Mesa land auctioned off for $30.2 million, new homes planned - Phoenix Business Journal

The Arizona State Land Department auctioned off a large block of state land in east Mesa this morning to the highest bid of $30.2 million, only $200,000 more than the minimum bid allowed.

The auction itself was swift and rather anticlimactic as only two of the roughly 45 people in attendance actually participated in the bidding, which took place at the Land Department’s office in Phoenix.

Read more...Mesa land auctioned off for $30.2 million, new homes planned - Phoenix Business Journal

Feds crack down on foreclosure auction scams

SAN FRANCISCO (AP) — At the height of the financial crisis, bargain hunters would gather each week on county courthouse steps to bid on foreclosed properties throughout Northern and Central California. The inventory lists were long, especially in hard-hit areas such as Sacramento and Stockton. But the auctions were generally short affairs — often because real estate speculators were illegally fixing the bidding process.

In the past three years, federal prosecutors have charged 54 people and two companies in three states for bid-rigging during courthouse auctions of foreclosed properties. Most cases originated in California, the state with the highest foreclosure rate during the financial crisis. Nearly identical rings were also broken up in Raleigh, N.C., and Mobile, Ala.

Read more: Feds crack down on foreclosure auction scams

Unfinished plaza bought

An online auction netted a $625,000 winning bid for the partially built McQueen Professional Plaza near the Islands community in Gilbert, where the blighted complex has gathered weeds, litter and graffiti while sitting vacant for years.

The sale late last month could mean a happier ending for a development that was supposed to open in late 2008 but which has since fallen into neighborhood-eyesore status.

The two-day auction, which ended April 26, may not result in a sale, since the terms and conditions allow the seller to accept or reject any bid for the property. But the initial information provided by Auction.com suggested the $625,000 bid met the seller's undisclosed reserve price.

The winning bidder is required to execute a purchase agreement within two hours of the auction's close or risk being declared in default. The bidder then must deliver earnest money within 24 hours, and the sale should close within 30 days, according to the terms and conditions.

Auction.com accepted bids only from cash buyers, who paid a $5,000 deposit to participate in the auction.

Bidding started at $250,000 and climbed to $400,000 by the morning of April 26. A flurry of last-minute bids elevated the price to $625,000. According to Auction.com, the property's most recent real-estate value was set at $620,000 in August 2010. The developer's initial loan on the project was worth about $7.4 million, according to Maricopa County records.

Phoenix contractor Parker Ganem, who was building the complex, said now-defunct Silver State Bank was financing the project but stopped paying and was seized by the federal government. "That one bank took my entire construction company down," Ganem said. "I had to file for bankruptcy because of that one project."

Construction screeched to a halt, leaving partially framed buildings with exposed foundations and open storm-drain culverts. Weeds shot up, and the lot drew litter and graffiti.

by Parker Leavitt - May. 11, 2012 02:39 PM The Republic | azcentral.com




Unfinished plaza bought

Unfinished plaza bought

An online auction netted a $625,000 winning bid for the partially built McQueen Professional Plaza near the Islands community in Gilbert, where the blighted complex has gathered weeds, litter and graffiti while sitting vacant for years.

The sale late last month could mean a happier ending for a development that was supposed to open in late 2008 but which has since fallen into neighborhood-eyesore status.

The two-day auction, which ended April 26, may not result in a sale, since the terms and conditions allow the seller to accept or reject any bid for the property. But the initial information provided by Auction.com suggested the $625,000 bid met the seller's undisclosed reserve price.

The winning bidder is required to execute a purchase agreement within two hours of the auction's close or risk being declared in default. The bidder then must deliver earnest money within 24 hours, and the sale should close within 30 days, according to the terms and conditions.

Auction.com accepted bids only from cash buyers, who paid a $5,000 deposit to participate in the auction.

Bidding started at $250,000 and climbed to $400,000 by the morning of April 26. A flurry of last-minute bids elevated the price to $625,000. According to Auction.com, the property's most recent real-estate value was set at $620,000 in August 2010. The developer's initial loan on the project was worth about $7.4 million, according to Maricopa County records.

Phoenix contractor Parker Ganem, who was building the complex, said now-defunct Silver State Bank was financing the project but stopped paying and was seized by the federal government. "That one bank took my entire construction company down," Ganem said. "I had to file for bankruptcy because of that one project."

Construction screeched to a halt, leaving partially framed buildings with exposed foundations and open storm-drain culverts. Weeds shot up, and the lot drew litter and graffiti.

by Parker Leavitt - May. 11, 2012 02:39 PM The Republic | azcentral.com


Unfinished plaza bought

Unfinished plaza bought

An online auction netted a $625,000 winning bid for the partially built McQueen Professional Plaza near the Islands community in Gilbert, where the blighted complex has gathered weeds, litter and graffiti while sitting vacant for years.

The sale late last month could mean a happier ending for a development that was supposed to open in late 2008 but which has since fallen into neighborhood-eyesore status.

The two-day auction, which ended April 26, may not result in a sale, since the terms and conditions allow the seller to accept or reject any bid for the property. But the initial information provided by Auction.com suggested the $625,000 bid met the seller's undisclosed reserve price.

The winning bidder is required to execute a purchase agreement within two hours of the auction's close or risk being declared in default. The bidder then must deliver earnest money within 24 hours, and the sale should close within 30 days, according to the terms and conditions.

Auction.com accepted bids only from cash buyers, who paid a $5,000 deposit to participate in the auction.

Bidding started at $250,000 and climbed to $400,000 by the morning of April 26. A flurry of last-minute bids elevated the price to $625,000. According to Auction.com, the property's most recent real-estate value was set at $620,000 in August 2010. The developer's initial loan on the project was worth about $7.4 million, according to Maricopa County records.

Phoenix contractor Parker Ganem, who was building the complex, said now-defunct Silver State Bank was financing the project but stopped paying and was seized by the federal government. "That one bank took my entire construction company down," Ganem said. "I had to file for bankruptcy because of that one project."

Construction screeched to a halt, leaving partially framed buildings with exposed foundations and open storm-drain culverts. Weeds shot up, and the lot drew litter and graffiti.

by Parker Leavitt - May. 11, 2012 02:39 PM The Republic | azcentral.com


Unfinished plaza bought

Unfinished plaza bought

An online auction netted a $625,000 winning bid for the partially built McQueen Professional Plaza near the Islands community in Gilbert, where the blighted complex has gathered weeds, litter and graffiti while sitting vacant for years.

The sale late last month could mean a happier ending for a development that was supposed to open in late 2008 but which has since fallen into neighborhood-eyesore status.

The two-day auction, which ended April 26, may not result in a sale, since the terms and conditions allow the seller to accept or reject any bid for the property. But the initial information provided by Auction.com suggested the $625,000 bid met the seller's undisclosed reserve price.

The winning bidder is required to execute a purchase agreement within two hours of the auction's close or risk being declared in default. The bidder then must deliver earnest money within 24 hours, and the sale should close within 30 days, according to the terms and conditions.

Auction.com accepted bids only from cash buyers, who paid a $5,000 deposit to participate in the auction.

Bidding started at $250,000 and climbed to $400,000 by the morning of April 26. A flurry of last-minute bids elevated the price to $625,000. According to Auction.com, the property's most recent real-estate value was set at $620,000 in August 2010. The developer's initial loan on the project was worth about $7.4 million, according to Maricopa County records.

Phoenix contractor Parker Ganem, who was building the complex, said now-defunct Silver State Bank was financing the project but stopped paying and was seized by the federal government. "That one bank took my entire construction company down," Ganem said. "I had to file for bankruptcy because of that one project."

Construction screeched to a halt, leaving partially framed buildings with exposed foundations and open storm-drain culverts. Weeds shot up, and the lot drew litter and graffiti.

by Parker Leavitt - May. 11, 2012 02:39 PM The Republic | azcentral.com


Unfinished plaza bought

Unfinished plaza bought

An online auction netted a $625,000 winning bid for the partially built McQueen Professional Plaza near the Islands community in Gilbert, where the blighted complex has gathered weeds, litter and graffiti while sitting vacant for years.

The sale late last month could mean a happier ending for a development that was supposed to open in late 2008 but which has since fallen into neighborhood-eyesore status.

The two-day auction, which ended April 26, may not result in a sale, since the terms and conditions allow the seller to accept or reject any bid for the property. But the initial information provided by Auction.com suggested the $625,000 bid met the seller's undisclosed reserve price.

The winning bidder is required to execute a purchase agreement within two hours of the auction's close or risk being declared in default. The bidder then must deliver earnest money within 24 hours, and the sale should close within 30 days, according to the terms and conditions.

Auction.com accepted bids only from cash buyers, who paid a $5,000 deposit to participate in the auction.

Bidding started at $250,000 and climbed to $400,000 by the morning of April 26. A flurry of last-minute bids elevated the price to $625,000. According to Auction.com, the property's most recent real-estate value was set at $620,000 in August 2010. The developer's initial loan on the project was worth about $7.4 million, according to Maricopa County records.

Phoenix contractor Parker Ganem, who was building the complex, said now-defunct Silver State Bank was financing the project but stopped paying and was seized by the federal government. "That one bank took my entire construction company down," Ganem said. "I had to file for bankruptcy because of that one project."

Construction screeched to a halt, leaving partially framed buildings with exposed foundations and open storm-drain culverts. Weeds shot up, and the lot drew litter and graffiti.

by Parker Leavitt - May. 11, 2012 02:39 PM The Republic | azcentral.com


Unfinished plaza bought

Unfinished plaza bought

An online auction netted a $625,000 winning bid for the partially built McQueen Professional Plaza near the Islands community in Gilbert, where the blighted complex has gathered weeds, litter and graffiti while sitting vacant for years.

The sale late last month could mean a happier ending for a development that was supposed to open in late 2008 but which has since fallen into neighborhood-eyesore status.

The two-day auction, which ended April 26, may not result in a sale, since the terms and conditions allow the seller to accept or reject any bid for the property. But the initial information provided by Auction.com suggested the $625,000 bid met the seller's undisclosed reserve price.

The winning bidder is required to execute a purchase agreement within two hours of the auction's close or risk being declared in default. The bidder then must deliver earnest money within 24 hours, and the sale should close within 30 days, according to the terms and conditions.

Auction.com accepted bids only from cash buyers, who paid a $5,000 deposit to participate in the auction.

Bidding started at $250,000 and climbed to $400,000 by the morning of April 26. A flurry of last-minute bids elevated the price to $625,000. According to Auction.com, the property's most recent real-estate value was set at $620,000 in August 2010. The developer's initial loan on the project was worth about $7.4 million, according to Maricopa County records.

Phoenix contractor Parker Ganem, who was building the complex, said now-defunct Silver State Bank was financing the project but stopped paying and was seized by the federal government. "That one bank took my entire construction company down," Ganem said. "I had to file for bankruptcy because of that one project."

Construction screeched to a halt, leaving partially framed buildings with exposed foundations and open storm-drain culverts. Weeds shot up, and the lot drew litter and graffiti.

by Parker Leavitt - May. 11, 2012 02:39 PM The Republic | azcentral.com


Unfinished plaza bought

Unfinished plaza bought

An online auction netted a $625,000 winning bid for the partially built McQueen Professional Plaza near the Islands community in Gilbert, where the blighted complex has gathered weeds, litter and graffiti while sitting vacant for years.

The sale late last month could mean a happier ending for a development that was supposed to open in late 2008 but which has since fallen into neighborhood-eyesore status.

The two-day auction, which ended April 26, may not result in a sale, since the terms and conditions allow the seller to accept or reject any bid for the property. But the initial information provided by Auction.com suggested the $625,000 bid met the seller's undisclosed reserve price.

The winning bidder is required to execute a purchase agreement within two hours of the auction's close or risk being declared in default. The bidder then must deliver earnest money within 24 hours, and the sale should close within 30 days, according to the terms and conditions.

Auction.com accepted bids only from cash buyers, who paid a $5,000 deposit to participate in the auction.

Bidding started at $250,000 and climbed to $400,000 by the morning of April 26. A flurry of last-minute bids elevated the price to $625,000. According to Auction.com, the property's most recent real-estate value was set at $620,000 in August 2010. The developer's initial loan on the project was worth about $7.4 million, according to Maricopa County records.

Phoenix contractor Parker Ganem, who was building the complex, said now-defunct Silver State Bank was financing the project but stopped paying and was seized by the federal government. "That one bank took my entire construction company down," Ganem said. "I had to file for bankruptcy because of that one project."

Construction screeched to a halt, leaving partially framed buildings with exposed foundations and open storm-drain culverts. Weeds shot up, and the lot drew litter and graffiti.

by Parker Leavitt - May. 11, 2012 02:39 PM The Republic | azcentral.com


Unfinished plaza bought

Seized lands to be placed on auction block

Several plots of commercially zoned land in the Phoenix area that were seized by the Federal Deposit Insurance Corp. during recent bank closures will be placed on the auction block in October.

Likely bidders would be businesses seeking property on which to develop retail, office or other commercial structures.

Properties to be auctioned include 29 office/retail pads in Southgate Commerce Park in Mesa; a retail site adjacent to Walmart on MacDonald Road in Mesa; and a retail pad in Queen Creek, said John Dixon, president of the John Dixon Associates auction company, based in Marietta, Ga.

The auction is scheduled to begin at 10 a.m. on Oct. 11 at the Hilton Suites, 10 E. Thomas Road, in Phoenix.

"These properties, like a lot of others, just got caught in the wrong place when the economic downturn hit, but this auction will place them back into the private sector where they can provide opportunities for businesses," Dixon said.

Other properties to be sold at the Phoenix auction include a bank branch in Flagstaff, a number of residential lots and several commercial tracts, Dixon said.

The Phoenix event is the first of two auctions on consecutive days, he added.

On Oct. 12, the auction company will move to Las Vegas for the sale of about 10 office buildings, along with several tracts of commercial land, retail properties and other commercial and residential properties in Nevada and California.

The Las Vegas event is scheduled to be held at the Spring Hill Suites Las Vegas

by J. Craig Anderson - Sept. 21, 2011 04:09 PM
The Arizona Republic





Seized lands to be placed on auction block

Seized lands to be placed on auction block

Several plots of commercially zoned land in the Phoenix area that were seized by the Federal Deposit Insurance Corp. during recent bank closures will be placed on the auction block in October.

Likely bidders would be businesses seeking property on which to develop retail, office or other commercial structures.

Properties to be auctioned include 29 office/retail pads in Southgate Commerce Park in Mesa; a retail site adjacent to Walmart on MacDonald Road in Mesa; and a retail pad in Queen Creek, said John Dixon, president of the John Dixon Associates auction company, based in Marietta, Ga.

The auction is scheduled to begin at 10 a.m. on Oct. 11 at the Hilton Suites, 10 E. Thomas Road, in Phoenix.

"These properties, like a lot of others, just got caught in the wrong place when the economic downturn hit, but this auction will place them back into the private sector where they can provide opportunities for businesses," Dixon said.

Other properties to be sold at the Phoenix auction include a bank branch in Flagstaff, a number of residential lots and several commercial tracts, Dixon said.

The Phoenix event is the first of two auctions on consecutive days, he added.

On Oct. 12, the auction company will move to Las Vegas for the sale of about 10 office buildings, along with several tracts of commercial land, retail properties and other commercial and residential properties in Nevada and California.

The Las Vegas event is scheduled to be held at the Spring Hill Suites Las Vegas

by J. Craig Anderson - Sept. 21, 2011 04:09 PM
The Arizona Republic





Seized lands to be placed on auction block

Seized lands to be placed on auction block

Several plots of commercially zoned land in the Phoenix area that were seized by the Federal Deposit Insurance Corp. during recent bank closures will be placed on the auction block in October.

Likely bidders would be businesses seeking property on which to develop retail, office or other commercial structures.

Properties to be auctioned include 29 office/retail pads in Southgate Commerce Park in Mesa; a retail site adjacent to Walmart on MacDonald Road in Mesa; and a retail pad in Queen Creek, said John Dixon, president of the John Dixon Associates auction company, based in Marietta, Ga.

The auction is scheduled to begin at 10 a.m. on Oct. 11 at the Hilton Suites, 10 E. Thomas Road, in Phoenix.

"These properties, like a lot of others, just got caught in the wrong place when the economic downturn hit, but this auction will place them back into the private sector where they can provide opportunities for businesses," Dixon said.

Other properties to be sold at the Phoenix auction include a bank branch in Flagstaff, a number of residential lots and several commercial tracts, Dixon said.

The Phoenix event is the first of two auctions on consecutive days, he added.

On Oct. 12, the auction company will move to Las Vegas for the sale of about 10 office buildings, along with several tracts of commercial land, retail properties and other commercial and residential properties in Nevada and California.

The Las Vegas event is scheduled to be held at the Spring Hill Suites Las Vegas

by J. Craig Anderson - Sept. 21, 2011 04:09 PM
The Arizona Republic





Seized lands to be placed on auction block

Seized lands to be placed on auction block

Several plots of commercially zoned land in the Phoenix area that were seized by the Federal Deposit Insurance Corp. during recent bank closures will be placed on the auction block in October.

Likely bidders would be businesses seeking property on which to develop retail, office or other commercial structures.

Properties to be auctioned include 29 office/retail pads in Southgate Commerce Park in Mesa; a retail site adjacent to Walmart on MacDonald Road in Mesa; and a retail pad in Queen Creek, said John Dixon, president of the John Dixon Associates auction company, based in Marietta, Ga.

The auction is scheduled to begin at 10 a.m. on Oct. 11 at the Hilton Suites, 10 E. Thomas Road, in Phoenix.

"These properties, like a lot of others, just got caught in the wrong place when the economic downturn hit, but this auction will place them back into the private sector where they can provide opportunities for businesses," Dixon said.

Other properties to be sold at the Phoenix auction include a bank branch in Flagstaff, a number of residential lots and several commercial tracts, Dixon said.

The Phoenix event is the first of two auctions on consecutive days, he added.

On Oct. 12, the auction company will move to Las Vegas for the sale of about 10 office buildings, along with several tracts of commercial land, retail properties and other commercial and residential properties in Nevada and California.

The Las Vegas event is scheduled to be held at the Spring Hill Suites Las Vegas

by J. Craig Anderson - Sept. 21, 2011 04:09 PM
The Arizona Republic





Seized lands to be placed on auction block

Seized lands to be placed on auction block

Several plots of commercially zoned land in the Phoenix area that were seized by the Federal Deposit Insurance Corp. during recent bank closures will be placed on the auction block in October.

Likely bidders would be businesses seeking property on which to develop retail, office or other commercial structures.

Properties to be auctioned include 29 office/retail pads in Southgate Commerce Park in Mesa; a retail site adjacent to Walmart on MacDonald Road in Mesa; and a retail pad in Queen Creek, said John Dixon, president of the John Dixon Associates auction company, based in Marietta, Ga.

The auction is scheduled to begin at 10 a.m. on Oct. 11 at the Hilton Suites, 10 E. Thomas Road, in Phoenix.

"These properties, like a lot of others, just got caught in the wrong place when the economic downturn hit, but this auction will place them back into the private sector where they can provide opportunities for businesses," Dixon said.

Other properties to be sold at the Phoenix auction include a bank branch in Flagstaff, a number of residential lots and several commercial tracts, Dixon said.

The Phoenix event is the first of two auctions on consecutive days, he added.

On Oct. 12, the auction company will move to Las Vegas for the sale of about 10 office buildings, along with several tracts of commercial land, retail properties and other commercial and residential properties in Nevada and California.

The Las Vegas event is scheduled to be held at the Spring Hill Suites Las Vegas

by J. Craig Anderson - Sept. 21, 2011 04:09 PM
The Arizona Republic





Seized lands to be placed on auction block

Seized lands to be placed on auction block

Several plots of commercially zoned land in the Phoenix area that were seized by the Federal Deposit Insurance Corp. during recent bank closures will be placed on the auction block in October.

Likely bidders would be businesses seeking property on which to develop retail, office or other commercial structures.

Properties to be auctioned include 29 office/retail pads in Southgate Commerce Park in Mesa; a retail site adjacent to Walmart on MacDonald Road in Mesa; and a retail pad in Queen Creek, said John Dixon, president of the John Dixon Associates auction company, based in Marietta, Ga.

The auction is scheduled to begin at 10 a.m. on Oct. 11 at the Hilton Suites, 10 E. Thomas Road, in Phoenix.

"These properties, like a lot of others, just got caught in the wrong place when the economic downturn hit, but this auction will place them back into the private sector where they can provide opportunities for businesses," Dixon said.

Other properties to be sold at the Phoenix auction include a bank branch in Flagstaff, a number of residential lots and several commercial tracts, Dixon said.

The Phoenix event is the first of two auctions on consecutive days, he added.

On Oct. 12, the auction company will move to Las Vegas for the sale of about 10 office buildings, along with several tracts of commercial land, retail properties and other commercial and residential properties in Nevada and California.

The Las Vegas event is scheduled to be held at the Spring Hill Suites Las Vegas

by J. Craig Anderson - Sept. 21, 2011 04:09 PM
The Arizona Republic





Seized lands to be placed on auction block

Seized lands to be placed on auction block

Several plots of commercially zoned land in the Phoenix area that were seized by the Federal Deposit Insurance Corp. during recent bank closures will be placed on the auction block in October.

Likely bidders would be businesses seeking property on which to develop retail, office or other commercial structures.

Properties to be auctioned include 29 office/retail pads in Southgate Commerce Park in Mesa; a retail site adjacent to Walmart on MacDonald Road in Mesa; and a retail pad in Queen Creek, said John Dixon, president of the John Dixon Associates auction company, based in Marietta, Ga.

The auction is scheduled to begin at 10 a.m. on Oct. 11 at the Hilton Suites, 10 E. Thomas Road, in Phoenix.

"These properties, like a lot of others, just got caught in the wrong place when the economic downturn hit, but this auction will place them back into the private sector where they can provide opportunities for businesses," Dixon said.

Other properties to be sold at the Phoenix auction include a bank branch in Flagstaff, a number of residential lots and several commercial tracts, Dixon said.

The Phoenix event is the first of two auctions on consecutive days, he added.

On Oct. 12, the auction company will move to Las Vegas for the sale of about 10 office buildings, along with several tracts of commercial land, retail properties and other commercial and residential properties in Nevada and California.

The Las Vegas event is scheduled to be held at the Spring Hill Suites Las Vegas

by J. Craig Anderson - Sept. 21, 2011 04:09 PM
The Arizona Republic





Seized lands to be placed on auction block

Auction set for Glendale center

Westgate City Center, the flashy dining and shopping complex that anchors Glendale's football stadium and hockey arena, is facing foreclosure.

The Ellman Cos. announced Monday that the property at Loop 101 and Glendale Avenue has been scheduled for auction.

"Despite Herculean efforts, the Westgate ownership group, including a consortium of Wall Street real-estate entities, is not immune from the real-estate collapse," the Phoenix-based Ellman Cos. said in a statement.

The developer blamed the national recession and uncertainty surrounding the future of the Phoenix Coyotes staying in Glendale for the complex's struggles. The Coyotes have been without a permanent owner for two years, hurting the number of visitors to hockey games and to Westgate shops and restaurants.

The situation has several potential outcomes: Developer Steve Ellman could negotiate a deal with lenders to keep the property; new buyers could purchase the complex at auction; or lenders could take over the complex if no buyer is secured.

At least one potential investor has already expressed interest. Matthew Hulsizer, working on a deal to purchase the Coyotes, said Monday that he might be interested.

Westgate has played a major role in Glendale's economic aspirations.

Ellman worked with the city a decade ago to build a sports and entertainment district. The city paid $180 million to build Jobing .com Arena for the Coyotes, a team that Ellman owned at the time. Ellman built Westgate, which the city depends on for sales-tax revenues to make annual $8 million to $10 million debt payments on the arena.

Westgate opened in 2006, behind schedule and behind in the size of the promised development. The complex boasts Bellagio-style fountains, a movie theater, more than a dozen eateries and night spots like Saddle Ranch Chop House.

Glendale Mayor Elaine Scruggs said Ellman assured her Westgate would stay open and visitors would notice no changes.

"We're disappointed to hear the news," she said, but "it really isn't surprising. Steve Ellman has poured tens of millions of dollars into the project. But just like all other properties, his valuation has dropped so low in comparison to what is owed on the property."

Glendale issued a statement that Westgate businesses "will be open as usual."

Eric Bennett, Saddle Ranch's acting general manager, echoed that, saying that "who we write our check to is a moot point."

He said Westgate and Saddle Ranch would continue to be a destination for Valley residents.

The complex is owned by subsidiaries of Ellman Cos., Entertainment Center Development LLC and Coyote Center Development LLC. Records of the trustee sale were not immediately available from the Maricopa County Recorder's Office. Ellman Cos. spokesman Jason Rose said the auction should take place in 90 days or more.

Rose said the developer was current with all payments on interest, vendors, services and staff salaries, but that a lead lender found the developer and other lenders in default for missing payment on the balance of the loan when it recently came due.

Hulsizer, who has been working with the city for a year on an arena lease agreement for the Coyotes, said the foreclosure process will not deter him from trying to purchase the team. Hulsizer said he even would be interested in buying or partnering in the purchase of Westgate.

"We're investors, and we believe in Arizona long-term," he said. "There might be some interest in purchasing Westgate if it came for sale."

by Rebekah L. Sanders The Arizona Republic Jun. 21, 2011 12:00 AM



Auction set for Glendale center

Auction set for Glendale center

Westgate City Center, the flashy dining and shopping complex that anchors Glendale's football stadium and hockey arena, is facing foreclosure.

The Ellman Cos. announced Monday that the property at Loop 101 and Glendale Avenue has been scheduled for auction.

"Despite Herculean efforts, the Westgate ownership group, including a consortium of Wall Street real-estate entities, is not immune from the real-estate collapse," the Phoenix-based Ellman Cos. said in a statement.

The developer blamed the national recession and uncertainty surrounding the future of the Phoenix Coyotes staying in Glendale for the complex's struggles. The Coyotes have been without a permanent owner for two years, hurting the number of visitors to hockey games and to Westgate shops and restaurants.

The situation has several potential outcomes: Developer Steve Ellman could negotiate a deal with lenders to keep the property; new buyers could purchase the complex at auction; or lenders could take over the complex if no buyer is secured.

At least one potential investor has already expressed interest. Matthew Hulsizer, working on a deal to purchase the Coyotes, said Monday that he might be interested.

Westgate has played a major role in Glendale's economic aspirations.

Ellman worked with the city a decade ago to build a sports and entertainment district. The city paid $180 million to build Jobing .com Arena for the Coyotes, a team that Ellman owned at the time. Ellman built Westgate, which the city depends on for sales-tax revenues to make annual $8 million to $10 million debt payments on the arena.

Westgate opened in 2006, behind schedule and behind in the size of the promised development. The complex boasts Bellagio-style fountains, a movie theater, more than a dozen eateries and night spots like Saddle Ranch Chop House.

Glendale Mayor Elaine Scruggs said Ellman assured her Westgate would stay open and visitors would notice no changes.

"We're disappointed to hear the news," she said, but "it really isn't surprising. Steve Ellman has poured tens of millions of dollars into the project. But just like all other properties, his valuation has dropped so low in comparison to what is owed on the property."

Glendale issued a statement that Westgate businesses "will be open as usual."

Eric Bennett, Saddle Ranch's acting general manager, echoed that, saying that "who we write our check to is a moot point."

He said Westgate and Saddle Ranch would continue to be a destination for Valley residents.

The complex is owned by subsidiaries of Ellman Cos., Entertainment Center Development LLC and Coyote Center Development LLC. Records of the trustee sale were not immediately available from the Maricopa County Recorder's Office. Ellman Cos. spokesman Jason Rose said the auction should take place in 90 days or more.

Rose said the developer was current with all payments on interest, vendors, services and staff salaries, but that a lead lender found the developer and other lenders in default for missing payment on the balance of the loan when it recently came due.

Hulsizer, who has been working with the city for a year on an arena lease agreement for the Coyotes, said the foreclosure process will not deter him from trying to purchase the team. Hulsizer said he even would be interested in buying or partnering in the purchase of Westgate.

"We're investors, and we believe in Arizona long-term," he said. "There might be some interest in purchasing Westgate if it came for sale."

by Rebekah L. Sanders The Arizona Republic Jun. 21, 2011 12:00 AM



Auction set for Glendale center

Auction set for Glendale center

Westgate City Center, the flashy dining and shopping complex that anchors Glendale's football stadium and hockey arena, is facing foreclosure.

The Ellman Cos. announced Monday that the property at Loop 101 and Glendale Avenue has been scheduled for auction.

"Despite Herculean efforts, the Westgate ownership group, including a consortium of Wall Street real-estate entities, is not immune from the real-estate collapse," the Phoenix-based Ellman Cos. said in a statement.

The developer blamed the national recession and uncertainty surrounding the future of the Phoenix Coyotes staying in Glendale for the complex's struggles. The Coyotes have been without a permanent owner for two years, hurting the number of visitors to hockey games and to Westgate shops and restaurants.

The situation has several potential outcomes: Developer Steve Ellman could negotiate a deal with lenders to keep the property; new buyers could purchase the complex at auction; or lenders could take over the complex if no buyer is secured.

At least one potential investor has already expressed interest. Matthew Hulsizer, working on a deal to purchase the Coyotes, said Monday that he might be interested.

Westgate has played a major role in Glendale's economic aspirations.

Ellman worked with the city a decade ago to build a sports and entertainment district. The city paid $180 million to build Jobing .com Arena for the Coyotes, a team that Ellman owned at the time. Ellman built Westgate, which the city depends on for sales-tax revenues to make annual $8 million to $10 million debt payments on the arena.

Westgate opened in 2006, behind schedule and behind in the size of the promised development. The complex boasts Bellagio-style fountains, a movie theater, more than a dozen eateries and night spots like Saddle Ranch Chop House.

Glendale Mayor Elaine Scruggs said Ellman assured her Westgate would stay open and visitors would notice no changes.

"We're disappointed to hear the news," she said, but "it really isn't surprising. Steve Ellman has poured tens of millions of dollars into the project. But just like all other properties, his valuation has dropped so low in comparison to what is owed on the property."

Glendale issued a statement that Westgate businesses "will be open as usual."

Eric Bennett, Saddle Ranch's acting general manager, echoed that, saying that "who we write our check to is a moot point."

He said Westgate and Saddle Ranch would continue to be a destination for Valley residents.

The complex is owned by subsidiaries of Ellman Cos., Entertainment Center Development LLC and Coyote Center Development LLC. Records of the trustee sale were not immediately available from the Maricopa County Recorder's Office. Ellman Cos. spokesman Jason Rose said the auction should take place in 90 days or more.

Rose said the developer was current with all payments on interest, vendors, services and staff salaries, but that a lead lender found the developer and other lenders in default for missing payment on the balance of the loan when it recently came due.

Hulsizer, who has been working with the city for a year on an arena lease agreement for the Coyotes, said the foreclosure process will not deter him from trying to purchase the team. Hulsizer said he even would be interested in buying or partnering in the purchase of Westgate.

"We're investors, and we believe in Arizona long-term," he said. "There might be some interest in purchasing Westgate if it came for sale."

by Rebekah L. Sanders The Arizona Republic Jun. 21, 2011 12:00 AM



Auction set for Glendale center

Auction set for Glendale center

Westgate City Center, the flashy dining and shopping complex that anchors Glendale's football stadium and hockey arena, is facing foreclosure.

The Ellman Cos. announced Monday that the property at Loop 101 and Glendale Avenue has been scheduled for auction.

"Despite Herculean efforts, the Westgate ownership group, including a consortium of Wall Street real-estate entities, is not immune from the real-estate collapse," the Phoenix-based Ellman Cos. said in a statement.

The developer blamed the national recession and uncertainty surrounding the future of the Phoenix Coyotes staying in Glendale for the complex's struggles. The Coyotes have been without a permanent owner for two years, hurting the number of visitors to hockey games and to Westgate shops and restaurants.

The situation has several potential outcomes: Developer Steve Ellman could negotiate a deal with lenders to keep the property; new buyers could purchase the complex at auction; or lenders could take over the complex if no buyer is secured.

At least one potential investor has already expressed interest. Matthew Hulsizer, working on a deal to purchase the Coyotes, said Monday that he might be interested.

Westgate has played a major role in Glendale's economic aspirations.

Ellman worked with the city a decade ago to build a sports and entertainment district. The city paid $180 million to build Jobing .com Arena for the Coyotes, a team that Ellman owned at the time. Ellman built Westgate, which the city depends on for sales-tax revenues to make annual $8 million to $10 million debt payments on the arena.

Westgate opened in 2006, behind schedule and behind in the size of the promised development. The complex boasts Bellagio-style fountains, a movie theater, more than a dozen eateries and night spots like Saddle Ranch Chop House.

Glendale Mayor Elaine Scruggs said Ellman assured her Westgate would stay open and visitors would notice no changes.

"We're disappointed to hear the news," she said, but "it really isn't surprising. Steve Ellman has poured tens of millions of dollars into the project. But just like all other properties, his valuation has dropped so low in comparison to what is owed on the property."

Glendale issued a statement that Westgate businesses "will be open as usual."

Eric Bennett, Saddle Ranch's acting general manager, echoed that, saying that "who we write our check to is a moot point."

He said Westgate and Saddle Ranch would continue to be a destination for Valley residents.

The complex is owned by subsidiaries of Ellman Cos., Entertainment Center Development LLC and Coyote Center Development LLC. Records of the trustee sale were not immediately available from the Maricopa County Recorder's Office. Ellman Cos. spokesman Jason Rose said the auction should take place in 90 days or more.

Rose said the developer was current with all payments on interest, vendors, services and staff salaries, but that a lead lender found the developer and other lenders in default for missing payment on the balance of the loan when it recently came due.

Hulsizer, who has been working with the city for a year on an arena lease agreement for the Coyotes, said the foreclosure process will not deter him from trying to purchase the team. Hulsizer said he even would be interested in buying or partnering in the purchase of Westgate.

"We're investors, and we believe in Arizona long-term," he said. "There might be some interest in purchasing Westgate if it came for sale."

by Rebekah L. Sanders The Arizona Republic Jun. 21, 2011 12:00 AM



Auction set for Glendale center