Holualoa Purchases East Thunderbird Square Out Of Receivership

VIZZDA–August 27th, 2012 — I. Michael Kasser, president, and Richard B Kauffman, CFO, of Holualoa Companies has purchased the East Thunderbird Square from Gregg Williams, court-appointed receiver for Alan C. Fox of ACF Property Management for $20.55m or $125.52 per SF. The 163,715 SF neighborhood shopping center located at the Northwest corner of Scottsdale and Thunderbird Roads was developed by the Raskin family in 1987 and consists of twelve buildings on 14.04 acres. 

Alan C. Fox acquired the property through merger with the Raskin family on December 19th, 2005 with no purchase price listed and the assumption of $33.4m debt with Merrill Lynch. The $33.4m debt was securitized and assigned to Lasalle Bank on January 2nd, 2009 and further assigned to US Bank on March 16th, 2009. US Bank initiated foreclosure proceedings on June 29th, 2011 by issuing a notice of trustee sale on the property. The property was subsequently placed into receivership with Gregg Williams of Trident Pacific Real Estate named as receiver.

The $20.55m purchase price represents a 62.5% discount to the face value of the outstanding debt. CBRE was retained as the exclusive adviser for the receivership sale.

By:

Paul Dionne

Director of Analytics

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