ASM America Headquarters Building sells for $19,750,000

Vizzda – June 5, 2013 – The ASM America headquarters building sold yesterday for $19.75m or $151.59 per ft2 with $9.875m down and $9.875m new debt with US Bank. Winnipeg-based Artis REIT acquired the building from a tenant-in-common investor group headed by Robert F Caldwell of Caldwell’s San Francisco Door Company. Kirsty Stevens, chief administrative officer of Artis, closed the deal with Caldwell.

The ASM America headquarters building was developed by the Douglas Allred Company as “Allred 2,” one of five buildings in their Southbank development, and the building which won them the NAIOP “Build to Suit of the Year Award” for 1997. The building is located north of the northwest corner of Universtity and the I-10 at 3420 & 3440 E University Dr. This is a 132,282 ft2 R&D building, broadly classified as industrial / office, with a ±40,000 ft2 second story office mezzanine component. The building has a clean room and is utilized by ASM for high tech semiconductor research. The warehouse component of the building has 30’ clear height and three truckwells. The site includes 426 parking spaces for an overall 3.27:1000 parking ratio.

Robert F Caldwell, et al acquired the building from Douglas Allred Company on October 4, 2001 for $15.45m or $118.59 per ft2 with $100k down and the assumption of $11.36m debt with The Manufacturer’s Life Insurance Company. The Douglas Allred Company had encumbered the property with $11.36m in debt on July 23, 2001 just a few months before the sale was recorded, a debt which the investor group assumed. The building has been 100% leased to ASM America since August 12, 1996.

Edward Moore
Director of Research

Griffin Capital REIT Acquires the Avnet Integration Headquarters in Chandler

Vizzda – MAY 30TH, 2013 – Griffin Capital Essential Asset REIT, Inc has acquired the Avnet Integration headquarters in Chandler for $31.5M or $137 per square foot. There was a $500K down payment, and the property was secured under a $200M cross-collateralized note with Keybank.

The 229,740 ft2 distribution center is located at 6700 West Morelos Place in Chandler, east of the southeast corner of 56th Street and the Loop 202. The property consists of one building on 13.11 acres zoned with a planned area development overlay. The building consists of 183,061 ft2 first floor that is used for integration and logistics. The 46,679 ft2 second floor is strictly office space. Further information on this building’s features is available through a  subscription to Vizzda.

Ryan Companies developed the building built-to-suit in 2007 for Avnet Integration, whose lease commenced on January 10th, 2007. The site was later sold to FORT Property Management on July 25th, 2008 for $35.2M or $153 per square foot. Fort facilitated a tenancy-in-common ownership arrangement by selling off fractional interests from July 28th, 2008 through April 20th, 2010.

By: Daniel Alpers

Director of Planning & Municipal Projects

Amkor Research and Development Facility in Chandler Sold to Digital Realty Trust for $24m

VIZZDA—February 1st, 2013 — Chandler-based chip manufacturer, Amkor Technologies, Inc., has sold its corporate headquarters and research facility to Digital Realty Trust for $23m. Digital Realty Trust is a leading provider of data center solutions and was represented by its CEO, Michael F. Foust. Gil Tily, as Executive Vice President, Chief Accounting Officer and General Counsel oversaw the transaction for Amkor.

The 17.79 acre campus is located at the southwest corner of Price and Germann Roads and includes 43,044 ft2 of 2-story office built in 1996, 95,430 ft2 of warehouse and manufacturing in three buildings built in 1997 and 75,465 ft2 3-story office shell built in 2000. The $24m sales price represents a $112.18 price per square foot. It is not known nor are there documents to indicate, if Amkor intends to lease the facility.

The land on which the facility sits was acquired by the family trust of the founder of Amkor on July 3rd, 1995 for $679,706, no new debt with sale. Following construction of the bulk of the facility, ownership was transferred to Amkor on September 15th, 1997 for $5,709,504. From April 23rd, 2003 to March 2nd, 2006, Amkor encumbered the property with $630m in total debt with Citicorp and Bank of America, the final $100m of which was released with this sale.


Paul Dionne

Director of Analytics


Canadian Home Framing Manufacturer Buys Ex-Schuck and Son’s West Valley Yard

VIZZDA — January 28th, 2013 — A 27acre contractor yard that was previously owned by the now defunct home framing Schuck and Sons, has sold to the Canadian home framing company Zytech Building Systems. The property was sold for $5,500,000 and no new debt was issued with sale. The seller was Kevin Burnett, the CFO of Sundt Companies who acquired the property through deed-in-lieu after buying their $11M debt note December 30, 2010 from Johnson Bank.

The 27 acre yard is located at 8205 N 67th Ave or the Northeastern corner of 67th, Northern, and Grand Avenues. The site contains approximately 19,000 square feet of office, 152,096 square feet of storage both enclosed and covered by canopy, and features a rail spike onsite. It was previously used as a fabrication facility for Shuck and Sons, which specialized in the home framework manufacturing.

Schuck and Sons previously acquired 7.20 acres of the property April 17th, 1979, the property was there after assembled. A rail spike totaling 1.31 acre strip on the east portion of the property was purchased 11/10/2004 for $125,000. $11,000,000 new debt with Johnson Bank was issued April 22, 2008. The note was assigned to Sundt Companies December 30, 2010. Schuck and Son’s closed in the summer of 2012 and the property reverted through Deed-in-Lieu of foreclosure on July 27th, 2012.

Daniel Alpers

Director of Planning and Municipal Projects

Angelo, Gordon & Co. Initiate $76m Sale-Leaseback with Hensley & Co, Cindy McCain

VIZZDA—December 28th, 2012 — Gordon Whiting, Managing Director and Portfolio Manager at Angelo, Gordon & Co. in New York, has acquired three cold storage and distribution facilities from Hensley & Co. and its chairperson, Cindy Hensley McCain. The properties are described in greater detail below:

  • Hensley Industrial Park: A 296,888 ft2 warehouse and distribution center at 4201 N. 45th Avenue in Phoenix, comprised of 60,663 ft2 office and 148,005 ft2 cold-storage built in 1988 with additional cold storage of 28,003 ft2 in 1998 and 58,936 ft2 in 2002. The facility sits on 32.96 acres, zoned A-1 and features thirty truck bays, fifteen roll top doors and a rail spike. It was acquired via quitclaim from representatives of the Atchison Topeka and Santa Fe Railroad on December 4th, 1995 and owned by Hensley & Co. at the time of sale. The $47m price tag represents a $158.39 price per ft2.
  • Hensley Chandler Facility: A 230,826 ft2 warehouse and distribution center at 2555 N Nevada Street in Chandler built in 2007 on 25.95 acres, zoned PAD. The property features twelve truck bays, thirty roll top doors and rail access. It was acquired on December 4th, 1995 from Brandon Mark of Catellus Development as vacant land for $1,002,655 and sold to the personal trust of Cindy Hensley McCain on May 25th, 2011 for $25m or $108.30 per ft2. The $26.5m price tag represents a $144.80 price per ft2.
  • Hensley Prescott Valley Facility: A 33,364 ft2 warehouse and distribution center at 10201 E. Valley Road in Prescott Valley comprised of 7,662 ft2 office, 18,480 ft2 cold storage and 7,222 ft2 warehouse. The facility was built in 2003 on 13.31 acres zoned M-1 and features four truck bays, two roll top doors and ten truck parking spaces. It was acquired from the Fain Signature Group on January 22nd, 2002 as vacant land for $1,280,664 and sold to the personal trust of Cindy Hensley McCain on March 11th, 2011 for $4m or $119.88 per ft2. The $2.5m price tag represents a $74.93 price per ft2.

Per the memorandum of lease recorded between Angelo, Gordon & Co. as landlord and Hensley & Co. as tenant, Hensley & Co. will lease the three properties until December 27th, 2030 with four 5-year options to extend.


Paul Dionne

Director of Analytics