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| February 5, 2010
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| CHESTNUT PROPERTIES NOTICED FOR TRUSTEE’S SALE ON OFFICE/LAB PROJECT IN TEMPE
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| Tempe – An office/laboratory project in Tempe that serves as headquarters for First Solar Inc. is being targeted in a foreclosure action. The 250,000-square-foot structure, within the Papago Park Center business park, is at 350 W. Washington Street. The six-story project, called Papago Gateway Center, secures a $62.1 million loan that is in default. The mortgage was issued to a company formed by Chestnut Properties in San Diego, Calif. (Lee Chestnut, principal). Chestnut Properties was the developer of the Leed (Leadership in Energy and Environmental Design) certified structure. The beneficiary on the loan is U.S. National Bank, as successor to San Diego National Bank. According to Ion Data, a Mesa-based provider of real estate information, Craig Williams of the Phoenix law firm Snell & Wilmer is the trustee on the pending trustee’s sale. The property is scheduled to be sold at public auction on April 28 (see Commercial Foreclosures on P. 5). In October 2006, BREW reported Chestnut Properties planning to develop the project on five acres located at the northwest corner of Mill Avenue and Washington Street. Construction of the environmentally-friendly “green building” was completed in March 2008. The project is 34 percent occupied with First Solar (NYSE:FSLR) serving as the anchor tenant with 78,000 sq. ft. of office space in the top two floors. First Solar, which makes panels for power plants, houses its corporate headquarters at Papago Gateway Center. Mark Stratz and Tyler Wilson of Cassidy Turley BRE Commercial in Phoenix are leasing the project along with David Odmark of Cassidy Turley BRE in San Diego. The rental rate for the office space is $24 to $27 per foot (full service). Susan Winterton of Snell & Wilmer is assisting Williams with the trustee’s sale . . . contact her at (602) 382-6000. Talk to Chestnut at (858) 523-0694. Zach Bowers of Ion Data is at (480) 831-6677, ext. 15. Reach Stratz and Wilson at (602) 954-9000. Odmark is at (858) 546-5430. |
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