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Wednesday, 05 June 2002

West Regional Digest (6/6/02): Phoenix Tower Sold for $58Mln

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June 6, 2002

Phoenix tower sold for $58Mln
Arizona Republic

PHOENIX – Parkway Properties purchased the trophy Viad Tower from a group owned by the Singapore government for $58 million. The foreign investor, called FP Arizona, purchased the property from Dial Corp. for $73 million in 1997, near the height of a Valley's real estate boom. Insignia/ESG negotiated both sales of the 480,000-square-foot building. After losing major tenants like Dial and Finova Group during the late '90s, the Viad building has recently attracted new firms and is more than 90 percent leased. Built in 1991, Viad Tower was one of the last high-rises on Central Avenue.

Pacific Property buys Calif. apartments for $8Mln

RESEDA, Calif. – Pacific Property Co. has acquired the 141-unit Villa La Paloma Apartments for more than $8 million. The company's acquisition of Villa La Paloma increases Pacific's portfolio of West Coast apartment communities to 3,468 units.

Phoenix apartment community sold for $7.7Mln

PHOENIX – FowlerShore & Flanagan/Quail Pointe Associates LLC has sold the 264-unit Quail Point apartment complex to Ed Klugman for $7.7 million. The property located at 3045 N. 67th Ave. was built in 1988. The new owner plans to remodel and reposition the property. CB Richard Ellis arranged the transaction.

Vacant office in Phoenix building fetches $3.2Mn for new hotel/condos

PHOENIX, Ariz. – Developer Fred Unger and businessman Mark Doerflein have paid $3.2 million for the Professional Building at 15 E. Monroe St., an art deco building that the pair will renovate as a boutique hotel and condominium project. The 130,000-sf office building, which will be renamed The Monroe, was sold by a local partnership. Plans call for converting the 12-story, vacant office building into a 56-unit hotel and 26 condos. In addition, the property will contain restaurants and retail space. Reconstruction is planned for completion in 2004. Kelly McKone of Cushman & Wakefield of Arizona and Art Cunningham of Cunningham Real Estate negotiated the sale.

Commercial Real Estate Direct provides links to full stories where available.


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Additional Info

  • Syndicate to Realpoint: No
  • Subject: Property Acquisitions (ACQ), West Regional Digest (WDIG)
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Data Digest







Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44




cppichart FP



CMBS 2.0 Spreads


Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41





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