Holualoa Companies has an extensive history of revamping underachieving properties and turning them into top performers, and it did exactly that ahead of its two most recent sales.
This week, the established real estate investment firm with more than 30 successful years under its belt sold two Mesa multitenant industrial properties – Clearview Common and the Superstition Springs Commerce Center – after making major capital improvements to their roofs, parking lots, exteriors and tenant spaces.
Part of an ongoing strategy to purchase small-bay industrial properties and convert them into thriving economic contributors, Holualoa first purchased the Clearview property in 2013, when it was 65% occupied.
This week, the property sold 100% occupancy for $5,825,000. Holualoa purchased the second Mesa property, Superstition Springs Commerce Center, in 2014, when it had 60% occupancy, and it, too, sold at 100% occupancy for a total of $8,875,000.
“We appreciate that Kootenay Holding recognized the value in what we’ve done with these spaces, and we’re immensely proud of the progress we’ve made at the sites since we purchased them years ago,” said Stan Shafer, Chief Operating Officer for Holualoa Companies. “With a low cost of living, a high quality of life and a surging reputation as a center of commerce and innovation, this is an area poised for monumental growth, and we’re honored to have a hand in helping Mesa continue to diversify its economy and expand its employment and other opportunities for area residents.”
Holualoa Companies was represented in the sale by Steve Lindley and Tracy Cartledge of Cushman & Wakefield.
Equal parts attractive and accommodating, the upscale and centrally located properties sit within a half-mile of the U.S. 60 Superstition Springs Freeway and sold together as a portfolio. Together, the properties boast a diversified tenant base that combines industrial, retail and showroom tenants, many of whom operate within the industrial supply, home furnishings, construction, professional services, fitness and craft-brewing industries.
Currently, more than 1.7 million people live within a 30-minute commute of the properties, and Mesa continues to cement itself a center of industry, with Apple investing $2 million to create a 1.2-million square-foot command center within five minutes of them.
Holualoa Companies first began acquiring small-bay industrial properties to transform and revitalize about six years ago, concentrating on markets in Southern California, Arizona, Denver, Colorado, and Houston, Texas. This particular project is located within Arizona’s Maricopa County, which is seeing some of the fastest wage, employment and population growth in the nation.
