One of the most thinly traded office sub-markets in Greater Phoenix saw
a major asset change hands when Fenway Properties acquired North Alamos Court I
and North Alamos Court II in two separate transactions that closed on Friday.
The total purchase price was $8,731,150 or $92.05 per square foot. Fenway paid
$1,249,429.80 in cash and secured an additional $7.2m in financing with A10 Capital
for a loan-to-value ratio of 82.46%. The properties are located east of the
northeast corner of Tatum Road and Shea Boulevard.
North Alamos Court I is a 42,157 ft2 2-story,
multi-tenant office building totaling 38,867 net rentable square feet. It was
completed in 1992 and sits on 2.81 acres of C-2 zoning. It was previously
acquired from Travelers Insurance Company by Kenneth and Robin Roth and Bruce
and Sandra Massman in 1994. While there was no recorded sales price at that
time, the prior owners financed their acquisition with $1.6m in related-party
debt and subsequently re-financed several times over the holding period. Friday’s
sale price of $4,506,150 represents $115.94 per square foot.
North Alamos Court II is a 55,986 ft2 2-story,
multi-tenant office complex comprised of a 22,742 ft2 building built
in 2000 and a 33,244 ft2 building built in 1986. The property sits
on 3.12 acres of C-2 and C-O zoning. The complex was previously acquired from
Citibank by Dell Loy Hansen of Wasatch Commercial in 1994. Again, while there
was no affidavit of property value and thus no recorded sales price, the
property was encumbered at the time of sale with $1.275m in new debt with Key
Bank of Utah and several subsequent re-financings. Friday’s sale price of
$4.225m equates to $75.46 per square foot.
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