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New Jersey Firm Lobs Buying, Development Spree

MESA, AZ-Classic Capital is pushing hard in the Valley, buying its second property this year and forging ahead on construction of 86,000 sf in three buildings. The $1.5-million closing is for an 11,000-sf medical office building in Mesa.

By D.J. Burrough | Updated on October 26, 2001

MESA-In its second purchase of the year in the Valley, a New Jersey-based real estate investment group has spent $1.5 million for a Mesa medical office building.

Classic Capital Group LLC has the title to the 11,000-sf Sandstone Office Building at 2626 E. University Dr. The sale price equates to $135 per sf.

The fully occupied building counts Physiotherapy Associates, a subsidiary of the Fortune 500 Stryker Corp., as its lead tenant. The Southwest-designed structure, completed in 2000, is positioned about three miles from Mesa General Hospital and about five miles west of Valley Lutheran Hospital.

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