Major Camelback Corridor Office Building Sold for $12m

VIZZDA—September 26th, 2013 — 3333 E Camelback Road has sold to Fenway Properties for $12m or roughly $130 per square foot. The 92,348 ft2 multi-tenant office building is comprised of two contiguous 2-story buildings built in 1986 on 4.97 acres. The property features 350 parking spaces for a parking ratio of 3.79 per 1,000 square feet and is EnergyStar rated.

The sellers, Robert and James Noffsinger of Noffsinger Manufacturing Company, Inc. acquired the property in April of 2000 for $11.225m or $121.55 per square foot. They paid $4.125m in cash and encumbered the property with $7.1m in new debt with Bank of America. The Noffsingers were able to refinance this note on August 14th, 2003 with National Life Insurance Company.

Fenway paid $2.93m and secured an additional $9.07m in new debt with A10 Capital for a loan-to-value of 75.3%. Major tenants in the building include Summit Builders, The ConAm Group of Companies, Northmarq Capital and AmWINS Group, Inc. For information on this any other commercial real estate transaction or distress in Maricopa County, log on to Vizzda.com or contact Kris Thompson at (480) 383-9310 to schedule a demonstration.

By:

Paul Dionne

Director of Analytics

Vizzda.com

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Black Canyon Commerce Park and Red Mountain Corporate Center Revert to Beneficiary

 

VIZZDA – September 24, 2013  – In April we reported that the the entirety of the Black Canyon Commerce Park and the Red Mountain Corporate Centers in Phoenix had been issued a Notice of Trustee Sale for a debt in the amount of $40m (LINK) This debt was based upon a loan by Column Financial issued July 13, 2005 and later securitized as a CMBS or commercial-mortgage-backed security. The Notice of Trustee Sale was issued by CWCapital Asset Management pursuant to their role as the Special Servicer of the loans in this CMBS portfolio. CWCapital has now taken back these assets through the trustee sale process with the trustee deed recording September 23, 2013, for the credit bid amount of $22.96m. These office properties total approximately 313,805 square feet. Please see the prior post for a more in-depth description of the properties.

Edward Moore
Director of Research

Vizzda

Thistle Landing Office Park Noticed on $37m CMBS Note

VIZZDA- September 19th, 2013 — A Houston-based Tenant-in-Common (TIC) investment group was noticed for trustee sale yesterday on their holdings within the Thistle Landing office park–located Northwest of Chandler Blvd & I-10. The foreclosing beneficiary is an entity formed by Torchlight- who acquired the $37M note as part of their newly launched Debt Opportunity Fund IV. 

Thistle Landing office park is comprised of four freestanding back-office/flex facilities on 38 acres, all built in 1998. Three of these buildings, totaling 281,858 SF, were included in the sale. 

  • 4801 E Thistle Landing: 101,006 SF
  • 4805 E Thistle Landing: 90,299 SF
  • 4811 E Thistle Landing: 90,553 SF

The borrowers had previously acquired the three buildings on November 1st, 2005 for $51.176M or $181.57 per square foot. PNC Bank provided the initial funding of $37M debt, which was later securitized and assigned to Credit Suisse as part of a commercial mortgage-backed security (CMBS). 

 At the time of securitization, the property was 94% leased; including:

  • 101,006 SF leased to CheckFree Corp, expiring April 30th, 2010
  • 72,567 SF leased to EquiFirst, expiring December 11th, 2010
  • 65k SF leased to Alltell, expiring January 31st, 2007

The debt was originally scheduled to mature November 1st, 2015, bearing a 5.22% annual interest rate. The TIC investment group referenced above split the property into 20+ ownerships. A joint venture formed by Everest Holdings and Walton Street capital acquired the 4809 E Thistle Landing–the fourth building in the project–earlier in August at $66 per square foot.


Did you know VIZZDA covers distress properties in addition to all the sale transactions- monitoring auction dates, credit bids, and providing direct contact detail for lenders/beneficiaries. The above property is just one of the many distressed opportunities we track daily. Call Kris Thompson today @ (480) 383-9310 to schedule a demo.

Cole Real Estate Investments buys three property portfolio from LBA Realty for $56.33m

Vizzda – September 13, 2013 – Cole Real Estate Investments of Phoenix has acquired three properties from LBA Realty of Irvine for a total of $56.33m. Steven Layton at LBA oversaw the transaction; Robert Micera is the chief investment officer at Cole Real Estate Investments.

Portfolio Details:

Devry University at 2149 W Dunlap Ave in Phoenix is a ±122,646 ft2 2-story office built in 1991 on ±17.93 acres. LBA reports a 12:1000 parking ratio. $23.03m or $188 per ft2. LINK

Cotton Center II at 4121 E Cotton Center Blvd in Phoenix is a ±99,734 ft2 flex warehouse with mezzanine office built in 2000 on 8.70 acres. $18.88m or $189 per ft2. LINK

Rio Salado Corporate Center at 1415 W 3rd St in Tempe is a ±82,257 ft2 warehouse built in 1981 on 5.33 acres. $14.42m or $175 per ft2. LINK

Edward Moore

Director of Research

www.vizzda.com

Artis REIT buys North Scottsdale Corporate Center II for $38.6m

Vizzda – September 12, 2013 – Artis REIT purchased the North Scottsdale Corporate Center II from Miller Global Properties for $38.6m or $253.53 per ft2 with $17.37m down and $21.23m debt with US Bank. Peter W Savoie, managing principle and chief investment officer of Miller Global Properties, and Kirsty Stevens, chief administrative officer for ARTIS REIT, closed the deal.

North Scottsdale Corporate Center II, occupied by Choice Hotels, is located at 6811 E Mayo Blvd in Phoenix, just south and west of the intersection of Scottsdale Rd and Loop 101 and just west of the Shops at Chauncey Ranch. The four-story class A office was built by Opus West Development in 2007 on 8.70 acres. The office totals 152,249 ft2 per Global Properties.

Opus West acquired this property as 8.70 acres of vacant land on December 19, 2006 for $4,422,323 or $11.67 per ft2 from the Tom Chauncey and John F Rasor, doing busing as Westranch Land. North Scottsdale Corporate Center I, a nearly identical building occupied by Republic Services, was sold on June 27 of this year by AEW Capital Management to Oaktree Capital for $47.6m or $312.83 per ft2.

Edward Moore
Director of Research

emoore@vizzda.com
www.vizzda.com

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

GLL Partners Acquires Broadway 101 Center for $27.1m

Picture 12Vizzda—July 17th, 2013 — The Broadway 101 Center—an 162,632 ft2 office complex located at the southwest corner of the Loop 101 and Broadway Road in Tempe—was sold by Lasalle Investment Management, the asset management-affiliate of Jones Lang Lasalle. The buyer was Munich, Germany-based GLL Real Estate Partners who paid $27.1m in cash for the property or $166.63 per square foot.

The complex is comprised of two 2-story buildings of 81,316 ft2 each, built 1998 on a 9.94 acre site, zoned PCC-1. The property includes surface parking as well as a 78,600 ft2 sub-grade parking structure. The two buildings, 2141 and 2151 East Broadway Road, received EnergyStar® ratings of 82 and 88 in 2012—the most recent year for which ratings are available.

The offices were acquired from their original developer, Denali National Trust, on August 16th, 2000 for $22m or $135.27 per square foot by PMRealty Advisors, the in-house real estate arm of Pacific Life. When Pacific Life decided to wind down PMRealty Adivsors in January of 2003, Lasalle Investment Management was able to acquire the special purpose entity with title to the property in an unrecorded transaction.

By:

Paul Dionne

Director of Analytics

Vizzda.com