Caliber-The Wealth Development Company has closed on a 50,000 square-foot building in Mesa, Arizona. Located at 305 E. Main St., this is the latest property in the company’s downtown Mesa portfolio that includes nearly 20 percent of buildings on Main Street and encompasses more than 160,000 square feet. Located in a designated opportunity zone, the properties are part of the Caliber Tax Advantaged Opportunity Zone Fund, LP.
“We’ve long believed in the incredible potential of the City of Mesa and have been activity investing there for several years. The opportunity zone designation and incoming ASU Campus is helping to open up even more possibilities for redevelopment,” said Chris Loeffler, CEO and Co-Founder of Caliber-The Wealth Development Company. “Our focus has been on finding the right tenants that will elevate Main Street as we strive to create great spaces to live, work and play and bring back a vibrance to historic downtown Mesa.”
In 2017, Caliber acquired eight historical buildings – and has since purchased two more properties – in Mesa’s downtown core and has been working closely with local officials to align its plans with the city’s overall vision for redevelopment. The properties are being renovated into modern but historically charming restaurant, retail and office space that will create an inviting urban environment. Mesa has been a growing hub for business, innovation and culture and will be home to Arizona State University’s newest campus and innovation center. The ASU campus is slated to open in fall of 2021.
The 305 E. Main St. building was originally constructed for a bank, and Wells Fargo will continue to operate on the ground floor. Common area renovations are already underway, and Caliber’s planned $3 million of improvements are being offered as part of the releasing program for the prime office space.
An industry-leading expert in opportunity zones, Caliber’s Qualified Opportunity Zone Fund (QOF) has raised more than $44.5 million since its launch in Q4 2018. The fund is open to short- and long-term capital gain investments, will provide significant tax savings to investors and is expected to reach its $500 million goal within two years. For more details on Caliber’s QOF or other investment opportunities, visit CaliberCo.com.