VIZZDA--August 30th, 2012 -- The Turnstone Office Park in
Scottsdale was purchased at trustee sale by Mr. Daryl Burton of Phoenix-based
Reliance Management for $7.2M credit bid or ±$110 per SF. The property was auctioned August 24th, 2012 with C-III Asset Management acting as special servicer for US Bank, trustee for
Bear Sterns CMBS debt totaling $11.3m.
Turnstone Office Park at Perimeter Center is located at
17786 N. Perimeter Drive in Scottsdale West of the Northwest corner Princess Dr and the Loop 101. The 65,472
SF property consists of four 1-story office buildings: two at 20,250 SF and two
at 12,186 SF; all built in 1998. Site totals 6.2 acres zoned I-1 with 261 parking
spaces. SF per Assessor, 65,100 SF per site plan.
The original borrowers were also the developers,
previously acquiring the land in 1997, followed by multiple related transfers and
debt documents. $11.3M was loaned March 9th, 2007 by Wells Fargo Bank, maturing April 1st, 2017
and later securitized. A notice of trustee sale was recorded May 16th, 2012, setting August 17th, 2012 as the auction date.
VIZZDA offers exclusive research of distress
opportunities- daily tracking every commercial real estate foreclosure in
Greater Phoenix.
By:
Hadden Schifman
Managing Director
hadden@vizzda.com
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