MESA, AZ – Cushman & Wakefield of Arizona, Inc. has negotiated the $13.2 million ($124 PSF) sale of Mesa Corporate Center, located at 1001 W. Southern Ave.
The 106,077-square-foot office building was constructed in 2000 and was 89 percent occupied at the time of the sale. Tenants include Allstate Insurance Company, DeVry University and Allied Barton Security.
Parkway Properties of Orlando, Fla. sold the property to Buchanan Street Partners of Newport Beach, Calif.
“Mesa Corporate Center has proven to be one of the leading office developments in the Southeast Valley since its completion,” said Chris Toci. “It is representative of a growing demand for freeway-located office space with above-standard parking ratios and immediate access to a deep amenity base.
“Office and vacancy rates along the Southeast Valley freeway system are rapidly tightening to the single digits, which is indicative of near-term rent growth and increased build-to-suit activity,” Toci said.
Toci, Chad Littell, Jerry Noble and Ryan Bartos of Cushman & Wakefield represented the seller in the transaction.