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October 20, 2018
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AZ Office Property Sells in $8.8 Mil Deal

6/01/18

A 57.2k sf office property in Mesa, AZ sold for $8.8 mil ($154/sf). Located within Mesa’s Superstition Springs Corridor, the building is located at 1355 S. Clearview Ave, at the northeast corner of South Clearview Ave and East Hampton Ave.

The three-tenant corporate office property is currently 100% occupied. Anchor tenant Ford Credit occupies over half of the project and has been a tenant for 20 years, since the building’s completion in 1998. Two other strong-credit tenants, the State of Arizona and Unify Financial Credit Union, occupy the balance of the building.

Steve Lindley, Tracy Cartledge, and Bob Buckley of Cushman & Wakefield Phoenix negotiated the transaction on behalf of the seller, Larch Street Capital Management of Vancouver, British Columbia and Scottsdale-based Attis Investments. Property Resource Group of Fargo, North Dakota represented the buyer, Christianson Holdings LLLP, out of Fargo, North Dakota.

“The amenity-rich and freeway-accessible neighborhood makes the property very attractive to tenants,” said Lindley. “It’s well positioned to continue its strong operational performance with the opportunity for significant value enhancement through rent growth.”

The property is located in Mesa, the second-largest city in Metro Phoenix, which has a diverse and dynamic economy. Apple is investing $2 bil to create a 1.2 msf global command center a few minutes south of 1355 South Clearview Ave, and Boeing employs over 4,000 and manufactures Apache helicopters in the city.





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