Thursday, October 11, 2012

CBIZ Plaza Reverts to Beneficiary at Trustee’s Auction with $20.025m Credit Bid

VIZZDA—October 11th, 2012 — WBCMT 2006-C27 Office 3101, LLC, and entity formed by US Bank and in care of LNR Partners has taken possession of CBIZ Plaza following a trustee’s auction conducted by Craig K. Williams of Snell and Wilmer. The opening bid of $18m was increased by multiple bidders by more than $2m to arrive at a credit bid of $20.025m or $70.32 per ft2. This amount represents a 43.75% write down on the outstanding debt of $35.6m.

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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