Developer of 2 N. Scottsdale office buildings seeks to avoid trustee sale

Developer of 2 N. Scottsdale office buildings seeks to avoid trustee sale

by Peter Corbett The Arizona Republic Apr. 3, 2010 07:43 AM

The developer of the Raintree Corporate Center is trying to restructure its loan
for the first two office buildings in the complex northeast of Loop 101 and Raintree Drive.

Cavan Real Estate Investments is in default on its loan for the buildings at 15111 N. Pima Road and 15333 N. Pima Road. A trustee sale is set for April 16.

"We continue to be very optimistic that we're going to be able to work out the terms with CW Capital to modify the loan and avoid a trustee sale," said Gary Burton, executive director of a private-venture group at Cavan.

The two buildings total nearly 300,000 square feet. Pulte Homes was a tenant until August when it moved into 93,000 square feet of space in the Terra Verde Corporate Campus southwest of Bell Road and Loop 101.

Cavan notified commercial real estate brokers in a letter earlier this year that it was working to restructure the loan and intended to keep possession of the office buildings.

"We understand that there will be concern from the brokerage community regarding our current situation," the letter from company founder Dave Cavan said. "We would like to assure brokers that all new leases contain an SNDA (subordination, non-disturbance attornment agreement) executed by the lender to protect the tenant during the life of the lease."

The Scottsdale Republic leases space in the Raintree Corporate Center in a building that would not affected by the scheduled April 16 trustee sale.

Longtime Realtor unretires

Veteran Realtor Odette Evans wants to boost Scottsdale's troubled real estate market by selling houses.

She got tired of sitting on the sidelines after two years of retirement from a career that goes back to 1972.

"If I can sell a few houses, I will have contributed to the solution," Evans said.

Evans, 74, quit real estate in 2008 when she got disgusted with the banks on a short sale.

"I thought I deserved to retire," she said.

But retirement did not suit Evans. Travel and reconnecting with friends around the world kept her busy for a while.

Raised in Casablanca, Morocco, Evans went from the arid climate of North Africa in 1958 to Green Bay, Wis., after marrying a U.S. Navy officer.

She was one of the first three women in Green Bay to earn a real estate license in 1972 and went on to be one of the area's top sellers with $4.5 million in sales in 1979.

The climate of Scottsdale suited Evans a lot better. She arrived here in 1987.

In her most recent career move, Evans joined Cambridge Properties in February. "I found there is no retirement for a person who wants to progress rather than regress," she said.

Agent doesn't act her age

At a time when septuagenarians are taking life easy, Evans is brimming with energy. A daily workout routine at a gym keeps her going strong, she said.

I became acquainted with Evans at the gym a few years ago when the housing market was hot.

She has sold hundreds of houses over the years, but Evans said that for her it has always been more about personal service and connection with her clients.

In a testimonial letter, clients John and Mary Zierold said in "a lifetime of business migration . . . we have never encountered her equal. She is a person of extraordinary grace and integrity in the conduct of real estate marketing."

Evans said she has used her fluency in five languages to her advantage. She speaks French, English, Spanish, Arabic and Hebrew.

Evans aspired to be a United Nations translator when her life took a hard left turn and she ended up in the frozen tundra of Green Bay on her way to Scottsdale.

Given her record, it might be unwise to bet that Evans will let this recession slow her down. She's been through a few of them.