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| July 16, 2010
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| ROCKBRIDGE CAPITAL ASSEMBLES SITE IN TEMPE . . . COULD BE FUTURE ASU STUDENT HOUSING
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| Tempe – In two separate transactions, companies formed by RockBridge Capital LLC in Columbus, Ohio (Ron Callentine, chairman) have acquired 3.9 acres located east of the southeast corner of Apache Boulevard and Rural Road in Tempe. The property, which includes the former Americas Best Value Inn, is located at the southeastern edge of the Arizona State University campus. Representatives of RockBridge Capital say the company is exploring its options for the land and declined to discuss possible uses. Sources say the property has C2 zoning in place, which could allow for various types of development. The most likely scenario will include the site being used for a student housing development. The privately-held RockBridge Capital is an investment firm focused on the hospitality industry. Since 1992, RockBridge Capital has invested nearly $5 billion in more than 325 assets located across the country. The investments include first mortgages, mezzanine debt and equity. RB Tempe LLC (formed by RockBridge) paid a combined $4 million to assemble the Tempe property. The company paid $1.75 million to purchase the 88-room Americas Best Value Inn at 1005 E. Apache Boulevard. The seller was ABVI Tempe Holdings LLC in San Luis Obispo, Calif. (David Hennessy, pres.). The cash transaction was brokered by Bill Murney of HREC Investment Advisors in Phoenix. The 40-year-old hotel, which has since been closed, sits on a 1.78-acre site. The hotel will be razed for future development. Immediately to the west and to the south, RB Tempe LLC paid $2.25 million to acquire a 2.12-acre parcel located at 919 E. Apache Boulevard and 934 and 940 E. Spence Avenue. The seller was 915 Apache LLC in Newport Beach, Calif. (David Wani, managing member). Records show the buyer financed that acquisition through a “reduction in existing mortgage loan.” Representative of RockBridge declined to discuss details of that transaction and Wani did not return calls from BREW. The phone number at RockBridge Capital is (614) 246-2400. Talk to Wani at (949) 734-6400. Reach Murney at (602) 499-5535. |
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