Thistle Landing Office Park Noticed on $37m CMBS Note

Thistle Landing Office Park

 VIZZDA- September 19th, 2013 -- A Houston-based Tenant-in-Common (TIC) investment group was noticed for trustee sale yesterday on their holdings within the Thistle Landing office park--located Northwest of Chandler Blvd & I-10. The foreclosing beneficiary is an entity formed by Torchlight- who acquired the $37M note as part of their newly launched Debt Opportunity Fund IV. 

Thistle Landing office park is comprised of four freestanding back-office/flex facilities on 38 acres, all built in 1998. Three of these buildings, totaling 281,858 SF, were included in the sale. 

• 4801 E Thistle Landing: 101,006 SF
• 4805 E Thistle Landing: 90,299 SF
• 4811 E Thistle Landing: 90,553 SF

The borrowers had previously acquired the three buildings on November 1st, 2005 for $51.176M or $181.57 per square foot. PNC Bank provided the initial funding of $37M debt, which was later securitized and assigned to Credit Suisse as part of a commercial mortgage-backed security (CMBS). 

4801 E Thistle Landing

 At the time of securitization, the property was 94% leased; including:

• 101,006 SF leased to CheckFree Corp, expiring April 30th, 2010
• 72,567 SF leased to EquiFirst, expiring December 11th, 2010
• 65k SF leased to Alltell, expiring January 31st, 2007

The debt was originally scheduled to mature November 1st, 2015, bearing a 5.22% annual interest rate. The TIC investment group referenced above split the property into 20+ ownerships. A joint venture formed by Everest Holdings and Walton Street capital acquired the 4809 E Thistle Landing--the fourth building in the project--earlier in August at $66 per square foot.

Did you know VIZZDA covers distress properties in addition to all the sale transactions- monitoring auction dates, credit bids, and providing direct contact detail for lenders/beneficiaries. The above property is just one of the many distressed opportunities we track daily. Call Kris Thompson today @ (480) 383-9310 to schedule a demo.