VIZZDA–August 15th, 2012 — Multi-Employer Property Trust (MEPT) a commercial real estate equity fund representing several local trade unions and administered by David Keto of Newmark Trust Company has sold several lots of a partially developed office/retail mixed use complex for $23.3m. Riggs and Company acquired the 22.37 acre original assemblage in a partnership with the trustee for MEPT on May 24th, 1999 for $4,552,350. The $23.3m sales price represents a 412% appreciation gross of fees and development costs or a 31% annualized rate of return.
The portion conveying consists of five 1 and 2-story buildings totaling 218,993 SF built in 1999 on 16.99 acres, as well as 4.64 acres of undeveloped land zoned PCC-1. Marc Porosoff in his capacity as Principal and General Councel was signatory for Westport Capital Partners. This acquisition–when combined with the Pinnacle Peak Business Park (124k SF) and the Scottsdale Financial Center II (150k SF)–marks the third large acquisition by Westport Capital Partners in the Phoenix area.
BY:
Paul Dionne
Director of Anayltics
