Caliber, The Wealth Development Company closed, Wednesday, on the 42,111 square-foot Fiesta Tech Center located in Gilbert.
The technology-centric office building was purchased at $4.7 million resulting in Caliber’s largest commercial real estate property to date.
The property is located in Gilbert, which is the fastest growing technology employment area in the state featuring major employers such as Apple, Intel, Verizon and GoDaddy.
The Fiesta Tech Center provides an exceptionally resourceful investment for Caliber and its investors as the building requires minimal renovation allowing immediate cash flow.
Additionally, Caliber will open the property at 100 percent occupancy with three tenants on multiyear leases, including THR Property Management, L.P., Smart High Reliability Solutions and CampusLogic, Inc.
Not only has Caliber purchased the building 35 percent below replacement cost creating exceptional return, but will also provide a highly experienced team to oversee property management through Caliber Property Management.
“Caliber clients are extremely excited about the acquisition of the Fiesta Tech Center because of cash flow it adds to their portfolios,” said Zach Fuller, senior vice president of Investment Services of Caliber The Wealth Development Company. “The property needs little to no renovation and is in an optimal location for leasing opportunities. This purchase has added variety and additional credibility to our portfolio and with the value of tenants in the area, we are confident this will be a significant return for our investors.”