Daily Archives: December 6, 2008

111 W. Monroe is first major office foreclosure in downtown Phoenix

111 W. Monroe building sign (photo by Jeff Knapp)

111 W. Monroe building sign (photo by Jeff Knapp)

[Business Real Estate Weekly of Arizona, Nov. 21, 2008] — A trustee’s sale has been noticed for an office building in downtown Phoenix that was sold last year to a San Diego-based firm.  While the Valley has seen a surge in foreclosures on many home builder parcels and apartment properties, it is the first trustee’s sale on a major office project.  The 244,651-square-foot office building targeted in the foreclosure is located at 111 W. Monroe Street.

In February 2007, BREW reported a company formed by BCL Inc. in San Diego (Casey Brown, Paul LeBeau, principals) paying $40 million ($163.40 per foot) to purchase the 18-story structure.  The seller was a company formed by investor Dick Lund of Biltmore Holdings in Phoenix.  According to Ion Data, a Mesa-based provider of real estate data, Scott Klundt of the Phoenix lawfirm Quarles & Brady is the trustee on the pending foreclosure.  The trustee’s sale is scheduled for February 4, 2009. [Note: To read the full article, click here.]