Caliber adds to opportunity zone portfolio with Mesa office building
Independent Newsmedia
Posted 12/29/19
Caliber-The Wealth Development Company has closed on a 50,000-square-foot building at 305 E. Main St., the latest property in the company’s downtown Mesa portfolio.
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Caliber adds to opportunity zone portfolio with Mesa office building
Posted
Independent Newsmedia
Caliber-The Wealth Development Company has closed on a 50,000-square-foot building at 305 E. Main St., the latest property in the company’s downtown Mesa portfolio.
Located in a designated opportunity zone, the properties are part of the Caliber Tax Advantaged Opportunity Zone Fund, LP, according to a release.
“We’ve long believed in the incredible potential of the City of Mesa and have been actively investing there for several years. The opportunity zone designation and incoming ASU Campus is helping to open up even more possibilities for redevelopment,” Chris Loeffler, CEO and co-founder of Caliber-The Wealth Development Company, said in the release. “Our focus has been on finding the right tenants that will elevate Main Street as we strive to create great spaces to live, work and play and bring back a vibrance to historic downtown Mesa.”
In 2017, Caliber acquired eight historical buildings --- and has since purchased two more properties --- in Mesa’s downtown core and has been working with local officials to align its plans with the city’s overall vision for redevelopment, the release states.
The properties are being renovated into modern but historically charming restaurant, retail and office space that will create an inviting urban environment. Mesa has been a growing hub for business, innovation and culture and will be home to Arizona State University’s newest campus and innovation center. The ASU campus is slated to open in fall of 2021.
The 305 E. Main St. building was originally constructed for a bank, and Wells Fargo will continue to operate on the ground floor. Common area renovations are already underway, and Caliber’s planned $3 million of improvements are being offered as part of the releasing program for the prime office space, the release states.
