Word has seeps out that Park Central’s owner is in default on a $32.5 million loan that is secured by about 330,000 of the 700,000 square feet that comprise the mixed-use development. The property is at Central Avenue and Earll Drive in Phoenix.
Pensus purchased the shopping mall in 1996 and converted it from a largely retail project to one that was primarily office-oriented. Pensus has until April 19, when a trustee sale is scheduled, to work out a deal with special servicer LNR Partners LLC of Miami Beach, Fla.
Park Central’s retail includes one of the most popular Starbucks locations in the state. The Good Egg and Qdoba also have locations nearby. No word on how those proprietors might be affected by a trustee sale. Cable One is the largest office tenant at the moment, with about 60,000 square feet, Maule-ffinch said. According to BREW, the legal trustor is Mall SPE LLC, which Pensus formed. The beneficiaries are the registered holders of LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage Pass-Through Certificates Series 2001-C3. BREW cites Ion Data, a local real estate research firm, as the source of specific information regarding the foreclosure.
Source: www.bizjournals.com
Word has seeps out that Park Central’s owner is in default on a $32.5 million loan that is secured by about 330,000 of the 700,000 square feet that comprise the mixed-use development. The property is at Central Avenue and Earll Drive in Phoenix.
Pensus purchased the shopping mall in 1996 and converted it from a largely retail project to one that was primarily office-oriented. Pensus has until April 19, when a trustee sale is scheduled, to work out a deal with special servicer LNR Partners LLC of Miami Beach, Fla.
Park Central’s retail includes one of the most popular Starbucks in the state. The Good Egg and Qdoba also have locations nearby. No word on how those proprietors might be affected by a trustee sale. Cable One is the largest office tenant at the moment, with about 60,000 square feet, Maule-ffinch said. According to BREW, the legal trustor is Mall SPE LLC, which Pensus formed. The beneficiaries are the registered holders of LB-UBS Commercial Mortgage Trust 2001-C3, Commercial Mortgage Pass-Through Certificates Series 2001-C3. BREW cites Ion Data, a local real estate research firm, as the source of specific information regarding the foreclosure.