How Giving Up Size Paid Off In Mesa
A major rehab paid off for 827 W Grove Ave in Mesa, which recently traded to a Canadian investor. Not that long ago, it was a fairly ordinary Class-B building.
JLL SVP Brian Ackerman tells us the seller recognized the location and potential, and an ensuing reno shaved 26k SF off the building and fully improved what remained.
Brian says the work ostensibly created a brand-new asset—with the added bonus of a very high parking ratio in the heart of the Fiesta District (6.63/1,000, as it happens).
Brian repped the sellers, Pathfinder TRF Twelve LLC and G2 Capital. Canada-based Mesa Investment Corp made the $14M buy. Totaling 69k SF, the 1994-vintage property now counts as a Class-A asset that's 100% leased to National General Management Corp, Brian says. LGE Design Build handled the reno with design services by Cawley Architects.
