PHOENIX, Arizona – Cushman & Wakefield announced that 1201 Partners LLC, a company formed by Barker Pacific Group in Los Angeles, Calif., paid $23.95 million to purchase Mesa Financial Plaza from Mesa Financial Plaza LLC, an entity formed by Scottsdale-based Emrine LLC and PV Management LLC. The deal was brokered by Palmer Capital Inc. of Roseville, Calif. and Matt Nebeker of Cushman & Wakefield in Phoenix.
A landmark office tower, Mesa Financial Plaza is a 16-story, Class A office building located in the heart of the Fiesta District in Mesa, Arizona. The neon-trimmed, 306,571-square-foot office, located at the southeast corner of Southern Avenue and Alma School Road, is currently 66% occupied.
“Barker Pacific Group is the perfect partner for this building. They have been actively buying value add properties and will be able to accommodate all the new activity in the area. The new finishes combined with the cooperation of the city will stabilize the submarket,” said Matt Nebeker.
Back in 2007, at the peak of the market, Mesa Financial Plaza was sold for $57.75 million. The current investor, Barker Pacific Group, acquired the property for 40 percent of the sale price the building traded for 10 years ago. As the first office investment in Metro Phoenix for Barker Pacific Group in more than 10 years, the investor plans to upgrade the lobbies and develop spec office suites within the tower.