VIZZDA – July 16th, 2013 – A Los Angeles–based investor, Farid Safaie-Kia, has purchased Lakeview Village out of special servicing for $12.15M or $106 per square foot. No debt was recorded with the sale. The seller was LNR Partners as special servicer for the benefit of a US Bank-administered commercial mortgage-backed security (CMBS).
Located less than a half mile South of the US-60, at the Southeast corner of Baseline Road and Val Vista Drive in Gilbert – the office/retail development totals 114,440 ft2 of which 22K ft2 is office. The project was completed in stages between 1988 and 1995 on nearly 30 acres. The development is anchored by a 61K ft2 Fry’s Food and Drug Store, which is not included in this sale.
The prior ownership of Lakeview Village dates back to a larger holding in 1997. The subject property was secured by a $13M loan originated by Citibank and later assigned to La Salle Bank and secured under a CMBS structure. The note was to mature June 11th, 2015 with an appraised value of collateral at time of issue of $19.4M and stated occupancy of 90%.
VIZZDA started tracking this property following the default of the prior trustors. The property was issued a notice of trustee sale on June 22nd, 2011 for the $13m face value note and later reverted at auction to the CMBS beneficiary with a $12.5M credit bid.
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