VIZZDA – A Los Angeles-based investor, Farid Safaie-Kia, has purchased Lakeview Village out of special servicing for $12.15M or $106 per square foot. No debt was recorded with the sale. The seller was LNR Partners as special servicer for the benefit of a US Bank-administered commercial mortgage-backed security (CMBS).
Located less than a half-mile south of the US-60, at the southeast corner of Baseline Road and Val Vista Drive in Gilbert – the office/retail development totals 114,440 ft2 of which 22K ft2 is office. The project was completed in stages between 1988 and 1995 on nearly 30 acres. The development is anchored by a 61K ft2 Fry’s Food and Drug Store, which is not included in this sale.
