Orsett properties buys buildings in Riverpoint business park | Brewaz.com

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.

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