VIZZDA—October 31st, 2012—Neil McKenna, Vice President of CWCapital Asset Management as special servicer for a Wells Fargo Bank-administered commercial mortgage backed security, has completed the sale of the Bell 28 Office Park for $6.725m or $61.73 per ft2. John Solberg and Dan Keefe of Onward Investors paid cash for the 109,820 ft2 class B office complex.
The two building complex was previously acquired by Ashton Capital Corp on February 22nd, 2006 for $20.13m or $183.30 per ft2. Ashton paid $4.445 in cash and secured an additional $15.675m in financing with PNC Bank. The note was securitized on November 17th, 2006 as the J.P. Morgan Chase Commercial Mortgage Securities Corporation Commercial Mortgage Pass-Through Certificates Series 2006-LDP6 with Wells Fargo Bank as trustee and LNR Partners as general servicer.
Following default by Ashton Capital, LNR Partners noticed the properties for trustee’s auction on June 21st, 2010, naming Craig K. Williams of Snell & Wilmer as trustee and CWCapital Asset Management as special servicer. The trustee’s auction was conducted on September 30th, 2010 and the properties reverted to JPMCC 2006-LPD6 Black Canyon Office, LLC—a Wells Fargo reversion entity—with a $5.46m credit bid, a 65% write-down to the original principal amount.
Comprised of two 2-story buildings of 62,098 ft2 and 47,722 ft2, the Bell 28 Office Park legally conveys as Lots 2 and 3 of The Deer Valley Park and Ride. It was built in 1999 on 9.78 acres zoned IND. The complex has approximately 585 surface parking spaces for a parking ratio of 5.33 per 1000 ft2.
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