Humberto Lopez Buys Broadstone at Queen Creek for $28m

VIZZDA—September 7th, 2012 — Humberto Lopez, a Tucson-based multifamily investor and President of HSL Properties, has acquired the 264-unit Broadstone at Queen Creek for $28m or ~$106k per door. The property—located North of the Northeast corner of Ellsworth Loop and Ocotillo Road—consists of forty-eight 3-story buildings totaling 271,553 square feet and was built 2008 on 12.64 acres. It is the multifamily portion of the 68-acre, 318k square foot Cornerstone at Queen Creek mixed-use power center. The individually metered unit mix is as follows:

Units

Beds

Baths

SF

Rent Range

46

1

1

887

$790 – $1180

46

1

1

904

$815 – $1335

8

1

1

838

$860 – $1325

66

2

2

1132

$795 – $1295

66

2

2

1187

$825 – $1275

32

3

2

1378

$995 – $1530

The selling party, Robert Hutt of Alliance Residential, previously acquired the land on which the complex sits from Robert Mayhall of WDP on July 23rd, 2007 for $5,783,809 with $34.423m in new financing from JP Morgan Chase. Mr. Lopez paid $9m cash down payment and secured $19m in new debt with National Bank of Arizona.

Southwest Product Corp’s 165K SF Building in Surprise Underway, Land Transacts

VIZZDA–August 23, 2012 – Moshe Silagi of Silagi Development has sold 23.62 acres within the Surprise Business Park II to Southwest Product Corp (SWP) for the construction of their new ±165K SF headquarters. The purchase price was $2,677,321 or $2.60 per SF with $200K Down (no debt recorded with sale).

The vacant I-1 zoned industrial land is located South of the Southwest corner of Cactus & Dysart Roads. Surprise Product Corp will be constructing a 166,985 SF Office, Warehouse and Manufacturing facility, inclusive of a 45,700 SF canopy, multiple truck wells, parking for 295 cars, and room for expansion.

News of the prospective building was announced earlier in June, followed by a development agreement between SWP and the City of Surprise, recorded July 24th, 2012. Following are some of the deal points:

  • Facility to be constructed & occupied by Aug. 2013 and cost no less than $10M 
  • Employ at least 120 people, City to offer Jobfair 
  • City provided 800 SF of temporary space at their AZTechCelerator facility 
  • City is to pay permit fees (estimated $130K expense) if occupied within 6 months of target date 
  • City to reimburse up to $90K in impact fees

Mr. Silagi previously acquired the land as an 81.05 acre assemblage on June 12th, 2009 for $4,696,814 or $1.33 per SF from National Bank of Arizona as bank owned property. Silagi plans for additional development on the remaining land, including a 418K SF spec industrial building dubbed ParkSkyway- whose size will make it the largest structure in Surprise. Southwest Product joins a growing number of businesses to enter the Surprise industrial area- including neighbors Rio Glass, Gestamp Solar, Brentwood Industries, and others.

By:

Hadden Schifman

Managing Director