VIZZDA--August 28th, 2012 -- Tim Shaffer of Clotho Corporate Recovery, acting in his capacity as liquidation trustee for Double G Ranch, has sold the Shea Medical Plaza for $6.5m or $148.95 per square foot. The 43,639 SF medical office building was developed by Lawrence Grinnell of Double G Ranch in 1998 on 2.65 acres East of the Southeast corner of Scottsdale Road and Shea Boulevard. The property includes approximately 34 surface parking spaces as well as a 54,618 SF sub-grade parking facility and is zoned S-R.
The buyer, Duane Nolde of Irgens Development Partners, put $2.36m down and secured $4.14m in new financing with The Privatebank and Trust Company. Based in Minneapolis, MN, Irgens specializes in the construction, acquisition and management of office, industrial and medical commercial properties in Phoenix, Chicago and Minneapolis. Irgens lists six additional properties under management in the Phoenix area including four additional medical properties.
Grinnell acquired the land on which the facility sits on January 8th, 1997 for $1,393,120 from Gary Herberger of Herberger Enterprises. Herberger retained an option to re-purchase the property following the completion of construction which expired without being exercised 12 months after the sale. On April 20th, 2010, Double G Ranch filed for Chapter 11 Bankruptcy Protection in the Eastern District Court of Michigan, a liquidation trust was created to sell the assets of Double G Ranch and Clotho Corporate Recovery was named trustee and administrator.
By:
Paul Dionne
Director of Analytics
pdionne@vizzda.com
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