Tuesday, October 16, 2012

Following Note Sale and Foreclosure, Arrowhead Orchards Medical Office Project in Glendale Sells

Vizzda -- October 15th, 2012 -- Arrowhead Orchards is a 104,882 square foot medical office complex in Glendale, adjacent to the Arrowhead Hospital. Coastal Capital Real Estate Advisors previously purchased the note and foreclosed on the property. They have now sold it for $19,865,990 or $189.41 per square foot, with $200,900 down and $16,040,000 construction line-of-credit with Bank of America.

The conveyance included two separate, 52,441 square foot, 2-story buildings, built in two phases in 2002 & 2005, on 10.06 acres zoned C-2. The sale also included 2 unimproved pad lots, which are planned for three separate one-story office buildings; two adjacent at 4,000 square foot respectively, and one 5,000 square foot. The complete project includes another 1.04 acres that is planned for 6,000 square foot one-story office building. This lot did not convey.

The entire project was previously purchased as 11.1 acres of unimproved land on April 3rd, 2000, for $3,000,000 and $6.20 per square foot, $750,000 down, and $2,250,000 new debt with Community Bank of Arizona that was later released September 11th, 2002. $19,000,000 new debt with PNC Bank July 17th, 2007. The note was sold January 22nd, 2010 to Coastal Capital Real Estate Advisors. Notice of trustees sale was given March 23rd, 2010 for original debt. Property reverted at trustees auction to Coastal Capital on October 26th, 2011 for $15,600,000 credit bid amount.

Daniel Alpers
Director of Planning & Municipal Projects

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