Robb and Stuckey Showroom Acquired by Lender for $11m+

VIZZDA—November 28^th, 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 11^th, 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 18^th, 2011.

John Hancock Real Estate Finance issued $10.35m in new debt on the property September 20^th, 2009, allowing for the release of the seller carry debt. This note was assigned to Morgan Stanley Dean Witter and securitized on April 18^th, 2000 and further assigned to Lasalle Bank on October 2^nd, 2000.

Following Lasalle’s merger with Bank of America, the note was placed in the care of the special servicer, LNR Partners, on February 9^th, 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 9^th, 2012, releasing the Bank of America CMBS debt.

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By:

Paul Dionne

Director of Analytics

Vizzda.com