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$1M Takes Class C Office Building

MESA, AZ-The 13,144-sf, two-story building trades to an investment group from Sacramento that uses 1031 Exchange capital for a $1.3-million bid to outrun eight others. At the heart of the chase is some vacancy in a building with a historic 98% occupancy.

By Jennifer D. Duell | Updated on January 26, 2005

MESA, AZ-A Sacramento-based investment group, armed with 1031 Exchange funds, makes its first office acquisition and its first buy in Arizona, paying $1.3 million for a 13,144-sf, two-story, class C office building.

BKW Properties purchased the building at 20 W. 1st St. near Mesa’s downtown from Eastside Investors I, a local partnership that had owned the 30-year-old building for 20 years. The partnership is made up of several attorneys in the law firm of Udall Shumway & Lyons.

The firm occupies 30% of the building and recently inked a five-year lease to hold the space, says Sean Stutzman, an investment specialist with Sperry Van Ness. He, Ari Spiro, Jeff Chalfin, Mike Day and Mark Phillips, all with Sperry Van Ness, brokered the deal.

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