VIZZDA—February 6th, 2013 — Doug Brown of Regent Properties has completed the sale of Lot 3 of the Glendale Corporate Center for $4.1m or $239.80 per square foot in an all-cash transaction. The buyer, Tom LaLonde of Titanium Real Estate Advisors, specializes in properties that are fully leased to the General Services Administration (GSA).
The 17,099 ft2 1-story office building is located north of the northwest corner of Loop 101 and Camelback Road in Glendale. It was originally developed by Opus West Corp. in 2007 as part of a six building complex on 22.25 acres zoned C-O. While the GSA stipulates 40 parking spaces for its use in the lease, roughly 55 parking spaces convey with the property for a parking ratio of 3.2 spaces per 1000 ft2.
Opus West previously acquired the land on which the complex sits from the Arizona Department of Transportation on December 29th, 2006. On January 7th, 2007 they received a $30.87m construction loan from Bank of the West secured by the land and future improvements. Following Opus’ default on that note, the property was noticed for trustee sale on May 14th, 2009 and reverted to Bank of the West as beneficiary on August 26th, 2009 with a $12,249,600 credit bid.
Regent acquired the entire complex for $9.205m on March 10th, 2010 in an all-cash transaction. On November 16th, 2011 the GSA initiated a 10-year full service lease of 16,632 rentable square feet which generates $441,229.61 in annual gross rent. The property is being used as a field office for the U.S. Marshals’ Violent Offender Task Force.
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