Thursday, May 30, 2013

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

VIZZDA—May 30th, 2013 — A notice of trustee sale was recorded May 28th, 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 3rd, 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 25th, 2008 to Credit Suisse CMBS Series 2006-C5, maturing October 11th, 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 5th, 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 29th,  2013 at 10:00 AM.

Hadden Schifman
Managing Director

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