VIZZDA—August 8th, 2012 – Scott Rector of the
Black Creek Group has completed the purchase of the Buzz Oates-Roosevelt
Center, a 1,267,110 ft2 mega-warehouse fully leased by Amazon, for
$90,286,281 or $71.24 per square foot. This marks the second major industrial
acquisition by the Black Creek Group in the Phoenix market this year, having
previously acquired the Riverside
Industrial Center for $131.7m in May. The company has over 2.85m
ft2
under management in the Phoenix market.
The property, located south of the southwest corner of 75th Avenue and the I-10, is listed as the largest freestanding industrial warehouse property in Phoenix. Larry Allbough—CEO of the Buzz Oates Family of Companies—was the seller and had developed the property with a $43.5m construction deed of trust with Bank of America, modified September 1st, 2009 to lower the principal balance to $30m. On February 23rd, 2011, the maturity date was extended to February 3rd, 2013. The principal was later increased to $52.7m and the maturity date was changed from February 3rd, 2013 to August 1st, 2012.
The property, located south of the southwest corner of 75th Avenue and the I-10, is listed as the largest freestanding industrial warehouse property in Phoenix. Larry Allbough—CEO of the Buzz Oates Family of Companies—was the seller and had developed the property with a $43.5m construction deed of trust with Bank of America, modified September 1st, 2009 to lower the principal balance to $30m. On February 23rd, 2011, the maturity date was extended to February 3rd, 2013. The principal was later increased to $52.7m and the maturity date was changed from February 3rd, 2013 to August 1st, 2012.
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BY:
Daniel Alpers
Director of Planning
& Municipal Solutions
daplers@vizzda.com
Paul Dionne
Director of Analytics
pdionne@vizzda.com
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