Friday, August 31, 2012

±65K SF Office Park in Scottsdale Purchased at Foreclosure Auction by Reliance Management

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. 

Hadden Schifman
Managing Director

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