VIZZDA–August 27th, 2012 — Mr. Edmond Khudyan of Glendale, CA based-Arin Capital has purchased the Mountainside Plaza Lot 1 for $1.36M. No debt was recorded with the sale. The seller was C-III Asset Management as special servicer for Wells Fargo / Morgan Stanley CMBS.
Mountainside Plaza lot 1 is a 16,700 SF strip retail center, built in 2004 on 1.27 acres zoned C-3; located N/NEC of Shea Road and 116th St in Scottsdale. The center’s anchor, a 35.9K SF Mountainside Fitness is not included in the sale. Recent Broker flyers indicate the subject property was listed at $2.3M and has a reported occupancy of 50%.
The property was previously acquired January 12th, 2007 for $5.655M or $339 per SF with $1.055M down and $4.6M debt with Morgan Stanley CMBS and sold August 16th, 2009 for $5.7M. Original $4.6m debt assumed. Borrowers were noticed for trustee sale March 9th, 2011 and the property reverted at auction August 19th, 2011 to C-III with a $2.6m credit bid. Glenwood Development Company was the center’s developers.