By: Paul Dionne | Vizzda
Kurt Rosene, Senior Vice President of Chicago-based Alter
Group, has completed the sale of our office buildings within Corridors Phoenix—a
speculative office development to total 1.4m square feet at the southeast
corner of I-17 and Pinnacle Peak Road—for $16m or nearly $100 per square foot.
Woodland Hills, California-based real estate investment company Adler Realty
Investments was the buyer, tendering $5.4m in cash and securing the remainder of
the purchase price under a deed of trust with an unspecified principal balance
issued by Wells Fargo. According to their website, Adler’s only other holding
in the Phoenix market is the 2600 Tower in Midtown Phoenix.
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| Corridors Phoenix, Lots 1 and 5 |
The offices that sold yesterday—conveying as Unit 1, Lots 1
and 5 of Corridors Phoenix—total 164,280 ft2 in four single-story
buildings of 41,070 ft2 each. Per marketing materials prepared by
Alter Group, the offices feature a 16’ clear, 40’ by 40’ bays and a parking
ratio of five spaces per 1,000 ft2 of office. Two of the four
buildings, 2075 and 2095 W Pinnacle Peak, were built in 2000 on 7.05 acres.
1925 and 2001 W Pinnacle Peak were built in 2005 on 11.95 acres for a combined
19 acre site, zoned A-1. Alter’s website indicates that 1925 W Pinnacle Peak is
fully vacant, 2001 W Pinnacle Peak is half leased to Rocky Mountain
Information, 2075 W Pinnacle Peak is two-thirds leased and 2095 is fully
leased.
Alter has controlled this site going back to December 1999
when it acquired roughly eighty acres from Blue Cross & Blue Shield for
$12,189,798 or $152,372 per acre. A 2001 survey of the site arrived at 75.811
acres for the assemblage. Plat for the 60-acre Unit 1 was approved August 30th,
2001, including the subject Lots 1 and 5. Following transfer to a special
purpose entity and the issuance of $7.41m in construction debt with Firstar
Bank with a two-year maturity. There were several modifications and extensions
of the Firstar debt prior to being taken out in 2008 with an $18.25m note with
First Midwestern Bank secured by four subject buildings.
To Contact the Author:
Paul Dionne – pdionne@vizzda.com
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