SCOTTSDALE, AZ-WDP Properties beat out 16 other investors to nab a vacant 136,556-square-foot office building that formerly housed First National Bank of Arizona’s corporate headquarters. The Phoenix-based investor paid $10 million for the class A property, which has been vacant since the FDIC closed the bank in July 2008.
Situated on nearly 11 acres within Scottsdale’s prestigious Perimeter Center development, the building is located at 17600 N. Perimeter Dr. It includes a 5,800-square-foot cafeteria, a 7,700-square-foot, raised-floor data center and a back-up generator.
WDP Properties, which is a company headed by former Westcor Development executives, acquired the property in an all-cash transaction out of receivership. Midland Loan Services served as the asset’s special servicer.
The building has an interesting, yet complicated past. Constructed in 1999, the building was fully occupied by Metris Companies in January 2000. Three years later, Metris sold the building to Reno, NV-based FNB HQ LLC, a corporation headed by the First National Bank of Arizona’s former chairman. The bank leased the building for its corporate headquarters.
Marketed by Bob Young, Glenn Smigiel, Steve Brabant, Rick Abraham and Jerry Noble of CBRE’s Phoenix office, the vacant building had a list price of $14 million. “In the heyday, and if the building had been occupied, it could have sold for three to four times that amount,” Young tells GlobeSt.com. “We had quite a bit of interest in the property. We knew there was quite a bit of money waiting and trying to get into the market.”
Young says WDP Properties was the high bidder. The buyer was represented by Jim Fijan and Kevin Calihan, also of CBRE’s Phoenix office.
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