7025 N Scottsdale Road is Noticed for Trustee Sale on $24.5m CMBS Debt

VIZZDA—May 30^th, 2013 — A notice of trustee sale was recorded May 28^th, 2013 for 7025 N Scottsdale a large office building in Scottsdale whose major tenants include Waste Management and First Western Trust Bank. Located North of the Northeast Corner of Scottsdale Road & Indian Bend,  7025 N Scottsdale is a 3-story office building totaling 91,148 ft² built 2002 on 2.87 acres. The property features two decks of sub-grade parking.

Scott McLaughlin of C-III Asset Management is the special servicer on behalf of a CMBS vehicle underwritten by Credit Suisse and in care of Wells Fargo as Trustee. Column Financial issued the original $24.5M debt to an entity formed by Falcon Real Estate Investment following their acquisition of the property on October 3^rd, 2006 for $32.75M or $359.31 per ft². Falcon purchased the 100% occupied property from Lees Mayfield, the building’s original developer.

The note was later securitized and assigned on August 25^th, 2008 to Credit Suisse CMBS Series 2006-C5, maturing October 11^th, 2013 and bearing a 5.77% annual interest rate. Court records indicate Mr. Michael D Wilson of Wilson Property Services was appointed receiver on November 5^th, 2012. Mr. Jacob Maskovich of Bryan Cave is the successor trustee under the deed of trust, and the trustee sale is currently scheduled for August 29^th,  2013 at 10:00 AM.

By:

Hadden Schifman

Managing Director

Vizzda.com