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| 827 West Grove Avenue,Mesa, AZ |
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| Brian Ackerman |
PHOENIX, AZ, March 22,
2016 – Modern amenities and ample parking have aided in the $14 million sale of
827 W. Grove Avenue, a Class A office building in Mesa, Arizona.
Leased by the Phoenix
office of JLL, the deal involves a Class B-to-A renovation that removed 26,000
square feet of office space to achieve an approximate 6.63/1,000 parking ratio.
JLL Senior Vice President Brian Ackerman represented the property
seller, Pathfinder TRF Twelve LLC and G2 Capital, in the transaction. The
property buyer was Canadian-based Mesa Investment Corp. JLL Managing Directors Karsten Peterson, Mark Gustin and Dave
Seeger served as the project’s leasing specialists.
“This was originally a
Class B building, but the seller recognized the location and potential,” said
Ackerman. “An ensuing renovation shaved off 26,000 square feet off of the
building and fully improved what remained, making this basically a brand new
asset – with the added bonus of a very high parking ratio in the heart of the
Fiesta District.”
LGE Design Build handled
the renovation with design services by Cawley Architects.
Totaling 69,561 square
feet, the 1994-built 827 W. Grove Avenue is now a two-story, Class A office
building that is 100 percent leased to National General Management Corp., who
operates in the building as National General Lender Services, a leading
provider of mortgage and auto lender-placed protection solutions, insurance
products and risk management services.
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| Karsten Peterson |
The building is mission
critical to National General, featuring premier interiors, redundant GIG E
Fiber, UPS back up and a 1,000kw generator. In addition, nearly half of the
parking is covered.
The project is located on
5.09 acres between the US60 freeway, Alma School Road, Southern Avenue and
South Extension Road, less than three miles from the Loop 101 freeway and
within the Fiesta District – an area of Mesa undergoing a $500 million
redevelopment boom.
It is also in walking
distance to approximately 55 restaurants and four hotels. Other nearby amenities
include Mesa Community College, Banner Desert Medical Center, Dobson Ranch Golf
Course, Fiesta Mall and The Shoppes at Gilbert Commons.
For a complete copy of the company’s news release,
please contact:
:
Stacey Hershauer
Phone:
+1 480 600 0195
Email:
.
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