Archive for September, 2017

Orsett properties buys buildings in Riverpoint business park |

September 6th, 2017 by orsettphx

Publish Date: 3-17-2017
Volume: XXIII
Number: 10

Phoenix – Two vacant office buildings located within the Riverpoint Business Park in Phoenix that were once occupied by the University of Phoenix have sold for a combined $12.6 million ($67.92 per foot blended average), which is $28.875 million less than the amount the properties sold for in 2005 before they were foreclosed. The office structures were sold to two real estate investment firms by a company formed by the registered holders of a commercial mortgage backed security. The CMBS was marketed through Citigroup Commercial Mortgage Securities Inc. The special servicer was LNR Partners LLC in Miami Beach, Fla. The seller in both transactions was represented by Mike Garlick of Newmark Grubb Knight Frank in Phoenix. In the larger of the two sales, a company formed by West Second Street Associates in Flint, Mich. (Troy Farah, founder) paid $8.767 + million ($65.98 per foot) to buy a 132,880-square-foot office located at 4150 S. Riverpoint Parkway. Maricopa County records show WSSA Phoenix LLC (West Second Street Associates entity) acquired the building in a cash transaction. The two-story structure, which sits on 7.84 acres, was developed in 2002. The investment is the first in the Valley for West Second Street Associates. The privately held firm owns office, multi-family, government and urban properties in 10 states. In the other deal, a company formed by Orsett Properties Ltd. in Phoenix (Curt Feuer, Mike Freret, principals) paid $3.832 + million to acquire a 52,640-square-foot office building located at 3125 E. Wood Street. Maricopa County records show Orsett Riverpoint LLC (Orsett Properties entity) acquired the property in a cash sale. The 4.93-acre property was developed in 2002. Orsett Properties has been a developer, buyer and seller of numerous office, industrial, retail and multi-family projects in the Valley. The previous owner of the office buildings at Riverpoint Business Park lost the properties to foreclosure after defaulting on a $27.8 million loan that was secured by the real estate. In July 2005, a company formed by Spirit Finance Corp. in Scottsdale paid $41.475 million ($223.56 per foot) to buy the offIces. Both of the structures were fully leased to Apollo Group Inc. in Phoenix NASDAQ:APOL), the parent company to University of Phoenix. The tenant vacated the space at year-end 2014 and Citigroup Global Markets Realty Corp. foreclosed in January 2016. The seller in the two recent sales was CD 2005-CD1 Spirit Portfolio LLC, on behalf of the registered holders of CD 2005-CD1 Commercial Mortgage Trust, Commercial Mortgage Pass-Through Certificates, Series 2005-CD1.

Orsett Properties breaks ground on new building at The Reserve

September 6th, 2017 by orsettphx

Posted June 10, 2014 by AZRE
Orsett Properties celebrated the start of construction on Building No. 4 at The Reserve at San Tan located in Gilbert, Ariz. A ground breaking ceremony was held on May 30, 2014, for the new 105,830-square-foot project located at 339 East Germann Road (southeast of the corner of Gilbert Road and Germann Road).

Willmeng Construction, Inc. is serving as general contractor on the concrete tilt office building. The new building (4th in the office park) will include CMU accents and steel entry canopy/trellis, and can deliver up to a 10/1,000 parking ratio. Designed by project architect Butler Design Group, the 105,830-square-foot building will be mezzanine ready for up to 165,830 square-feet total. Leasing for The Reserve at San Tan is being handled by Mike Garlick and Chris Krewson of Newmark Grubb Knight Frank (602) 952.3800.

The construction of Building No. 4 marks the start of Phase II for the office complex. At full build out, incorporating future phases, The Reserve at San Tan will total 443,000-square-feet. Completion of Building No. 4 is expected in December 2014.

“There is real momentum in the market right now, and we are extremely excited to break ground on such a versatile product,” said Michael W. Freret, Orsett’s Chief Executive Officer. The Park’s expansion plans, submitted last year, marked Gilbert’s first major commercial office project in about 18 months.

The Reserve at San Tan is a Class “A”, 39 -acre business park conveniently located less than a half mile from the Loop 202 Freeway and Gilbert Road full diamond interchange. Phase I is comprised of three buildings, totaling approximately 155,000-square-feet, with extremely flexible floor plates. Completed in 2007, Phase I is currently 100% leased. The project appeals to and is able to accommodate a broad tenant base ranging from local start-ups to national firms. The business park is unique in that companies can start their business in one suite and continue to grow as their needs change. The location, freeway access, excellent employment demographics and numerous surrounding amenities make The Reserve at San Tan an ideal site for employers looking to locate in the rapidly growing Southeast Valley.

Indiana Farm Bureau sells Seventh Street building to Phoenix developer

September 6th, 2017 by orsettphx

Mike Sunnucks
Senior Reporter
Phoenix Business Journal

Feb 11, 2015, 7:39am MST
Phoenix-based Orsett Properties Ltd. has bought a Seventh Street building for $3.2 million. The real estate firm bought the Siete II building south of Indian School Road. It totals 54,000 square feet and was sold by Indianapolis-based UFB Development Corp., an arm of the Indiana Farm Bureau. Colliers International’s Phil Breidenbach, Peter Nieman and Kathy Foster brokered the sale. “Orsett plans to update the building, specifically modernizing the structure and suites to respond to new tenants looking for offices in the Seventh Street area. The upgrades will make Siete II more competitive in the market,” Breidenbach said.