American Furniture Warehouse Buys 40 Acres in Glendale for $9m

Vizzda – July 23, 2013 –  A 41.49 acre parcel in Glendale located at the southwest corner of Loop 101 and Bethany Home Rd, opposite of Westgate City Center and City of Phoenix Stadium and previously planned for a 1.25m square foot, mixed-use project called “Bella Villagio,” has been sold by Stearns Bank to American Furniture Warehouse for $9.0m or $4.98 per square foot.

The prior owners–doing business as Stadium Holdings LLC–previously acquired this land from the Arizona Department of Transportation on November 16, 2007 for $16.265m or $9.00 per square foot with $15.8m debt with Stearns Bank. The property was noticed for trustee sale November 26th, 2008 on the outstanding debt with Stearns. Stadium Holdings LLC filed for Chapter 11 Bankruptcy and Stearns Bank secured a ruling lifting the automatic stay on foreclosure on January 26th, 2010. The property then reverted to Stearns Bank on February 12, 2010 through trustee sale process for $16.495m credit bid amount.

Vizzda is actively researching the zoning and planned development for the site, which at this point appears to be in the early stages.

Edward Moore

Director of Research

emoore@vizzda.com

www.vizzda.com

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