Commercial Transactions

Thu, 03/24/2011 - 00:00 -- Jeff

Phoenix - Metrocenter Land LLC, a company formed by Randy Stolworthy of RRS & Co. in Tempe, paid $2 million to acquire a 8.75-acre parcel of land located near the Metrocenter Mall at 9445 N. Metro Parkway East in Phoenix. The seller was GCCFC 2005-GG5 Phoenix Retail LLC, a commercial mortgage backed security (CMBS). The special servicer was LNR Partners LLC in Miami, Fla. The cash sale was brokered by Bob Young, Glenn Smigiel, Steve Brabant, Rick Abraham and Nancy Romanovsky of CB Richard Ellis in Phoenix. The land is leased for 11 years to George Kimball, a Paradise Valley-based businessman who operates the popular Castles 'N Coasters amusement park on the site. The previous owner lost the property to foreclosure.