BSP Acquires Mountain Vista

Buchanan Street Partners Closes $8 Mil AZ Buy 

11/12/10

Buchanan Street Partners has acquired Mountain Vista Commerce Center, a flex
office/industrial park located at 14647 South 50th St in Phoenix, AZ. The three building,133k sf property fetched $7.8 mil, or about $59/sf. Located on the border of Tempe and Chandler and within minutes of Phoenix Sky Harbor International Airport, Mountain Vista Commerce Center sits on a 10-acre site and has excellent frontage along I-10. Built in 1999, the property is situated in one of the most affluent, well-established submarkets in the Phoenix metro area. According to Managing Director Bob Peterson, Buchanan saw the opportunity to acquire the strong cash-flowing asset at an attractive basis that was less than 50 percent of estimated replacement cost. Buchanan expects the property, currently 72 percent occupied, to stabilize at 85 percent over the next 36 months, with limited near-term lease rollover. Mountain Vista Commerce Center was sold by Horsham, PA-based Berkadia Mortgage Capital, who acted as a special servicer to CMBS bondholders after the property was foreclosed upon in 2009. Bob Buckley, Tracy Cartledge and Steve Lindley with Cassidy Turley BRE Commercial brokered the transaction.