Nonperforming office loan in Phoenix

Real Estate Alert, June 23, 2004

Muller Co. paid $28 million for the note backed by Plaza at Squaw Peak, a 425,000-sf office park in Phoenix that was formerly known as Pointe Corporate Center and Pointe Corridor Centre 1&2. The nonperforming mortgage was sold by GMAC, who provided the loan to the team of Whitehall Street Real Estate Fund and Insignia Commercial Group.

The Whitehall team bought the buildings in 2000 from Pivotal Group and William E. Simon & Sons Realty for $44.2 million. The three buildings, at 7500 North Dreamy Draw, 7600 North 15th Street and 7600 North 16th Street, are 55% occupied.