The Westward Look Resort, the Catalina Foothills resort that dates back to 1930, is getting a $10 million makeover that includes updating and upgrading all of the resorts 244 guest rooms and lobby, including a new entrance.
"This renovation will restore Tucson’s first resort to its original roots," said Alan Klien, general manager. "We are creating a four diamond resort that will offer true southwest luxury."
 Construction crews tear up the Santa Catalina Ballroom and are adding all new amenities including drop down screens technology connections and upgraded restrooms |
Renovation work was started Oct. 15 and is due to be completed in April.
The Westward Look, 245 E. Ina Road, is owned by American Property Management Co., which acquired it for $31 million in January.
J.W. Marriott Starr Pass should sell for more than $200 million
An update to last week’s item about the JW Marriott Starr Pass Resort and Spa going up for sale: Michael J. Sneyd, president and chief operating officer of currently owner Dev-Con International, says the latest appraised value of the three-year-old 575-room resort, 3800 W. Starr Pass Blvd., in the Tucson Mountains was done more than 18 months ago, when it was valued at $203 million. Since then there have been capital improvements, along with increased growth in resort revenues and income, that put the figure out of date.
Sneyd says listing agent, Jones Lang LaSalle Hotels, is working with approximately 30 interested groups and is confident that the final price will be significantly above the historic appraised value.
Foreclosures rise in Arizona
Pima county not as hard hit
Pima County foreclosures were up 96 percent in October, compared to a year ago, according to Default Research, Mt. Pleasant, Pa.
The 306 filings last month is still fewer than the record 434 foreclosures filed in August.
While Pima County’s figures are high, Default Research says they pale compared to Maricopa. Combined, foreclosures in the state’s two most populous counties were up 164 percent year-over-year in October. All totaled, Maricopa and Pima counties had 2,829 filings last month, up from 1,068 in October 2006.
"Increasing foreclosure numbers and empty homes are unfortunately going to be the norm for at least the next three quarters in the Phoenix area," said Serdar Bankaci, president and CEO of Default Research.
The foreclosure statistics are online at http://www.newsletter.defaultresearch.com
Four apartment complexes
announce change of owners
Four apartment complexes have been sold recently.
ân¶ Tamarack, a 270-unit complex at 1111 W. St. Mary’s Road, sold for $10.5 million to Quarterpenny Company, which owns other complexes in Tucson. The Seller was EJ Tamarack LLC, Manhattan Beach, Calif. Art Wadlund of Hendricks & Partners negotiated the deal on behalf of the seller. Built in 1985, Tamarack is an interior gated-community apartment units in 11, three-story, garden-style buildings totaling 152,868 of rentable square feet on approximately 7.25 acres. It has one- and two-bedroom units in five different floor plans. Community amenities include a clubhouse, fitness center, spa, swimming pool, tennis courts and laundry facilities.
ân¶ Wilmot Vista, a 197-unit complex at 3225 S. Wilmot Road, was sold for $8.65 million to Moise Hendeles, Los Angeles. This is the second local property Hendeles has acquired in the last year. The seller was Grant Cardone, also of Los Angeles. Art Wadlund of Hendricks & Partners negotiated the deal on behalf of the seller.
ân¶ Broadway Gardens Apartments, a 184-unit complex at 8880 E. Broadway, was sold for $8.2 million by ACDM LP, an affiliate of Paul Ash Management, to RCMG Real Estate Advisors, San Ramon, Calif. Bob Kaplan with PICOR Commercial Real Estate, representated the buyer. Paul Ash Management negotiated for itself as the seller. The new owner plans to spend another $1 million repositioning the property in the marketplace. The sales price represents $44,500 per unit. Built in 1980, the complex is made up of 11 two-story buildings on 6.7 acres and is a mix of one- and two-bedroom apartments. Community amenities include a clubhouse, fitness center, pool and spa and tennis/basketball court.
ân¶ Park Seville Apartments, a 144-unit complex at 1150 E. Irvington Road, was sold by Park Seville Apartments LLC, San Diego, for $5.65 million to Chavanne 1150 Irvington LP, based in Rancho Palos Verdes, Calif. Mike McClain of Marcus & Millichap Real Estate Investment Services represented both the seller and buyer. Built in 1985, the sale price equates to $39,236 per unit for the 400 to 820 square-foot apartment units which range from studios to two bedrooms. The 4.11 acre site also includes a swimming pool.
Worth noting
ân¶ Pima Heart leased a 2,443-square-foot medical office suite at Academy Medical Center, 310 N. Wilmot Road, from Brooklyn Properties LLC. Jill Fendelman, Steve Moormann and Lori Casey, of Oxford Realty Advisors represented both the tenant and the landlord.
ân¶ Bhat Internal Medicine is expanding into 2,250 square-feet of office space at 2121 N. Beverly Ave., Suite 101. Rajan Lal, of PICOR Commercial Real Estate Services, represented both the landlord, Dr. William Clark, and the tenant.
ân¶ Valor HospiceCare & PalliativeCare leased 1,400 square-feet at Haymore Plaza, 500 E. Fry Blvd, Suite L-11, Sierra Vista, for its newest expansion office. Valor Ventures LLC represented the tenant.
ân¶ Daher Inc. leased 1,000 square-feet of office space at 4400 E. Broadway, Suite 606, from 4400 Tower LLC. Michael Gross of Tucson Realty & Trust Co. represented the landlord. Jarrett Reidhead of Oasis Realty of Tucson LLC, represented the tenant.
ân¶ Singleton and Lee leased 953 square-feet of office space at 4400 E. Broadway, Suite 702, from 4400 Tower LLC. Michael Gross of Tucson Realty & Trust Co. represented the landlord.
ân¶ Arizona Affordable Laptops leased 375 square-feet of retail space at 2351 N. Alvernon Way, at the southwest corner of Grant Road. David Houge, Oxford Realty Advisors, represented the landlord, Oxford Realty.
E-mail items for this column to news@azbiz.com. Real Estate & Construction appears weekly.
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