Blake Hastings with Grubb & Ellis tells GlobeSt.com that the recent change in ownership is the best thing that could have happened to the 1980s buildings on 4455 E. Camelback Rd. "No one had really taken care of this asset for the past year or two years, since the trouble Mortgages Ltd. had," says Hastings, who has the complex's leasing assignment with Grubb & Ellis colleagues Jeff Wentworth and Sean Spellman. "Now we have stable ownership that has the financial wherewithal to make quality leases. That's an important selling point, the stable ownership."
Hastings goes on to say that lease expansions for two of the tenants have already taken place. Meanwhile, Moreno and his team are upgrading exteriors, common areas and will start some speculative office suites as well.
The five-building complex had been acquired in late 2006 by Mortgages Ltd., which leased 22,000 square feet for its headquarters. Mortgages Ltd. paid $22.5 million to buy it from Shea Commercial. Moreno bought the note for $15 million earlier this year from MidFirst Bank, and closed on ownership of the property itself about three weeks ago, Hastings remarks. Mortgages Ltd. declared bankruptcy in 2008, with the majority of its properties being disposed of through trustee's sales.
Park on Camelback ended up in the right hands, Hastings comments. "This is a class B asset in a well-located area," he adds. "We're just getting the word of mouth out there about it."
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