VIZZDA—November 28th, 2012 — Basil Christopoulus of C and H Development has sold the Robb and Stucky Furniture Showroom located at the Northwest corner of Scottsdale Road and Hayden-Greenway Loop has been sold for $11,274,112 or $101.38 per ft2. The buyer was Daniel Roark of Ladlow’s Fine Furniture who had previously lent $10m to C and H Development secured by the property and released with sale.
The showroom is an 111,202 ft2 freestanding building, built in 1997 on 6.4 acres. C and H Development acquired the property from DMB Associates on June 11th, 1999 for $14.675m with $3.6m down and $10,856,507 new debt, seller carry. The property’s sole tenant, Robb and Stucky Furniture, filed for Chapter 11 bankruptcy protection on February 18th, 2011.
John Hancock Real Estate Finance issued $10.35m in new debt on the property September 20th, 2009, allowing for the release of the seller carry debt. This note was assigned to Morgan Stanley Dean Witter and securitized on April 18th, 2000 and further assigned to Lasalle Bank on October 2nd, 2000.
Following Lasalle’s merger with Bank of America, the note was placed in the care of the special servicer, LNR Partners, on February 9th, 2010. Following a pair of notices of trustees sale in 2010 and 2011, C and H Development secured $10m in financing with Ladlow’s Fine Furniture on January 9th, 2012, releasing the Bank of America CMBS debt.
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