CBRE has negotiated the sale of The Mesa Tower, a 16-story, 311,949-square-foot Class A high-rise office building in Mesa, Ariz. to Dallas-based CAMCO Investment Group for $39.5 million.
Located at 1201 S. Alma School Road, The Mesa Tower comprises a 16-story, multi-tenant building, an adjacent single-tenant restaurant, and a five-level above-grade parking structure with a ratio of 3.5 spaces per every 1,000 square feet. The property was originally built in 1986 and most recently renovated in 2018 and 2019. Recent renovations include enhancements to the lobby, common areas, restrooms and interior building systems, and the addition of several spec suites. The property is 85 percent leased to a diverse tenant mix.
“The Mesa Tower was one of the best performing assets in all of Metro Phoenix during the COVID-19 pandemic with more than 40,000 square feet of new leases and expansions executed in 2020,” said Mast. “This recent leasing activity is a testament to the quality of improvements the seller has performed at the property since taking ownership in 2017. With its strength of tenancy, quality Class A office finishes, future leasing upside and irreplaceable location, The Mesa Tower will continue to provide reliable cashflow for the buyer, for years to come.”
The Mesa Tower is in an Opportunity Zone within the Fiesta District of Mesa, an area undergoing significant revitalization, including the repositioning of Fiesta Mall. It is in proximity to the U.S. 60, Loop 101 and Loop 202 freeways, providing access to nearly 75 percent of Maricopa County’s labor pool within a 40-minute commute. The property is less than two miles south of downtown Mesa and the METRO Light Rail Station at Alma School Road and Main Street. The Mesa Tower is strategically positioned within the Superstition Corridor, an office submarket that has consistently been a top producer of net absorption of office space across Metro Phoenix, according to CBRE Research.