By: Paul Dionne | Vizzda.com
A 19.55 acre parcel of undeveloped land near the Chicago Cubs’ new Cactus League facility was sold by Los Angeles-based real estate investor and developer, Montana Avenue Capital, for $5,798,286 or $6.81 per square foot. The buyer was Phoenix-based Harvard Investments as represented by its president, Craig Krumweide. Harvard Investment tendered $2,318,286.50 in cash and borrowed the balance of $3.48m from Western Alliance Bank.
Both Phase I and Phase II of Riverview Point were previously acquired in 2006 as 34.54 gross acres of vacant land for more than $16.5m. That transaction was financed with a $19,325,842 loan from Inland American. The Inland note was released and replaced with a $20m revolving line of credit with First Indiana Bank. The prior owner was able to develop +/- 162k SF of office in two buildings before filing for bankruptcy in 2009. M & I Marshall and Ilsley Bank, as successor by merger to First Indiana Bank, took the property back deed-in-lieu in early 2012 and sold it to Montana Avenue thirteen months later for $2.725m.
In addition to its proximity to the Cubs’ facility, the property is also adjacent to roughly 1.3m ft2 of retail and hospitality within the Mesa Riverview complex. According to marketing materials provided by CBRE, the site is serviced by roads—including two full diamond intersections—both dry and wet utilities and four existing transformers. The site is entitled for up to 266k in new office space in three buildings. There are 292 parking spaces on site for a potential parking ratio of 5.2 per 1,000 ft2.
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