Crescent Corporate Center Sells for $5.725M

Vizzda– March 12, 2013 – David Cavan and Cavan Real Estate Investments of Scottsdale have expanded their portfolio with their acquisition yesterday of the 109,497 ft² Crescent Corporate Center for a sales price of $5.725M or $52.28 per ft² from Stephen J Muller and The Muller Company of Irvine, CA.

The Crescent Corporate Center at 2400 W Dunlap Ave is a three story multi-tenant office located east of the northeast corner of the I-17 and Dunlap Avenue in Phoenix. According to the broker flyer of Barry Gabel and Mindy Korth of CBRE (link) the office is 69% occupied and enjoys a parking ratio of 3.82:1000ft².

The Muller Company acquired the Crescent Corporate Center from Principle Real Estate Investors of Des Moines IA on June 30, 2005 for $11.15M or $101.83 per ft², with $250k down and $9.375M debt with Wells Fargo bank. The Muller Company also had an additional $19.0M loan with Wells Fargo that was cross-collateralized with both the Crescent Corporate Center and a 150K ft² office park in south Scottsdale. The $9.375M Wells Fargo loan was released with yesterday’s sale. The Muller Company’s footprint in Phoenix has been shrinking over the past year with approximately 670K sf² of Office and 494 sf² of Industrial holdings either sold or reverting to lenders through the trustee sale process.

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Edward Moore
Director of Research
www.vizzda.com