Vizzda – October 18, 2012 – The Paradise Valley Corporate Center sold on Tuesday October 16, 2012 for $26,985,000 or $132.17/SF. This sale is coming out of the distress pipeline. The sellers are the special servicers LNR Partners of Miami Beach and the buyers are Reliance Management of Phoenix.
The property is a 198,472 SF four-story class A multi-tenant office building built in 2002 on 6.26 AC zoned PC. Each floor is approximately 50K SF of rentable office space. The office has steel frame construction with concrete floors and stone accents. Two elevators service the building while a key-card access system secures the premesis. There is an adjoining six-story parking structure with 898 covered parking spaces and an additional 79 uncovered spaces for a parking ratio of 4.8 per 1,000 SF. See more detail here.
The building was previously acquired on December 20 of 2006 in a 1031 exchange for $52.5M. The prior owners borrowed $37.5M against the building on May 7 2007 with La Salle Bank in a note which was to mature June 1, 2017. This debt was assigned to and securitized by Wells Fargo Bank on October 3, 2008. This loan was assigned to LNR Partners for special servicing on May 12, 2011. LNR Partners issued a notice of trustee sale on May 17, 2011 on $37.5M original debt. The property reverted to LNR Partners on September 1, 2011 through trustee sale for a credit bid of $17.75M.
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