VIZZDA--August 14th, 2012 -- David R. Clark, a Minnesota and Scottsdale-based investor, has completed the acquisition of 125,788 SF of office shell south of the south east corner of Miller and Pinnacle Peak Roads for $7.7m or $61.51 per square foot. The property consists of two 2-story buildings of 62,588 SF each built in 2007 on 7.21 acre campus including 71,326 SF sub-grade parking structure. Clark financed the deal with through a $7.8m deed of trust funded from his personal account.
The property had been previously acquired by a Dale Dowers and David Inman on October 27th, 2005 as a larger assemblage of vacant land for $12,943,854. They financed their transaction with $8.45m new debt with City National Bank and further encumbered the property with $40.4m construction debt with Inman Mortgage Finance Corporation. This debt was refinanced with a $27.6m note issued by Sunbank on August 8th, 2007. The property was noticed for trustee sale and assigned to Armed Forces Bank on February 17th, 2009. Sunbank took possession at trustee's auction with a $18.956m credit bid on August 17th, 2009. David Frances, executive vice-president at Armed Forces Bank, was signatory to the deal.
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