MESA, AZ-MainSpring Capital, operating under the entity name Dover Shores LP, has sold its 96,905-square-foot Dover Shores Office project to Canadian buyer TSA Group USA Ltd. The seller received $5.8 million for the 1980s project.
Located at 2222 S Dobson, Dover Shores is geared toward smaller tenants, with buildings ranging in size from 5,224 square feet to 20,976 square feet. According to ORION Investment Real Estate associate Brent Pearlstein, the property was 70% occupied at the time of sale, providing an ideal value-add opportunity for the buyer.
"The acquisition fits the buyer's profile well, as it's a core asset in the southeast valley with significant upside potential," adds Pearlstein, in a press release. "The buyer plans to remodel the exteriors of the project, the interiors and common areas." Pearlstein worked with Bob Pearlstein, also of ORION Investment, in negotiating the transaction.
GlobeSt.com recently reported on another Canadian buyer, Emma Capital, acquiring the 155-unit Broadway Village Apartments, also in Mesa, and also negotiated by ORION brokers. "Fueled by the strength of their dollar, a large resident population, Arizona continues to be a top investment choice for Canadians," ORION president Ari Spiro tells GlobeSt.com.
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