Vizzda– March 12, 2013 – David Cavan and Cavan Real Estate Investments of Scottsdale have expanded their portfolio with their acquisition yesterday of the 109,497 ft2 Crescent Corporate Center for a sales price of $5.725M or $52.28 per ft2 from Stephen J Muller and The Muller Company of Irvine, CA.
The Crescent Corporate Center at 2400 W Dunlap Ave is a three story multi-tenant office located east of the northeast corner of the I-17 and Dunlap Avenue in Phoenix. According to the broker flyer of Barry Gabel and Mindy Korth of CBRE (link) the office is 69% occupied and enjoys a parking ratio of 3.82:1000ft2.
The Muller Company acquired the Crescent Corporate Center from Principle Real Estate Investors of Des Moines IA on June 30, 2005 for $11.15M or $101.83 per ft2, with $250k down and $9.375M debt with Wells Fargo bank. The Muller Company also had an additional $19.0M loan with Wells Fargo that was cross-collateralized with both the Crescent Corporate Center and a 150K ft2 office park in south Scottsdale. The $9.375M Wells Fargo loan was released with yesterday’s sale. The Muller Company’s footprint in Phoenix has been shrinking over the past year with approximately 670K sf2 of Office and 494 sf2 of Industrial holdings either sold or reverting to lenders through the trustee sale process.
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Director of Research