Major Camelback Corridor Office Building Sold for $12m

VIZZDA—September 26^th, 2013 — 3333 E Camelback Road has sold to Fenway Properties for $12m or roughly $130 per square foot. The 92,348 ft² multi-tenant office building is comprised of two contiguous 2-story buildings built in 1986 on 4.97 acres. The property features 350 parking spaces for a parking ratio of 3.79 per 1,000 square feet and is EnergyStar rated.

The sellers, Robert and James Noffsinger of Noffsinger Manufacturing Company, Inc. acquired the property in April of 2000 for $11.225m or $121.55 per square foot. They paid $4.125m in cash and encumbered the property with $7.1m in new debt with Bank of America. The Noffsingers were able to refinance this note on August 14^th, 2003 with National Life Insurance Company.

Fenway paid $2.93m and secured an additional $9.07m in new debt with A10 Capital for a loan-to-value of 75.3%. Major tenants in the building include Summit Builders, The ConAm Group of Companies, Northmarq Capital and AmWINS Group, Inc. For information on this any other commercial real estate transaction or distress in Maricopa County, log on to Vizzda.com or contact Kris Thompson at (480) 383-9310 to schedule a demonstration.

By:

Paul Dionne

Director of Analytics

Vizzda.com

La Privada Sells To GE Asset Management

VIZZDA, June 1, 2012 -- La Privada – a 350 unit apartment complex at 10255 E Via Linda in Scottsdale – was sold May 30^th, 2012 by the ConAm Group of Companies to GE Asset Management for $45.6M or $130K per door. The two-story apartment complex consists of 39 structures built in 1985 on 36 acres. The complex features such amenities as two swimming pools, a tennis court, and putting green. 
There are 4 floor models available ranging from 867 to 1,608 SF which all feature wood-burning fireplaces and upgraded kitchens. ConAm acquired the property March 2^nd, 2009 for $32.0M or $91.5k per door from iStar Financial with $20.2M new debt with Freddie Mac originating through GEMSA Loan Services (a CBRE/GE Real Estate joint-venture) with the debt maturing 3/1/16. 
This debt was modified to $24.6M and assigned to Freddie Mac 12/16/10 and finally released 1/27/11. The buyer has put $20.3M down with $25.3M in financing with Fannie Mae originating with CBRE Multifamily Capital. CBRE is also reported to have brokered the deal.
By:

Edward Moore

Research Analyst

(480) 444-8436

emoore@vizzda.com