Tuesday, March 18, 2014

ASU Research Park Offices Sell for $18.4m or $211 Per Square Foot

Vizzda – March 18, 2014 – Rimrock Capital Partners sold two offices within ASU Research Park in Tempe to the Lisa C Worthington Trust for $18.4m or $211 per square foot with $6.44m down and $11.96m debt with Northern Trust Company. The sale is of office improvements only on a ground lease of 10.105 acres which expires on December 31, 2101. The signatories to this deal were Dean Riesen of Rimrock Capital and Jeff Schneidman of Plattner Schneidman Schneider & Jeffries P.C.  The buyer is heiress to Shurl Curci, founder of Transpacific Devco.

The entirety of ASU Research Park is built on ground-leased land, owned by Arizona State University, with the original ground lease dating to October 8, 1984. On July 10, 1995 ASU Research Park subleased the subject property as 14.14 acres gross, to Motorola Inc.  In the lease equivalent of a sale event, Motorola assigned this sublease to Rimrock Capital Partners on August 24, 2005 with Rimrock funding the acquisition with a $2,487,500 loan from Meridian Bank. Rimrock obtained a $14.0m construction loan for these offices from Meridian on March 7, 2007.

ASU Research Park is located at the southwest corner of Loop 101 & Elliot Rd. The subject property is located at the northwest corner of the park at 2030 & 2050 East ASU Circle. These two offices total 87,000 RSF and were built in 2007 on 10.105 acres. The 2050 building totals ±61,000 RSF and the 2030 building totals ±26,000 RSF. The seller describes the surface parking as 5.0 parking spaces per 1,000 SF of office space.

Click through this LINK to find more information about the property from the seller's website.

Edward Moore
Director of Research

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