Wednesday, August 8, 2012

Black Creek Group Adds to Significant Phoenix Industrial Holdings

 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.

For more information on this and other commercial real estate intelligence from VIZZDA, follow us on Twitter, 'like' us on Facebook, sign in or  join our 30-day free trial and beta test!

Daniel Alpers
Director of Planning & Municipal Solutions

Paul Dionne
Director of Analytics

No comments:

Post a Comment

Sponsered Ad