Mesa Commerce Center consists of five buildings totaling 71,582-square-feet
MESA, Ariz. – Cushman & Wakefield announced the firm has brokered the sale of Mesa Commerce Center, a 71,582-square-foot multi-tenant office complex located in Mesa, Arizona. The property consists of five (5) two-story office buildings in a low-rise, garden-style setting. Approximately 70% leased at the time of sale, the property sold for $5.85 million ($82 PSF).
Cordova Investment Partners, LLC was the buyer, and the seller, who had owned the asset since 1996, was CDKT, LLC. Cushman & Wakefield’s Eric Wichterman and Mike Coover in Phoenix represented the seller in the transaction.
"This was a rare, value-add opportunity with potential significant upside due to the property’s vacancy and below-market lease rates currently in place,” said Eric Wichterman, Executive Managing Director. “The property has many appealing features that can be activated with thoughtful renovations, including a large interior courtyard and several walkways.”
Located at 1930 S Alma Rd, the complex was originally built in 1981 and is situated on 4.6 acres. The property is just a quarter of a mile from the U.S. 60 freeway and the Alma School Rd full diamond interchange.
Mike Coover, Managing Director added, “The location will benefit from the nearby Fiesta District that is re-emerging as one of Mesa’s important business districts, while the immediate trade area is characterized by substantial healthcare/medical services, higher education, business services, and retail amenities.”