Thursday, September 5, 2013

Scottsdale Airpark Runway Land Sells for $5.78m or $14.82 per Net Square Foot

VIZZDA – 9/4/2013—A vacant commercial land parcel abutting the south side of Scottsdale Airpark’s runway sold for $5.78M to an entity formed by renowned Arizona architect Bing Hu and his wife Wenchin Shi. The parcel totals 9.54 gross or 8.56 net acres and is zoned I-1. The site was previously planned in 2007 for an 85K SF office/hangar development, the plans for which are referenced here. Larry Miller—who had previously assembled the land in on January 3rd, 2005 for $10,102,500 or $24.31 per ft2—was the seller.

VIZZDA was actively tracking the property as it was noticed for trustee sale at the time of purchase on a $9.6M debt with Colony Capital. Had the property not sold, a foreclosure auction was scheduled for November 8th, 2013. Inca Capital provided the funding to satisfy this first position with a loan that was later assumed by the buyer.  Diversified Funding Group also provided buyer financing and was a prior lender on the property.

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