Strong market performance and local improvements ranging from new light rail development to senior housing construction have helped prompt Canadian-based BOSA Development to invest $4.4M in a downtown Mesa office property listed by the Phoenix office of Jones Lang LaSalle.
Located at 159 W. First Ave., the 64,298 SF, single-story flex building contains approximately 55,800 SF of industrial space and 8,500 SF of office space, built in three phases between 1987 and 2012. The property is occupied by a single tenant specializing in the manufacturing of high-visibility consumer packaging.
Jones Lang LaSalle’s Senior Vice President Brian Ackerman and Senior Managing Director Dennis Desmond, both in the Phoenix office, represented BOSA and the property seller, Hogue Ventures LLC. Jones Lang LaSalle Managing Director Bill Honsaker and Vice President Steve Larsen served as leasing specialists.
“There are very few competing properties like this in the area,” Ackerman said. “BOSA credits the stability of the downtown Mesa submarket market and the stability of the building’s long-term occupancy as important factors in their decision to buy.”
According to JLL research, the Southeast Valley has enjoyed four consecutive quarters of positive net absorption and absorbed a more than 2 MSF over the past 18 months. This consistently outpaces other parts of the Valley and accounts for more than 30% of total net absorption across the overall Metro Phoenix market.
