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4/14/21
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CAMCO Investment Group, out of Dallas, paid $39.5 mil for The Mesa Tower, a 16-story, 311.9k sf ($127/sf) Class A high-rise office building in Mesa, AZ. The property was sold by Barker Pacific Group and Iron Point Partners.
Located at 1201 S. Alma School Rd, The Mesa Tower comprises a 16-story, multi-tenant building, an adjacent single-tenant restaurant, and a five-level, above-grade parking structure with a ratio of 3.5 spaces per every 1,000 square feet. The property was originally built in 1986 and most recently renovated in 2018 and 2019.
Recent renovations include enhancements to the lobby, common areas, restrooms and interior building systems, and the addition of several spec suites. The property is 85% leased to a diverse tenant mix.
The Mesa Tower is in an Opportunity Zone within the Fiesta District of Mesa, an area undergoing significant revitalization, including the repositioning of Fiesta Mall. It is in proximity to the U.S. 60, Loop 101 and Loop 202 freeways, providing access to nearly 75 percent of Maricopa County’s labor pool within a 40-minute commute.
The property is less than two miles south of downtown Mesa and the METRO Light Rail Station at Alma School Road and Main Street. The Mesa Tower is strategically positioned within the Superstition Corridor, an office submarket that has consistently been a top producer of net absorption of office space across Metro Phoenix, according to CBRE Research.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller in the transaction. According to Mast, The Mesa Tower was one of the best performing assets in all of Metro Phoenix during the COVID-19 pandemic with more than 40k sf of new leases and expansions executed in 2020.
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