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Mixed-Use Project Brings $6M

MESA, AZ-Granite Capital Investments of Los Gatos, CA uses 1031 Exchange funds to buy a pair of buildings, totaling 55,591sf, in Clearview Commons, a three-structure mix of office, industrial and retail space developed as a merchant-build project by Voit.

By Lee Simmons | Updated on May 12, 2004

MESA, AZ-A California investor has purchased the Clearview Commons in the Superstition Springs’ mixed-use development for $6.4 million. The primarily retail-oriented investor brought the top bid and best investment history to the deal, according to a broker involved.

“This group was the most aggressive and they were in a 1031 Exchange. This size accommodated that exchange well,” Dennis Desmond, a senior vice president in Phoenix for Dallas-based Trammell Crow Co., tells GlobeSt.com. “They had a good track record. We had not done business with them before, but our investigation of their history in Phoenix was positive.”

Granite Capital Investments Inc. of Los Gatos beat several offers and brought the highest bid for the four-year-old development. The 55,591-sf Clearview Commons sits on 4.5 acres in the 150-acre Superstition Springs business and office park. The sale included two buildings: the 34,829-sf Building A and 20,762-sf Building C. A third building sold several months ago. Granite Capital obtained acquisition financing from Charlotte, NC-based Wachovia Corp., serviced through Johnson Capital Partners of Arizona in Phoenix.

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