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Foreclosure looming on Scottsdale medical offices with $36.5 million loan in default

Posted by   /  March 3, 2014  /  No Comments

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Scottsdale – A group of tenant-in-common (TIC) investors is facing foreclosure on 154,130 sq. ft. of Scottsdale medical office space on two seperate properties. According to Ion Data, a Mesa-based provider of real estate data, the north Scottsdale projects are collateral on a $36.5 million loan that is in default. Ion Data’s Foreclosure Update lists NNN North Scottsdale Medical LLC and 36 TIC entities as the borrower (trustor) on a commercial mortgage backed security issued by Wachovia Bank. The CMBS loan is secured by a 81,601-square-foot medical office project at 8952 E. Desert Cove and 10752 N. 89th Place, and a 72,529-square-foot medical office complex at 9700 N. 91st Street. The trustee’s sale is scheduled for May 28. The trustee handling the sale is Jeffrey Pitcher of the Phoenix lawfirm Ballard Spahr LLP. In April 2007, BREW reported a TIC investment group formed by Santa Ana, Calif.-based Triple Net Properties (Anthony Thompson, CEO) paying $45 million ($291.96 per foot) to acquire both Scottsdale medical office properties in two separate transactions. The acquisitions included a two-building project on Desert Cove and 89th Place called Edwards Professional Park I & II, and a three-building complex on 91st Street called Mountain View Professional Park. Continue reading

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