Orsett Buys North Central Phoenix Offices For $15 Million

December 8th, 2011 by admin

Phoenix – A company formed by Orsett Properties Ltd. in Phoenix (Curt Feuer, Mike Freret, principals) paid $15 million ($84.57 per foot) to buy a 177,375-square-foot office project located at the southeast corner of 16th Street and Missouri Avenue in Phoenix. The seller was Trust Realty Advisors Inc. in Scottsdale as court appointed receiver. The sale was brokered by Eric Wichterman, Mike Coover, Jeff Wentworth, Blake Hastings and Sean Spellman of Cassidy Turley BRE Commercial in Phoenix. The two-building complex, called Madison Square, is 50 percent occupied. Hastings, Wentworth and Spellman have the leasing assignment. The buyer purchased the property by assuming a loan issued by GMAC Commercial Mortgage Securities Inc. The escrow was handled by Bill McCalmont of FirstArizona Title Agency in Scottsdale. The acquisition is the first for Orsett in the Valley in five years. Prior to then, BREW had reported the privately-held company buying, developing and selling numerous office, industrial, retail and multi-family properties in the Phoenix area. The company still owns 15 commercial properties in the Valley. Orsett is interested in additional real estate investment opportunities in the Phoenix area . . . wants value-added deals and will purchase stand alone properties as well as notes secured by real estate. The previous owner of Madison Square lost control of the four-story office structures after they went into receivership. In April 2000, BREW reported a company formed by The Muller Co. in Laguna Hills, Calif. paying $22+ million to buy Madison Square. The Muller Co. was unable to refinance the loan issued by GMAC Commercial Mortgage and the asset was put into receivership. Madison Square was built in two phases in 1986 and 1990. The property is located at 5343-5353 N. 16th Street. Learn more from Freret at (602) 344-3232. Talk to the Cassidy Turley agents at (602) 954-9000.

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