investors Management Trust Real Estate Group) paid $24 million ($46,875 per unit) to buy the 512-unit Desert Palm Village apartments at 1215 E. Vista Del Cerro in Tempe. In addition to those two communities, IMT owns the 292-unit Rancho Murietta apartments at 1717 S. Dorsey Lane in Tempe; the 420-unit Del Coronado apartments at 843 S. Longmore Street in Mesa; the 406-unit Moorings at Mesa Cove apartments at 1233 N. Mesa Drive in Mesa; the 464-unit Superstition Vistaapartments at 450 S. Acacia Street, and The Meadows, a 306-unit community at 2151 E. Southern Avenue in Mesa.