VIZZDA—January 28th, 2013 — Interwest Capital Corporation of La Jolla, CA has acquired the historic San Marcos Resort and Golf Course in Chandler for $11m. The seller, Guaranty Bank and Trust Co, held the property as Real Estate Owned for over a year following the bankruptcy of the resort’s prior owners. Interwest financed the transaction with $14m in seller carry debt, maturing January 28th, 2018.
Crowne Plaza San Marcos Resort
The resort—located at the Southwest corner of Arizona Avenue and Chandler Boulevard—was originally constructed in 1912, underwent major renovations in 1960 and 2006 and was expanded to 295 rooms in 1987. It is comprised of four 4-story buildings totaling 180,842 ft2 on a 123-acre campus, zoned PAD. The 18-hole par 72 golf course measures 6,626 yards from the tips and has a slope rating of 119.
The most recent arms-length transaction occurred on November 23rd, 2004 when Robert Bigelow of Bigelow & Co. paid $12,485,371 for the hotel and $1,214,629 for the golf facilities for a total $13.7m with an additional $1,254,669 in fixtures. The $8m in new debt issued by Guaranty with the sale was modified on May 31st, 2007 to increase the principal to $23m. Guaranty noticed the property on December 31st, 2010. On March 18th, 2011, Bigelow declared bankruptcy and the property reverted to Guaranty as beneficiary on December 6th, 2011 with a $16.5m credit bid.
The sale of the Crowne Plaza San Marcos comes after a purchase of nearly three acresof land immediately South of the Hotel. On January 18th, 201 3, an entity formedby Robert Furst of Oakstream Investors acquired 3.27 acres of finished lots, zoned MF-2, comprised of 19 lots with dimensions of 50’ x 150’ as part of the original Chandler plat for a total purchase price of $1,348,607 or $9.47 per square foot. Thesale is comprised of multiple transactions and trades; sold by the Bogle Family. Furst concurrently traded 2 of the lots to the Hall family, retaining 2.93 acres.2.41 Acres of this assemblage previously sold in 2006 for $1.5M or $14.29 PSF.
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