VIZZDA–February 29th, 2012 – JBL Partners, a national multi-family developer and manager based in Houston, has completed the purchase of the previously proposed “Portales Place” in Scottsdale for $13,877,500 or $32.84 per square foot. JBL is reportedly developing 369 condo units. The 9.7 acre site—which is currently graded land—is located west of the southwest corner of Scottsdale & Chaparral Roads and had previously been planned as a 140 unit, 17 building complex.
The prior owner, Donald Zeleznak of Grace Properties acquired the property from AIG Sun America for $11M or $26.03 per square foot in June 2005 with $1.35M down and $9.65M debt with Fremont Investment & Loan. Mortgages Ltd. loaned $32M in August 2006; replacing the Fremont Loan. The restructured Mortgages Limited entity– ML Manager, issued a Notice of Trustee Sale on Grace Properties in May of 2010. The property reverted to ML Manger with an $11M credit bid in August 2010.
In May of 2011, Arizona State Bankruptcy Court Judge Randolph J Haines issued an Order Approving Motion to Sell Real Property for $14.5M and a sales agreement was entered into by ML Manager and JBL Partners to close in June of 2011. Citing unresolved legal and due diligence issues, the sales agreement was extended until August of 2011 at $14.655M. The sales agreement was terminated by the buyer in November 2011, citing unspecified issues with the adjoining property owners. A Motion Granting Approval to Modify the Sales Agreement was issued by Judge Haines February 7, 2012 and the sale closed February 28, 2012.