The Midtown Bank Of America Tower Sells for $14.8m

8/2/2013 — Vizzda — Neil Kadisha (CEO) of Omninet Captial has acquired The Midtown Bank Of America Tower from a joint partnership between Ronald Koos of Ronald Realty Group (60.51%) and Rance S Gregory of Morrison Street Capital (39.49%) for $14.8m. The all cash transaction reflects $77.87 per square foot.

The Midtown Bank Of America Tower is a fifteen-story office tower located at 3030 N Central Avenue in Phoenix, or about five hundred feet north of the northwest corner of Central Avenue and Thomas Road. The tower is approximately 190,000 square feet and was built on a 0.86 acre lot. The transaction also featured a 4-story parking garage that sits on a three-quarter acre parcel.

A joint partnership between James Riggs of Saxa Inc and San Francisco based James Vincent Babcock of Babcock & Brown originally acquired the property on February 21st, 2006 for $19.5m or $102.6 per square foot, and a $16,135,181 new note with Wachovia Bank. – The Riggs and Babcock partnership sold to an entity controlled by Morrison Street Capital (formerly known as NBS Realty Captial), and Ronald Realty Group, for $26m or $136.8 per square foot ($3m down) and a $23m new note was issued with the sale. – The $23m note was later modified on September 27th, 2010 to extend the maturity date, adjust the interest rate, advance an additional $2m, and split the single note into two; comprising $10m “note A” and $11m “note B”.

By:

Daniel Alpers

Director of Planning and Municipal Projects

Vizzda.com

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