VIZZDA–May 18, 2012 — The 94 Hundred Shea, a 73,950 sf mixed use office park and retail development on 10.62 AC, reverted to JP Morgan Chase CMBS care of Special Servicer LNR Partners for $23.4M credit bid 5/17/12. This reversion continues to illustrate to nature of distress in high end edge city mixed use office park sub market.
94 Hundred Shea is located to the east of Loop 101 and Shea Boulevard in an affluent area of Scottsdale, Arizona. Land for the development, approximately 18.5 AC, was acquired 5/31/02 for $8,287,726. The one and two story project, comprised of four buildings was completed in 2007. On 5/18/07, $21M debt originated with Canadian Imperial Bank of Commerce.
The debt was noticed by JP Morgan Chase CMBS, care of LNR partners 2/1/12. The trustors and developers of 94 Hundred, John Russo and Steve Goodhue are also owners of Renegade Canteen, which is a tenant in the development. Other tenants include: Ling and Louie’s Asian Restaurant, Golden Spoon Yogurt, Element’s Massage, Scottsdale Hand and Foot Spa, Pretty Papers, V’s Barber Shop, and Vine Urban Italian Restaurant.
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