Archive for November, 2013

Orsett Properties Buys Sky Harbor Towers for $12.1 Million

November 14th, 2013 by admin

Phoenix – A company formed by Orsett Properties Ltd. in Phoenix (Curt Feuer, Mike Freret, principals) paid $12.1 million ($44 per foot) to buy a 273,623-square-foot office project located at the northwest intersection of the 143 and I-10 freeways in Phoenix. The seller was LNR Partners. The sale was brokered by Eric Wichterman of Cassidy Turley BRE Commercial and Charles Miscio of Colliers International in Phoenix. The three-building corporate campus, called Sky Harbor Towers, was most recently occupied by the University of Phoenix as a corporate campus. Currently it is vacant. Wentworth, Beall, Spellman and Walker of Cassidy Turley have the leasing assignment.

The buyer purchased the property with a loan issued by National Bank of Arizona. The acquisition is another strong bet from Orsett that the Phoenix market is recovering and larger tenants are entering the market.  Orsett is interested in additional real estate investment opportunities in the Phoenix area. They are actively seeking value-added opportunities and will purchase stand-alone properties as well as notes secured by real estate. In 2005, BREW reported a company formed by The Muller Co. in Laguna Hills, Calif. paying $50+ million to buy Sky Harbor Towers. Sky Harbor Towers was built in three phases in 1986, 1989 and 1999. The property is located at 4605, 4615 and 4635 E. Elwood Street. Learn more from Freret at (602) 344-3232. Talk to the Cassidy Turley agents at (602) 954-9000.