GoDaddy-Leased El Dorado Tech Center Sells for $17.8 Million

The El Dorado Tech Center in Gilbert sold to Walton Street Capital and Everest Holdings on Wednesday for $17.8 million, or $99 per square foot. The buyers financed the sale with a $13.8 million new construction loan with Compass Bank. GoDaddy occupies 70% of the 180,480 square foot two-story building, which is located at the southwest corner of Gilbert Road and Arizona Avenue. Seller James L Bates originally acquired the property as vacant land for $5,555,000 in July of 2000.

For more information including complete property history, planning/zoning, and buyer/seller contacts visit us at www.vizzda.com or email us at info@vizzda.com.

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.

101K+ SF Office Building in Ahwatukee Purchased by Everest Holdings, Walton Street Capital Joint Venture for ~$66/SF

VIZZDA--September 4^th, 2012 -- A joint-venture between Everest Holdings and Chicago-based Walton Street Capital paid $6.725M for the final developer-owned building within the Thistle Landing Office Park at 4809 E. Thistle Landing Dr. Everest and Walton Street paid cash for the property and no debt recorded with the sale. The seller was Mr. Judson Ball, Chairman & CEO of Advantage Office Suites.

Thistle Landing Office Park is a four building complex on 38.29 acres, totaling 382,864 SF located South of the Southwest corner of the I-10 and Ray Road in Phoenix. The subject sale property--building 2--is a one-story, 101,006 square foot office building built 1998 on 10.17 acres and features CP/CGP zoning, 18’ clear height and a 6.1/1000 SF parking ratio.  

Mr. Ball is the original developer of Thistle Landing, having assembled land for the entire project in 1997. There were a number of subsequent related transfers and debt documents, including: 

•  $37M debt loaned May 14th, 2001 by Fleet National Bank, released May 12th, 2011
• $28M debt loaned June 13th, 2002 by Wells Fargo, released December 1st, 2005 

Entities formed by Mr. Ball sold buildings 1, 3 and 4--a total of 281,858 square feet--on November 1st, 2005 for $51.176M or $181.57 per SF to Principle Equity Management; he retained interest in building 2 until August 31st, 2012.