Vizzda – February 26, 2014 – A medical office portfolio consisting of three two-story buildings, totaling 154,136 square feet, has been noticed for trustees sale. The properties are separated by three quarters of a mile, as they are clustered near the intersection of Loop 101 & Shea Blvd in Scottsdale.
The ownership of the buildings was established on March 29th, 2007 when Triple Net Properties LLC facilitated the organization of a tenancy-in-common (TIC) agreement between 36 separate entities. Both of the Edwards Professional Plaza buildings sold for $23.7m or $290.80 per square foot, and the Mountain View Medical Plaza traded for $21.3m OR $312.04 per square foot. $36.5m new CMBS debt was issued with the sale, LNR Partners as special servicer,
For further insight into this pending auction and the rest of the distressed commercial properties in Maricopa and Pinal Counties, contact us to schedule a web demonstration.
Ed Moore & Daniel Alpers