Monday, September 3, 2012

Metrocenter Business Park--Purchased for $17.6M in 2007--Sells in 2012 for $3.15M

VIZZDA--September 3rd, 2012 -- Houston-based Boxer Property acquired the Metrocenter Business Park for $3.15M of $24.58 per square foot. Boxer financed the purchase with an existing $464M credit line with Beal Bank, originated December 21st, 2009 and maturing June 30th, 2019. The bank-owned building was sold by C-III Asset Management as special servicer for JPMorgan Chase CMBS following an eight months as a bank-owned asset.  

Located at 10000 N. 31st Ave in Phoenix near the Metrocenter Mall--West of the Southwest corner of Peoria Ave & I-17--Metrocenter Business Park totals 128,177 SF. The four building office complex consists of two 1-story, one 3-story and one 4-story buildings; all built in 1982 on 8.85 acres zoned C-2. 

Broker flyers indicate the property was listed on at $1.25M starting bid and reportedly 50% leased. SF calculations vary from 128,177 SF per broker, 131,850 SF per Assessor, and 132,212 SF per special servicer.   

The property was previously acquired by a tenancy-in- common group February 1st, 2007 for $17.6M or $137.31 per SF; with $3,989,644 down and $13.768M debt with PNC Bank securitized and assigned to JPMorgan Chase CMBS. C-III Asset management in its capacity as special servicer noticed the property for trustee sale September 21st, 2011 and took back the property at auction January 10th, 2012 with a $9.05M credit bid.

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