Four Office Towers of "The Esplanade" Sell for $279 Million

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Metropolitan Life Insurance Company has sold towers I, II, IV, & V of "The Esplanade" for $279 million, or $289 per square foot. Buying entity traces to LBA Realty and Clarion Partners, who funded the sale with over $158 million in new debt with Wells Fargo Bank.

Transacting in this sale is a ±966,000 square feet of class A office in four ten and eleven-story buildings. The Esplanade is located east of the southeast corner of 24th Street and Camelback Road in Phoenix, across the street from the Biltmore Fashion Park.

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MetLife Sells Scottsdale Shopping Center to Bob Parsons of GoDaddy

VIZZDA—July 26^th, 2013 — The McDowell Mountain Marketplace, an 88,121 ft² neighborhood shopping center at the southwest corner of Thompson Peak Parkway and Bell Road, sold for $14.125m or $160.29 per square foot. The seller was Metropolitan Life Insurance Company (MetLife) through its portfolio manager, Blackrock Realty Advisors. Bob Parsons, Executive Chairman of GoDaddy, purchased the property through his real estate holding company, YAM Management, in an all cash transaction.

MetLife had previously acquired the property from Canadian retail operator, Centrecorp, in February of 2006 for $22.5m or $255.33 per square foot with $11,633,379.18 down and the assumption of an existing $12.25m note with the Teachers Insurance and Annuity Association of America (TIAA). The $14.125m recent sales price represents a 37.22% decline in value over the seven-plus year holding period.

The complex is comprised of a 57,892 ft² anchor space, currently occupied by Basha’s on a 20-year firm term lease commencing on November 30^th, 2000 with four 5-year options to extend. There are two non-contiguous inline retail buildings totaling 26,288 ft² and a freestanding retail pad, which is ground-leased to JP Morgan Chase until November 30^th, 2022. The anchor and inline space was completed in 2002 and the pad space was added to the 10.9-acre site in 2007. Approximately 440 parking spaces convey for a parking ratio of 5.42 per 1000 ft².

By:

Paul Dionne

Director of Analytics

Vizzda.com