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.]

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