CBIZ Plaza is a two building office complex on 3.2 acres at
the Northwest corner of Central Avenue and Thomas Road comprised of a 16-story
building totaling 266,166 ft2 built in 1985 and a two story building
totaling 18,604 ft2 built in 1980. The complex features a 6-level
above grade parking structure with 664 parking spaces and 42 surface parking
spaces for a parking ratio of 2.5 spaces per 1000 ft2. National Bank
of Arizona and a number of major law firms are among the tenants currently occupying the
building.
Stephen G. Hearn of Hearn Company previously acquired
the property on June 28th, 2006 for $47.5m or $166.80 per ft2
with at least $2m down and $35.6m new debt with Wachovia Bank. On May 3rd,
2007 that note was securitized and assigned to Wells Fargo. It was subsequently
assigned to Bank of America on October 8th, 2009 and US Bank, the
current beneficiary, on February 10th, 2012. US Bank placed the note
in the care of LNR Partners on February 21st, 2012. Following
default by Hearn Company, the property was noticed for trustee sale on
June 4th, 2012.
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