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7/07/21
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Mesa Commerce Center, a 71.6k sf, multi-tenant office complex in Mesa, AZ, sold for $5.85 mil ($82/sf). The property, consisting of five two-story office buildings in a low-rise, garden-style setting, was approximately 70% leased at the time of sale.
Located at 1930 S Alma Rd, the complex was originally built in 1981 and is situated on 4.6 acres. The property is just a quarter of a mile from the U.S. 60 Fwy and the Alma School Rd full diamond interchange.
Cordova Investment Partners LLC was the buyer, while the seller, who had owned the asset since 1996, was CDKT LLC. Cushman & Wakefield’s Eric Wichterman and Mike Coover in Phoenix represented the seller in the transaction.
This was a rare, value-add opportunity with potential significant upside due to the property’s vacancy and below-market lease rates currently in place,” noted Wichterman. “The property has many appealing features that can be activated with thoughtful renovations, including a large interior courtyard and several walkways.”
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