"From my point of view, that was a two-year effort," Jeff Chalfin, a senior adviser at Sperry Van Ness in Phoenix, tells GlobeSt.com. "There was no ask. It was a submit offer-type sale. Everybody put in an offer and they did a second round...and we ended up getting it."
Maverick Holdings LLC, headed by principal David Christenholz of Paradise Valley, beat out four other offers for the Citadel, a 1988 building situated on four acres at 8700 E. Pinnacle Rd. Christenholz obtained a loan of nearly $4.4 million from the Arizona State Employees Compensation Fund in Phoenix. The financing represents 80% of the building's value and planned improvements. Chicago-based Bank One Corp. serviced the loan transaction.
Seller Ray Lamb, president and CEO of Scottsdale-based First National Bank of Arizona, last year took back the property after a partnership declared bankruptcy. In addition to the main two-story building, a 12,294-sf bank sits on the parcel, but it was not included in the sale. Escrow lasted eight months.
Christenholz plans to convert the upstairs portion of the building--formerly utilized as a 13-room inn--into small office suites. Renovations could run from $300,000 to $400,000, says Chalfin. The first floor includes additional offices and retail suites.
Chalfin, Ari Spiro and Mike Day of the Spiro, Chalfin & Day Marketing Group at Sperry Van Ness represented the buyer. Lamb represented himself in the sale.
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