PHOENIX, ARIZONA – SVN Desert Commercial Advisors Justin Horwitz, Paul Borgesen, and Richard Lewis closed the sale of 625 W. Southern Avenue, Mesa, AZ 85210 for $1,275,000 ($247 PSF). Mesa Office Plaza, a 5,157 SF Office building is located in the heart of Mesa, AZ, within the Mesa Southwest Redevelopment Area.
The Seller operates an executive and virtual office business, Plaza Executive Suites, which has been in business since 2006 and has five locations across the Valley. Mesa Office Plaza was sold at 100% occupancy as a part of the sale leaseback with NNN lease terms and 3% annual increases. SVN is assisting the Seller with sale leasebacks on his existing properties to bring all of the operations under leasehold. There is one remaining property located in the Biltmore submarket currently on the market for ±$4.3MM. The Seller will enter into a seven-year NNN leaseback as he did on this location in Mesa.
“We were thrilled to have been involved with such a smooth transaction. This was the first step of a broader plan to help our client pull equity out of two of his five locations via a sale leaseback and we look forward to doing the same on the original Plaza Executive Suite operation near the Biltmore in Phoenix,” says Justin Horwitz.
The Buyer plans on a long-term investment hold for stabilized income.