VIZZDA–January 30th, 2013 — Mark Winkleman—as COO for the court-appointed receiver for Mortgages Ltd., ML Manager—has sold 291 acres for $6,547,500 or $22,500 per acre. The buyer was a general partnership led by Mr. Michael Cowley of Strategic Capital Management. Notably, parties within the general partnership were also lenders to ML Manager- having previously lent $20M in 2009. No debt was recorded with sale.
The property is located at the Southeast corner of Crismon and Pecos Roads in Mesa, just south of Eastmark—formerly known as the GM Proving Grounds. Legal documents describe the land as 290.77 acres. Aerials indicate the property has agricultural use, is zoned M-1, and is planned as “General Industrial” per Mesa’s land use plan. The property is within the Williams Gateway Trade Area.
Previous owners acquired a slightly larger area (±311 acres) on September 7th, 2006 for $23,209,496 or $74,628 per acre. Mortgages Ltd. loaned $25.74M debt secured by the property. Owners were noticed for trustee sale September 9th, 2008 on the $25.74M debt and later filed for chapter 11 bankruptcy protection February 9th, 2009. ML Manager as the successor beneficial interest to Mortgages Ltd. took back the property at trustee sale April 21st, 2011 with a $6M credit bid. A portion of the 311 acres (±20) was conveyed to one of the Mortgages Limited investors October 25th, 2012.
This transaction marks one of the final ML Manager properties remaining in Maricopa County and among a handful remaining between Maricopa and Pinal Counties. Contact VIZZDA today for the most current market intelligence available!