The Dealmaker: 8/1/2017

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The Dealmaker is a daily note of the day’s top real estate stories served just in time for lunch. Bon Appetit! Subscribe here to receive the Dealmaker to your inbox




See what developer, movie theater owner Michael Pollack just sold.(Disclosure: Rose Law Group represents Michael Pollack in various capacities.) “Pollack sold the [16,000 sq. ft. Cave Creek Grandview Plaza] to Neighborhood Outreach Access to Health… The property is at Cave Creek and Grand View and sold for $1.8 million.” In this Phoenix Business Journal EXCLUSIVE, Pollack discusses the area and reveals why he “opted to sell the center to NOAH over other potential buyers.”

$50M development coming to Gilbert. “A joint venture between BB Living Residential and real estate developer Mike Zerbib has bought 20 acres of land for a 216-unit homes-for-rent development. BB Living and Zerbib bought the [‘raw land’ at Germann Road and Rome Street] for approximately $4.7 million from Colony.” Darryl Berger of BB Living describes the area as “safe, affordable” and “right in the bullseye.” PBJ.

Maricopa breaks ground on new shopping center. “Edison Pointe will house a 13,000-square-foot development with large anchor tenants on the eastern portion and restaurants and smaller retail space along State Route 347 and Edison Road.” Mayor Christian Price: “We’ve all been waiting for this project for a very long time [4 years].” Coverage of the groundbreaking, plus more about the Vintage Partners’ project, at Maricopa Monitor.

Surprise leaders divided over how to develop its downtown. (Disclosure: Rose Law Group recently began representing Mattamy Homes on their potential development at Surprise City Center.) “Dissent over how the city should develop its downtown erupted in June as the council, the landowner and residents clashed over a proposal for Mattamy Homes to build single-family homes in the area… [Councilman Roland Winters] worries the [‘4-3 vote against the proposal’] could dissuade prospective developers from investing in the city…” AZCentral.

Desert Discovery Center unveils smaller size and cost before meetings. “The 47,586 square-foot facility to educate visitors about desert living would cover 5.34 acres near Gateway Trailhead in the McDowell Sonoran Preserve and carry a $61.2 million price tag… That’s pared back from a… study that envisioned a $74 million, 72,000 square-foot center sprawled across a third of a 30-acre area.” And the “new moniker” is even scaled down: Desert EDGE. Check out the renderings at AZCentral.

Peoria P&Z denies appeal against new BASIS school expansion.(Disclosure: Rose Law Group represents BASIS.) YourWestValley: [‘The commission voted 4-1 to oppose’] an appeal of the new BASIS school site plan at Lake Pleasant Parkway and Yearling Road by neighboring Plaza Del Lago Professional Condominium Association… School will open Aug. 14.”

Willow Creek Road apartment complex stalled. “In April… Prescott’s planning manager… told the Courier that the project was in its final building stages… [It’s now August, and] shingles remain stacked on roofs awaiting installation, scaffolding remains in place around some of the larger structures and the complex’s roads still consist of dirt and rock…” So what’s the holdup? A HUD spokesperson and a city official “shed a little light on the situation.” –>

Berkadia negotiates sale of two apartment communities in Tucson for $16.28 million. DEAL 1: “A joint venture between two Swiss real estate companies… bought the Zona Village Apartments at 2855 W Anklam Road.. for $10.05 million ($54,918 per unit) from SFF Investments, Ltd. of Colorado.” DEAL 2: “Juniper Canyon Apartments at 3055 N Flowing Wells Road… sold for $6.23 million ($44,170 per unit) to Bozeman, Montana investors… Art and Clint Wadlund of Berkadia’s Tucson office represented the sellers in both transactions.” Real Estate Daily News.

Zillow: Home owners face average $9K a year in hidden costs; see how Phoenix compares to other metros. “Zillow and Thumbtack identified several common but often overlooked home expenses and calculated what home owners could expect to pay for them around the country.” In Builder.

Missing the millennial mark. “Affordability is at the heart of the problem, but it’s also possible that Millennial household formation is lagging due to an unwillingness to compromise their idealized version of a new home… Although home builders face the onerous task of finding a cost-effective solution to capture the demographic, Millennials should be feeling pressure to enter the market as well.” Builder. 

Pollack: Economy is very healthy. And it could get even healthier! As theMonday Morning Quarterback explains, “this good news about the economy comes before any action on the Trump’s economic agenda that would undoubtedly spur growth out of the 2%+ rut it has been stuck in for years.” This week’s “Snapshots” include: U.S.: GDP, Consumer Confidence (w/ charts!), Manufacturing, Housing Prices. AZ: Sky Harbor – Enplanes & Deplanes, Lodging, Home Prices – Greater Phoenix.

Amazon’s Whole Foods purchase may mean more brick-and-mortar retail options. “Amazon’s recent acquisition of Whole Foods has prompted a new outlook on the classic brick and mortar structure. Online stores are now more actively seeking to gain presence in brick and mortar stores just as brick and mortar stores are seeking to have a bigger presence online.”  As for what this may mean as far as the Valley goes, Colliers’ John Jackson observes in AzBigMedia, “It’s like the wild west right now for food/food tech/grocery and e-commerce in general.”

Diamondbacks versus taxpayers: Nine stadium issues that will determine if the team is out. “It’s like a nightmare landlord-tenant dispute. The renter, metaphorically, says the sewer is backing up and the roof caving in; the owner says he’s not paying for an ultra-HD, 70-inch, 4K plasma TV. In [a legal] complaint, the Diamondbacks name nine things that are terminally wrong with Chase Field.” Phoenix New Times.

Cameron’s $5M + deals of the day –

As a supplement to the Dealmaker, we thought you might enjoy these articles!


U.S. chamber: Farmers need illegal immigrants in workforce“[U]p to 60 percent of the agriculture workforce is not just foreign born but also undocumented,” according to the U.S. Chamber of Commerce. “[And] the industry is dependent on that.” Capitol Media Services’ Howard Fischer looks at the results from a new study “by the New American Economy,” and business leaders weigh in on the findings in Arizona Capitol Times.

Arizona’s Franks calls on Mueller to resign. “Rep. Trent Franks (R-Ariz.) is calling on Robert Mueller, special counsel for the Department of Justice’s Russia investigation, to resign. Franks claims Mueller is violating a law governing the special counsel that prohibits him from serving if he has a ‘conflict of interest’ which includes ‘a personal relationship with any person substantially involved in the conduct that is the subject of the investigation or prosecution [i.e., with former FBI head James Comey].’” More from Rep. Franks on this Mueller-Comey homie claim in The Hill.

Is America talking about opioids the wrong way? “Cities and states have tried all sorts of solutions as America’s opioid crisis has worsened. But many public health officials say there are many options… that are still being left on the table.” Governing.

Attorneys general ask Supreme Court to review Microsoft data case. 33 states… filed a legal brief asking [SCOTUS] to review and reverse a lower court’s decision involving… data stored on a foreign server. Under the Stored Communications Act, an email provider who receives a search warrant for evidence of a crime must disclose the requested data… But in this case, Microsoft argued compliance with the warrant was not required because the data was stored on a server outside of the United States.” ADI.

Precinct committeemen: Flexing clout when lawmakers leave. “[T]he party faithful who show up at legislative district meetings and encourage people to vote, occasionally get a chance to have an even more influential role in state politics. Precinct committeemen help select a replacement when a member of the Arizona Legislature resigns or otherwise leaves office before their term ends… Those in the ‘political class’ who ignore or discount PCs do so to their own detriment…” Arizona Capitol Times.

Newsmaker BONUS – The final ripoff: Paid obituaries. “The trend toward paid obituaries, noted a few years ago by U.S. News & World Report, is rapidly accelerating.” And the sticker-shock Senior Reporter/Writer Phil Riske experienced while looking into buying such an obituary for a deceased friend has him fired up — in Rose Law Group “Growlery.”

Phoenix Industrial Market Poised to Accelerate in Second Half of 2017 Read more

Christopher Todd Communities creates non-profit A New Lease on Life™ Read more

Central Ave & Indian School Development Site Sold for $6.1 Million Read more

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