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July 22, 2018
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Barker Pacific Group Buys 307k sf AZ Office Property


A Barker Pacific Group entity closed on an Arizona office buy, paying $23 mil ($74/sf) for Mesa Financial Plaza, a 16-story, Class A office building located in the heart of the Fiesta District in Mesa. The asset was sold by Mesa Financial Plaza LLC, an entity formed by Scottsdale-based Emrine LLC and PV Management LLC.

The neon-trimmed, 311k sf property, located at 1201 Alma Road, at the southeast corner of Southern Ave and Alma School Rd, is currently 66% occupied. It is conveniently situated near Mesa Community College and numerous hotels and eateries.

The new owner plans to upgrade the lobbies and develop spec office suites within the tower. Additionally, updated monument signage and lighting will be added to further enhance the buildings prominence on the skyline.

Palmer Capital Inc of Roseville, CA and Matt Nebeker of Cushman & Wakefield in Phoenix represented the buyer and the seller. Acqusition financing was provided by NXT Capital, a Chicago-based lender. The property had previously sold for $57.75 mil, back in 2007, at the height of the previous market.

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