{"id":1004521108,"date":"2021-04-09T04:26:47","date_gmt":"2021-04-09T12:26:47","guid":{"rendered":"http:\/\/internal.cpexecutive.com\/?p=1004521108"},"modified":"2021-05-15T10:24:02","modified_gmt":"2021-05-15T18:24:02","slug":"camco-investment-buys-greater-phoenix-office-landmark","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/camco-investment-buys-greater-phoenix-office-landmark\/","title":{"rendered":"CAMCO Investment Buys Greater Phoenix Office Landmark"},"content":{"rendered":"
\"\"<\/a>

The Mesa Tower. Image courtesy of CBRE<\/em><\/p><\/div>\n

Dallas-based CAMCO Investment Group has purchased The Mesa Tower, a 16-story, 311,949-square-foot office building in the Fiesta District of Mesa, Ariz. The joint venture of Barker Pacific Group and Iron Point Partners sold the Class A asset for $39.5 million with the assistance of CBRE. CommercialEdge information shows the property previously traded in 2017 for $23 million.<\/p>\n

Formerly known as Bank of America Financial Plaza, the landmark office tower rises at 1201 S. Alma School Road on a 6-acre lot within a qualified Opportunity Zone. Completed in 1986 and most recently renovated in 2019, the property also includes a five-level above-grade parking structure with a ratio of 3.5 spaces per 1,000 square feet. Upgrades feature improvements to the lobby, common areas and interior building systems, as well as the addition of several spec suites.<\/p>\n

According to CBRE, the building was 85 percent leased at the time of sale to a diverse mix of tenants. First Vice President Will Mast said in a prepared statement that the tower was one of the best performing Metro Phoenix office assets during the COVID-19 pandemic, with more than 40,000 square feet of new leases and expansions signed in 2020.<\/p>\n

The Mesa Tower is roughly 3 miles southwest of downtown Mesa within the Superstition Corridor submarket, just north of U.S. Route 60 and across from Fiesta Mall, the abandoned 1.2 million-square-foot property slated for redevelopment.<\/p>\n

Mast worked together with First Vice President Chris Marchildon and Executive Vice Barry Gabel in negotiating the deal on behalf of the seller.<\/p>\n

Greater Phoenix office action<\/h2>\n

Aside from a consistent office construction activity<\/a>, Greater Phoenix has also witnessed several office transactions during the first quarter of 2021. Roughly 1.7 million square feet of space across 16 properties changed hands for an aggregate $347 million, according to CommercialEdge data.<\/p>\n

One of the largest transactions involved PetSmart Headquarters, a three-building, 365,672-square-foot property in Phoenix.  BPM Real Estate Group acquired the asset for $110 million.<\/p>\n

Also in Phoenix, TerraCap paid $103.5 million for Anchor Centre<\/a>, a two-building, 333,014-square-foot office property. The seller, KBS, had purchased the asset in 2014 for $85.1 million through its KBS REIT III.<\/p>\n","protected":false},"excerpt":{"rendered":"

The roughly 312,000-square-foot Mesa Tower traded for nearly double the price it sold for in 2017.<\/p>\n","protected":false},"author":870,"featured_media":1004528456,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1601,15],"tags":[48485,42311,32789,45071,37951],"class_list":["post-1004521108","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-phoenix","category-west","tag-barker-pacific-group","tag-barry-gabel","tag-cbre","tag-chris-marchildon","tag-iron-point-partners"],"acf":[],"yoast_head":"\nCAMCO Investment Buys Greater Phoenix Office Landmark - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/camco-investment-buys-greater-phoenix-office-landmark\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CAMCO Investment Buys Greater Phoenix Office Landmark\" \/>\n<meta property=\"og:description\" content=\"The roughly 312,000-square-foot Mesa Tower traded for nearly double the price it sold for in 2017.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/camco-investment-buys-greater-phoenix-office-landmark\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-09T12:26:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-15T18:24:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/05\/The-Mesa-Tower-e1617970005550.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"890\" \/>\n\t<meta property=\"og:image:height\" content=\"667\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adriana Marinescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/camco-investment-buys-greater-phoenix-office-landmark\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/camco-investment-buys-greater-phoenix-office-landmark\/\",\"name\":\"CAMCO Investment Buys Greater Phoenix Office Landmark - 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