Vizzda – May 3, 2013 – Talia Jevon Properties of Vancouver, BC, has acquired 94 Hundred Shea, an Office & Retail mixed-use development in Scottsdale, from LNR Partners of Miami, Fl, for $16,327,500 or $220.40 per ft2.
94 Hundred Shea is a 74,079 ft2 office and retail complex located east of the southeast corner of Loop 101 and Shea at 9325, 9343, 9375, and 9397 East Shea Blvd in Scottsdale. It is comprised of a 38,840 ft2 2-story office component and three multi-tenant retail strip buildings built in 2007 on 10.62 acres zoned C-3. The property has ±440 parking spaces or 5.9 spaces per 1,000 ft2.
This property was previously acquired by John Rosso & Steven Goodhue of the now-defunct Westar Development on May 31 2002 as ±18.2 acres of vacant land for $8,287,726 or $10.5 per ft2 with $5,887,726 down; loaned $2.4m debt with Stearns Bank. Westar sold off a portion of the land and developed the remainder into 94 Hundred Shea. On May 18, 2007 Westar encumbered the property with a $21.0m loan with Canadian Imperial Bank of Commerce.
This debt was securitized as commercial mortgage backed securities (CMBS) by JPMorgan Chase Bank in 2007. The underwriter’s appraisal of July 1, 2007 described the property as 72,621 ft2 and 78.7% occupied with an appraised value of $31.0m. That loan was described in the SEC package as as a 6.02937% net rate maturing June 1, 2017.
On October 6, 2010 the property was noticed for trustee sale on $21m orig debt in the care of LNR Partners as special servicer, cancelled December 10, 2010. The property was re-noticed for trustee sale on February 1, 2012 reverting through trustee sale to LNR Partners on May 17, 2012 for $23.4m credit bid amount.
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By:
Edward Moore
Director of Research
www.vizzda.com
VIZZDA 