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.
Paul Dionne
Director of Analytics
Vizzda.com
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