Mescal Joint Venture Acquires 48,000 SQ.FT. Medical office in Scottsdale, Arizona

By Champion in : News // May 18 2007

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Mescal Joint Venture Acquires 48,000 SQ.FT. Medical office in Scottsdale, Arizona

Newport Beach: Newport Capital Advisors, a real estate finance firm, today announced that it has arranged financing for a newly formed joint venture partnership, Mescal Partners, LLC, to acquire a 48,000 square foot medical office complex in Scottsdale, Arizona. The complex will be refurbished and repositioned to take advantage of the increasing demand for medical office space in the greater Scottsdale area.

The Mescal Partners, LLC joint-venture consists of development firms J.R. Properties, L.L.C., Champion Partners L.L.C and Dana Commercial Credit, an Austin, Texas-based wholly-owned commercial finance subsidary of Dana Corporation (NYSE: DCN), a fortune 200 company. Dana Commercial Credit will provide the equity capital required to complete the acquisitions and repositioning. First Bank of Arizona N.A. has provided acquisition financing to the venture totaling $4.865 million.

“The venture between Dana Commercial Credit, Rothbard & Associates and Champion Partners combines an aggressive source of long-term capital with two proven development leaders,” said Richard Harris, managing director of Newport Capital Advisors. “The venture plans to develop a sizeable portfolio of assets over the next eighteen months and is currently looking at multiple project opportunities.”

Champion Partners L.L.C, lead by president Ricky Lyons, is a development firm with a focus on commercial real estate development and investments. Between Champion and its partner SG, Inc. (formerly The Shell Group Inc.), they have developed over 5 million square feet of retail commercial, sold over 130,000 time share units, converted over 2000 condominium units, owned and managed over 1,500 hotel rooms, acquired more than 5,000 residential and rental apartments and more than 500 congregate care housing units. Champion has offices in Scottsdale Arizona and Northbrook, Illinois.

J.R. Properties L.L.C, led by Jeff Rothbard, with his affiliates, have developed more than 4.2 million square feet of retail centers throughout the U.S. since being formed in 1970. Jeff Rothbard, principal of Rothbard & Associates, now focuses on properties located throughout the Western U.S. Newport Capital Advisors is a real estate finance company based in Newport Beach, California. The company and its affiliates arranges a wide range of real estate financing including joint-venture equity capital, tax-exempt bond refundings, structured finance, and provides real estate advisors services. Clients of the firm include real estate companies, developers, pension fund advisors, commercial finance companies, and investors.