Buyer Picks Off Foreclosed Office Property

SCOTTSDALE, AZ-In one of the first CMBS special servicer foreclosure deals, a Los Angeles-based investor has bought Mercado del Rancho, two class B office buildings totaling 71,200 square feet.

ESI Ventures, doing business as Black Canyon Place LLC, acquired Mercado del Rancho in an all-cash transaction from 10301 North 92nd Street Holdings LLC of Washington DC, a corporation controlled by CWCapital Asset Management. CWCapital took back the property in late 2009. It was previously owned by Phoenix-based Orsett Properties Ltd.

CWCapital hired Barry Gabel and Mindy Korth of CB Richard Ellis’ Phoenix office to sell the property, which was developed in the mid-1980s. “We didn’t have a list price, because the seller wanted to make sure the market established the value,” Korth tells GlobeSt.com.