CLOSE

Published:   
Volume:      Number:  

ORSETT PAYS $12.1 MILLION FOR OFFICE PROJECT THAT LAST SOLD FOR $50.2 MILLION

Phoenix - A company formed Orsett Properties Ltd. in Phoenix (Curt Feuer, pres.) paid $12.1 million ($44.27 per foot) to buy a 273,349-square-foot vacant office project east of Phoenix Sky Harbor International Airport and just north of Interstate 10 and west of the Hohokam Expressway (State Route 143) in Phoenix. The seller was WBCMT 2006-C23 Elwood Office LLC, a CMBS (commercial mortgage backed security). The special servicer for the seller was LNR Partners LLC in Miami Beach, Fla. The buyer was represented through Eric Wichterman and Mike Coover of Cassidy Turley in Phoenix. The seller was represented through Charles Miscio and Danny Plapp of Colliers International in Phoenix. The project, called Sky Harbor Towers, is comprised of a 7-story, 116,574-square-foot building at 4605 E. Elwood Street, a 4-story, 85,775-square-foot structure at 4615 E. Elwood and a 3-story, 71,000-square-foot building located at 4635 E. Elwood. Orsett Sky Harbor LLC acquired the project with a $7.4 million loan from National Bank of Arizona. Sky Harbor Towers, which was developed from 1986 to 1999, was fully occupied by the University of Phoenix until 2011 when the company relocated. The leasing is now being handled by Mike Beall, Jeff Wentworth, Chris Walker and Sean Spellman of Cassidy Turley. The previous owner of Sky Harbor Towers lost the asset to foreclosure. In January 2006, BREW reported a venture formed by The Muller Co. in Laguna Hills, Calif. (Jon Muller, Steve Muller, principals) paying $50.2 million ($184 per foot) to buy Sky Harbor Towers (at that time called Hohokam Towers). BREW has reported Orsett Properties developing, buying and selling numerous properties in the Valley. Mike Freret, CEO at Orsett, says the company is looking for additional investment opportunities. Find out more from Freret at (602) 344-3232. John Mitchell of LNR Partners is at (305) 695-5500. The Cassidy Turley agents are at (602) 954-9000. Miscio and Plapp are at (602) 222-5000.


View Larger Map


View Larger Map




Copyright © Business Real Estate Weekly of Arizona
CLOSE