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| February 26, 2010
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| VIAD TOWER ON CENTRAL AVENUE TO BE SOLD AT TRUSTEE’S SALE . . . $65 MILLION LOAN SIDEWAYS
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| Phoenix – A 24-story office tower on Central Avenue in Phoenix that has been headquarters to Viad Corp. is set to be sold at a trustee’s sale on May 24. The roughly 480,000-square-foot office, also known as Viad Corporate Center, is located just north of McDowell Road at 1850 N. Central Avenue. The office property, built in 1991, is collateral on a $65 million loan that is in default. The mortgage was issued to MCC/I&G Viad Office Tower Owner LLC. That company was formed by McCarthy Cook & Co. in Costa Mesa, Calif. (Thomas McCarthy, Edward Cook, co-presidents), and a fund managed by JP Morgan Investment Management in New York City, N.Y. The beneficiary is Bank of America, as successor by merger to LaSalle Bank National Association, as trustee and custodian for the registered certificate holders of Bear Stearns Commercial Mortgage Securities Inc., Commercial Pass-Through Certificates, Series 2007-TOP26. The special servicer is Centerline Servicing Inc. in Irving, Tex. According to Ion Data, a Mesa-based provider of real estate information, Michelle Ghidotti of Assured Lender Services Inc. in Tustin, Calif. is the trustee on the pending foreclosure. Representatives of McCarthy Cook say the company is hopeful that it can work out a deal with the lender to continue as the owner and avoid foreclosure. The building is 82 percent occupied. The leasing is being handled by John Bonnell, Don Mudd, Jason Moore and Brett Abramson, formerly of Cassidy Turley BRE Commercial in Phoenix, and now with Jones Lang LaSalle in Phoenix. The asking rental rate is $23.50 to $27 per foot (full service). Viad Corp. once served as the anchor tenant with about 150,000 sq. ft. of space. Those operations have been scaled down to about 30,000 sq. ft. In June 2006, BREW reported the McCarthy Cook/JP Morgan venture paying $105.55 million ($220.60 per foot) to acquire Viad Corporate Center. In May 2007, BREW reported another company formed McCarthy Cook paying $4.5 million to purchase a 1.9-acre parcel located immediately south of the 24-story office tower. At one time, that site was targeted for development as another high-rise. The property is held separately and is not part of the trustee’s sale. Find out more from representatives of McCarthy Cook by calling (714) 913-6900. Reach Ghidotti at (714) 508-7373. The Jones Lang LaSalle agents are at (602) 840-9333. Zach Bowers of Ion Data is at (480) 831-6677, ext. 15. |
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