VIZZDA—September 26th, 2013 — 3333 E Camelback
Road has sold to Fenway Properties for $12m or roughly $130 per square foot.
The 92,348 ft2 multi-tenant office building is comprised of two
contiguous 2-story buildings built in 1986 on 4.97 acres. The property features
350 parking spaces for a parking ratio of 3.79 per 1,000 square feet and is
EnergyStar rated.
The sellers, Robert and James Noffsinger of Noffsinger
Manufacturing Company, Inc. acquired the property in April of 2000 for $11.225m
or $121.55 per square foot. They paid $4.125m in cash and encumbered the
property with $7.1m in new debt with Bank of America. The Noffsingers were able
to refinance this note on August 14th, 2003 with National Life
Insurance Company.
Fenway paid $2.93m and secured an additional $9.07m in new
debt with A10 Capital for a loan-to-value of 75.3%. Major tenants in the
building include Summit Builders, The ConAm Group of Companies, Northmarq Capital and
AmWINS Group, Inc. For information on this any other commercial real estate
transaction or distress in Maricopa County, log on to Vizzda.com or contact
Kris Thompson at (480) 383-9310 to schedule a demonstration.
By:
Paul Dionne
Director of Analytics
Vizzda.com
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