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| February 5, 2010
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| CONVERTED OFFICE PROJECT ON CENTRAL AVENUE SOLD BY LENDER FOR $16 MILLION
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| Phoenix – A venture formed by investors Robert Macdonald of Macdonald Development Corp. in Vancouver, B.C., Canada and Robert Hubbard of Comcore Properties Inc. in Issaquah, Wash. paid $16 million ($115,942 per unit) to acquire 138 units within the Century Plaza condominiums in downtown Phoenix. The seller was M&I Marshall and Ilsley Bank in Milwaukee, Wis. The 17-story project, which is south of the southeast corner of Osborn Road and Central Avenue, has an address of One E. Lexington Avenue. The venture formed by Macdonald and Hubbard paid cash for the real estate. Century Plaza features loft and condominium units ranging from 734 sq. ft. to 2,846 sq. ft. The residences originally were priced from $290,000 to $1 million. Macdonald says the new owner will spend about $3.5 million to complete the unfinished units. The name of the project will also be changed. The upscale development includes concierge service, pool and spa, exercise facility, lounge, ground floor retail with a yoga studio and other amenities. The Macdonald/Hubbard venture will sell the condominiums at a “dramatically lower pricing model.” Prices tentatively expected to start at $165,000. David Newcombe of Russ Lyon Sotheby’s International Realty will assist with marketing. Sales are scheduled to begin in April. In March 2009, BREW reported M&I Bank filing to foreclosure. The previous owner defaulted on a $39.852 million loan that was secured by Century Plaza. Windsor Century Plaza LLC, a company formed by Douglas Edgelow of Equus Development Corp. in Phoenix, converted the former office building and sold 15 of the 153 units before M&I Bank foreclosed. In December 2004, BREW reported Edgelow’s company paying $9.8 million to buy the office project. Macdonald says he is looking for additional multi-family investment opportunities in the Valley . . . the company likes broken condo projects as well as apartment rental communities. Macdonald Development Corp. is a privately-held company that focuses primarily on developing condominium projects and single-family communities. Comcore Properties also focuses on condominium and single-family developments, and has partnered with Macdonald on multiple deals. Get more from Macdonald at (604) 331-6018. Talk to Hubbard at (425) 557-2815. Newcombe is at (602) 510-0111. |
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