MESA, ARIZ. (Oct. 15, 2024) – The Streamline Companies held a grand opening and ribbon-cutting ceremony last week at an asset it acquired in February, an 18,500 SF office building on Power Road in Mesa, and also announced it is under contract to acquire a new asset, a medical office building in Phoenix.
Investors, tenants, and ambassadors with the Mesa Chamber of Commerce attended last week’s grand opening at 1234 S. Power Road in Mesa. The asset, Twelve 34 South Power, is 93 percent occupied. It totals 13 suits, including the office of The Streamline Companies.
Tenants include a urological practice, two counseling services, a financial service, an insurance company, and a yoga office and studio. Improvements included repaving the entire parking lot, a new monument sign, and xeriscape landscaping.
“We’re excited to be here in the Southeast Valley, we love Mesa,” said David J. Hrizak, CEO of The Streamline Companies. “We were the first recipients from the City of Mesa for its xeriscape landscaping program. We collaborated with the City of Mesa to remove grass and go to a more desert landscape program to reduce the water usage at the building. We’re making a commitment to be here not just for today but for many years to come.”
Streamline Capital Group, the investment arm of The Streamline Companies, entered the Arizona market in 2023 with the $5 million acquisition of a two-building complex totaling 39,000 SF, rebranded as The Grand on 44th, in the Arcadia Lite neighborhood. The property underwent nearly $1 million in renovations to modernize the facility and convert vacant spaces into ready-to-move-in suites, sparking interest in the asset.
After Streamline Capital Group acquired the Mesa office building for $2.8 million, it rebranded it as Twelve 34 South Power.
Hrizak announced that Streamline Investment Group III is under contract to acquire Parkwood Professional Plaza, a four-story, 73,532 SF medical office building at 5501 N. 19th Ave., in Phoenix, for a favorable price.
“After the acquisition, Parkwood Professional Plaza will be rebranded to Uptown Medical Center. We will then implement the Streamline Process by investing $1 million for the completion of tenant improvements and modernization program begun by the current owner,” Hrizak said. “We believe the combination of its prime location and favorable local demographics positions it perfectly for long-term use as a medical office building.”
The asset is strategically located just west of the Biltmore area and less than a mile from the Abrazo Central Medical Campus, Hrizak added.
For more information about The Streamline Companies and investment opportunities with Streamline Capital Group visit thestreamlinecompanies.com.