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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.

Orsett purchases second Storage facility

October 1st, 2013 by admin

ORSETT/Gateway LLC, a company formed by ORSETT Properties Ltd. in Phoenix (Curt Feuer, pres.) paid $4.425 million ($76.29 per foot) to acquire the 58,000-square-foot Arrowhead Mini-Storage facility at 19315 N. 83rd Avenue in Peoria. The seller was Arrowhead Mini-Storage Co. LLC in Peoria (Kenneth Golash, Ronald Von Aschersleben, Scott Bittl, members). The sale was brokered by Bill Alter and Denise Nunez of Rein & Grossoehme in Phoenix. The 499-unit project, which was built in 1997, was 80 percent occupied at closing. The buyer acquired the property with a $2.825 million loan from National Bank of Arizona. The purchase is the second mini-storage investment for ORSETT in the Valley. Two weeks ago, BREW reported ORSETT/Gateway LLC paying $1.49 million ($43.18 per foot) to buy the 34,505-square-foot Store It All self storage facility located at 2331 W. Indian School Road in Phoenix. David French, director of acquisitions and advancement at ORSETT, says the company is looking for more investment opportunities in the Phoenix area. 

Orsett moves into Storage industry with recent acquisition

September 9th, 2013 by admin

ORSETT/Gateway LLC, a company formed by ORSETT Properties Ltd. in Phoenix (Curt Feuer, pres.) paid $1.49 million ($43.18 per foot) to buy the 34,505-square-foot Store It All self storage facility located at 2331 W. Indian School Road in Phoenix. The seller was Store It All Phoenix LLC in Rockville, Md. (Daniel Myers, managing member). The project, which was 70 percent occupied at closing, has 425 units. The buyer acquired the property with a $1.214+ million loan from National Bank of Arizona. Store It All was built in 1978.

Orsett Buys North Central Phoenix Offices For $15 Million

December 8th, 2011 by admin

Phoenix – A company formed by Orsett Properties Ltd. in Phoenix (Curt Feuer, Mike Freret, principals) paid $15 million ($84.57 per foot) to buy a 177,375-square-foot office project located at the southeast corner of 16th Street and Missouri Avenue in Phoenix. The seller was Trust Realty Advisors Inc. in Scottsdale as court appointed receiver. The sale was brokered by Eric Wichterman, Mike Coover, Jeff Wentworth, Blake Hastings and Sean Spellman of Cassidy Turley BRE Commercial in Phoenix. The two-building complex, called Madison Square, is 50 percent occupied. Hastings, Wentworth and Spellman have the leasing assignment. The buyer purchased the property by assuming a loan issued by GMAC Commercial Mortgage Securities Inc. The escrow was handled by Bill McCalmont of FirstArizona Title Agency in Scottsdale. The acquisition is the first for Orsett in the Valley in five years. Prior to then, BREW had reported the privately-held company buying, developing and selling numerous office, industrial, retail and multi-family properties in the Phoenix area. The company still owns 15 commercial properties in the Valley. Orsett is interested in additional real estate investment opportunities in the Phoenix area . . . wants value-added deals and will purchase stand alone properties as well as notes secured by real estate. The previous owner of Madison Square lost control of the four-story office structures after they went into receivership. In April 2000, BREW reported a company formed by The Muller Co. in Laguna Hills, Calif. paying $22+ million to buy Madison Square. The Muller Co. was unable to refinance the loan issued by GMAC Commercial Mortgage and the asset was put into receivership. Madison Square was built in two phases in 1986 and 1990. The property is located at 5343-5353 N. 16th Street. Learn more from Freret at (602) 344-3232. Talk to the Cassidy Turley agents at (602) 954-9000.