101K+ SF Office Building in Ahwatukee Purchased by Everest Holdings, Walton Street Capital Joint Venture for ~$66/SF

VIZZDA–September 4th, 2012 — A joint-venture between Everest Holdings and Chicago-based Walton Street Capital paid $6.725M for the final developer-owned building within the Thistle Landing Office Park at 4809 E. Thistle Landing Dr. Everest and Walton Street paid cash for the property and no debt recorded with the sale. The seller was Mr. Judson Ball, Chairman & CEO of Advantage Office Suites.

Thistle Landing Office Park is a four building complex on 38.29 acres, totaling 382,864 SF located South of the Southwest corner of the I-10 and Ray Road in Phoenix. The subject sale property–building 2–is a one-story, 101,006 square foot office building built 1998 on 10.17 acres and features CP/CGP zoning, 18’ clear height and a 6.1/1000 SF parking ratio.  

Mr. Ball is the original developer of Thistle Landing, having assembled land for the entire project in 1997. There were a number of subsequent related transfers and debt documents, including: 

  •  $37M debt loaned May 14th, 2001 by Fleet National Bank, released May 12th, 2011
  • $28M debt loaned June 13th, 2002 by Wells Fargo, released December 1st, 2005 

Entities formed by Mr. Ball sold buildings 1, 3 and 4–a total of 281,858 square feet–on November 1st, 2005 for $51.176M or $181.57 per SF to Principle Equity Management; he retained interest in building 2 until August 31st, 2012.


Paul Dionne

Director of Analytics


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