Cassidy Turley announced the sale of Mesa Southern Suites, a 23,400 SF industrial project at 330-340 East Southern Avenue in Mesa, Ariz.
Phoenix-based company Mesa Drive & Southern Commercial Suites, LLC purchased the property for $1.14M ($49.56/psf) from REO Asset Manager, Thomas Hosier of Stearns Bank National Association (Saint Cloud, MN). Cassidy Turley Senior Managing Directors Paul Boyle and Rick Danis negotiated the transaction on behalf of the buyer, while Mark Phillips of Newmark Grubb Levy Strange Beffort represented the seller.
“With unit sizes as small as 500 SF, the Mesa Southern Suites allows smaller users the opportunity to enjoy major street exposure along two busy streets and the ability to expand into larger spaces as their business grows” Mr. Boyle said.
Built in 1982, Mesa Southern Suites consists of five multi-tenant industrial/commercial buildings totaling ±23,400 SF wrapping around the northwest corner of Southern Avenue and Mesa Drive. The property is ideal for small industrial/service center users as well as tenants with incidental retail uses. Mesa Southern Suites is accessible from Southern Avenue, Mesa Drive, and Wilbur Avenue. It is located less than one mile from U.S. Highway 60, allowing convenient access to all parts of the Valley. The property was 38% occupied at the time of sale. The new owner plans to add capital improvement upgrades to the property and stabilize the asset.