Commercial Real Estate Direct Staff Report
JPMorgan Chase Bank has provided $91 million of financing against the Galleria Corporate Centre, facilitating a recapitalization of the 537,110-square-foot office property in Scottsdale, Ariz.
The property, a former shopping mall at 4343 North Scottsdale Road, was acquired four years ago for $68.7 million by a venture of Stockdale Capital Partners and Oaktree Capital Management. The latest recap involved Oaktree selling its 80 percent stake in the property to Jasper Ridge Partners, a Menlo Park, Calif., investment manager affiliated with Robert M. Bass, in a deal that now values the property at $142.5 million, or nearly 110 percent more than its 2013 purchase price. That's before taking into account a $55 million loan that had encumbered it.
The property is the cornerstone of Stockdale's Scottsdale investment strategy. The company, which grew out of Triyar Cos., a family office led by brothers Steven and Shawn Yari, had over the years purchased a number of empty lots across from what is now the Scottsdale Fashion Square Mall, the area's dominant retail property. The area since has been revitalized and is now known as the Entertainment district for its restaurants...
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