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B to A Renovation and Ample Parking Seal the Deal

MESA, AZ—The office building is within the Fiesta District–an area undergoing a $500 million redevelopment boom, and in walking distance to approximately 55 restaurants and four hotels.

By Lisa Brown | lisabrown | | Updated on April 12, 2016
827 Grove Ave Improvements lead to the sale of an office building located at 827 W. Grove Ave.
MESA, AZ—A 2015 renovation took out 26,000 square feet of space to create almost 7/1,000 parking, of which, nearly half is covered. Combined with upgraded amenities to bring an asset from class B to class A, this addition of ample parking aided in the $14 million sale of an office building located at 827 W. Grove Ave . The sellers were Pathfinder TRF Twelve LLC and G2 Capital . The buyer was Canadian-based Mesa Investment Corp. LGE Design Build handled the renovation with design services by Cawley Architects . JLL senior vice president Brian Ackerman represented the sellers. JLL managing directors, Karsten Peterson, Mark Gustin and Dave Seeger , served as the project’s leasing specialists. “This was originally a class-B building, but the seller recognized the location and potential,” said Ackerman. “An ensuing renovation shaved off 26,000 square feet off of the building and fully improved what remained, making this basically a brand new asset–with the added bonus of a very high parking ratio in the heart of the Fiesta District .” Totaling 69,561 square feet, the 1994-built asset is now a two-story building that is 100% leased to National General Management Corp. , which operates in the building as National General Lender Services , a provider of mortgage and auto lender-placed protection solutions, insurance products and risk management services. National General’s space features premier interiors, redundant GIG E fiber, UPS back up and a 1,000 kilowatt generator. The project is located on 5.09 acres between the US60 freeway, Alma School Road, Southern Avenue and South Extension Road, less than three miles from the Loop 101 freeway and within the Fiesta District–an area of Mesa undergoing a $500 million redevelopment boom. It is also in walking distance to approximately 55 restaurants and four hotels. Other nearby attractions include Mesa Community College, Banner Desert Medical Center, Dobson Ranch Golf Course, Fiesta Mall and The Shoppes at Gilbert Commons . Ackerman tells GlobeSt.com: “This is another great project for the Fiesta District’s revitalization story. It shows a continued interest among tenants and investors, and that brings great viability to this submarket.”  

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