Buchanan Street Buys Mesa Corporate Center
Buchanan Street Partners, a California property investor, has beefed up its Phoenix presence, buying a 106k SF office building. (Welcome to dry heat.)
Buchanan Street Partners was recently revealed as the buyer of Parkway Properties' Mesa Corporate Center, according to filings with the Securities and Exchange Commission. Buchanan paid $13.2M for the 106k SF office building, which led Parkway to recognize a $5.6M loss “in connection with the valuation” of Mesa. But the company states it will recognize a gain of nearly $500k in Q1 as a result of the sale. This news comes on the heels of our interview last week with Parkway's Matt Mooney, who says the firm is now considering going largely spec on Hayden Ferry III, a 260k SF office building in the Hayden Ferry office complex.