CPI sells Hewson Dover Business Park in Mesa
Commercial Properties, Inc. announced the sale of Hewson Dover Business Park. Tyson Breinholt, Trent Rustan and Josh Gosnell of CPI’s Tempe Office & Retail Group represented the seller in this transaction.
The 11,424 SF, class-B office building is located at 4344 E. Presidio Street in Mesa on the NW corner of Greenfield Road and Presidio Street. The property offers close proximity to the Loop 202 and is just north of Falcon Field Municipal Airport.
Rustan commented, “cross-marketing and re-use of space was the key to getting a $1M building sale in Mesa. During the bull market, everything was going fine. The building was built in the most unlikely of locations, but it was a build-to-suit. A 11,000 SF full service spa was built next to Falcon Field in Mesa. Fully built out with hair salon, nail stations, massage room, showers, lockers and a beverage counter – everything the tenant could deliver to take advantage of all of the prosperity and new growth in North Mesa and Gold Canyon, but they never got the chance. The real estate crash of 2008 put a quick end to that business plan — and the building sat vacant ever since.”
4344 E Presidio Street is a 100 percent leased, multi-tenant, class-B office building which was built in 2005 and formerly owned by Fisher Holding Company LLC.
Gosnell said, “since we were unlikely to find another 11,000 SF day spa to take this building, we had to think outside the box and market the building to different types of users – office, industrial, medical.”
Breinholt added, “A doctor has purchased the building with the intention of retrofitting the building into his medical practice, which will operate out of the property. This is a use that really makes sense. The doctor is able to use the existing structure and much of the interior rooms, but retro fit the interior for their own unique use. It was a win-win.”