CA Partnership Pays $14M for Office Site

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.