VIZZDA – 9/4/2013—A venture formed by Wentworth Property Company and Texas-based Crow Holdings closed on 83.15 acres of commercial land at the northwest corner of 59th Avenue & Van Buren Street in Phoenix—just a half-mile South of the I-10. City zoning officials report no site specific plans have been approved but an earlier submittal from 2011, which was resubmitted in 2013, describes a multi-phase distribution project totaling 1.162M SF in three buildings, referenced here.
The property was purchased for $11,949,704 or $3.30 per gross square foot; El Dorado Holdings who had previously acquired the site for $4.06M on November 8th, 2010.
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VIZZDA – 6/14/2013- A Notice of Trustee Sale was recorded against a $54m face value note secured by the 26-story Phoenix Corporate Center located at 3003 N Central Ave. The foreclosing beneficiary is ColFin PHX Tower Funding LLC—an entity formed by Colony Capital. Petrus Partners, in care of their local affiliate Crown West Realty is the trustor under the note.
Crown West Realty acquired the building on June 26th, 2007 for $69.25M or $155.33 per rentable square foot. Krausz Companies—who had held the property since 1990—was the seller and JP Morgan Chase provided $54M in financing for the deal. JP Morgan assigned the note to Colony on December 19th, 2012. Per a Colony Financial, Inc. 10-k:
In December 2012, we invested $16 million in a joint venture with Co-Investment Funds that acquired a sub-performing first mortgage loan secured by a high-rise office tower in a main metropolitan center located in Phoenix, Arizona. The loan was acquired for approximately 59% of its UPB of $54 million. Our share of this investment is 50%.
Located north of the northeast corner of Central Avenue & Thomas Road, the Phoenix Corporate Center was originally built in 1989. Owner’s describe the property as 445,811 RSF with a 17,095 ft2 floor plate. The 4.31 acre site includes a 5-level above grade and 2-level sub-grade parking garage with 1,124 spaces. Amenities include ground-floor retail, 3,600 ft2 fitness facility, and a 180-seat auditorium. The building has undergone several renovations of varying scope. The law firm, Fennemore Craig, was an anchor tenant in the building—occupying over 100k ft2 of space for a time—dating back to 1994. The firm moved to the Biltmore area in April of 2013.
The Trustee for the note is Mr. Jonathan T Brohard of Polsinelli. Auction is presently scheduled for September 18th, 2013 at 11AM.
For more information on this and all distressed property in Maricopa County, log in to Vizzda.com or contact Kris Thompson for a demonstration.
Posted in Distress, Joint Venture, Office
- Tagged Co-Investment Funds, Colony Capital, Crown West Realty, Distress, Fennemore Craig, JP Morgan, Krausz Companies, office, Petrus Partners, Phoenix Corporate Center
VIZZDA—June 2nd, 2013 – A group formed by Daryl R Burton of Phoenix, Rod Saunders of Mesquite, Texas and Bernie Van Maren of British Columbia, Canada have acquired the First Arrowhead Commerce Center in Peoria for $15.8m or $73.83 per square foot. The 203,000 ft2 complex is located south of the southwest corner of Loop 101 and Bell Road in the West Valley and is comprised of four 1-story buildings with six truck wells and seven grade level roll-up doors. The facility sits on 17.38 acres and is zoned PAD; it was completed in 2001.
The seller was LNR Partners as special servicer for the registered holders of Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust, Series 2005-GG5, with US Bank as trustee. Lasalle bank had previously securitized the debt and assigned it to US Bank on November 8th, 2011 and US Bank placed the $19.6m portion of the $317.5m cross-collateralized debt secured by the Arrowhead Commerce Center—originally underwritten by Archon Financial, a Goldman Sachs subsidiary—into Special Servicing on January 10th of 2012. The property was subsequently noticed for trustee sale on March 9th, 2012 and reverted to US Bank as beneficiary on June 22nd, 2012 with a $16.1m credit bid.
The prior owners acquired the buildings in four consecutively recording deeds on April 20th, 2004 with a total sales price of $25,396,051 or $125.10 per square foot with $8,394,283 down and $222m new cross-collateralized debt accruing to the benefit of the Mortgage Electronic Registration System with Bank of America as Trustee. An additional $317.5m in new cross-collateralized debt was issued by Archon Financial on November 10th, 2005 and assigned to Lasalle Bank on August 26th, 2009. The current buyers secured an additional $13.5m with US Banks to finance the acquisition. The $15.1m sales price represents a decline of 40.5% from its pre-distress acquisition price.
Posted in CMBS, Distress, Joint Venture, Office
- Tagged Archon Financial, CMBS, First Arrowhead Commerce Center, Industrial, LNR Partners, London Park Investments, Peoria, Reliance Management, US Bank, Van Maren Properties