X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SCOTTSDALE, AZ-A partnership from Tustin, CA paid $14.3 million to acquire a 64,835-sf building within the Calendar Stick Business Park. The Boca Raton, FL seller owned the building for about a year before flipping it to the buyer in an off-market transaction.

The building at 9305 E. Via de Ventura is 100% leased by SHPS, an integrated health management provider headquartered in Louisville, KY. According to Ken Elmer, principal with EBS & Associates in Scottsdale, the buyer, led by Carl Greenwood and Jim McKenzie, liked the income stream. SHPS took the space in early 2006 for expansion purposes.

“SHPS has about 8.5 years remaining on its lease, and as the lease rolls, there could be some potential upside,” adds Elmer, who structured the deal between the buyer and sellers Irving Smokler of Boca Rotan, FL and Peter Lenstrohm, who hails from Scottsdale. Ron Schooler and Fred Buck, also principals with EBS, worked with Elmer on the deal.

Elmer tells GlobeSt.com that the buyer used 1031 exchange money for the asset, and assumed existing financing, which consisted of a 10-year note that’s scheduled to come due in 8.5 years.

Smokler and Lenstrohm acquired the building in December 2006 from Opus West Corp. for $12 million. Opus is the developer of the 24-acre, four-building, 250,000-sf Calendar Stick Business Park, located on the Salt River Pima-Maricopa Indian Community. The buildings and land are master-leased to Opus West for 65 years. The park is 100% leased.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.