SVN Desert Commercial Advisors Justin Horwitz, Paul Borgesen and Richard Lewis recently closed the $1,275,000 sale of Mesa Office Plaza, a 5,157-square-foot office building at 625 W. Southern Ave. in Mesa.
The seller operates an executive and virtual office business, Plaza Executive Suites, which has been in business since 2006 and has five locations across the Valley, according to a release.
Mesa Office Plaza was sold at 100% occupancy as a part of the sale leaseback with NNN lease terms and 3% annual increases. SVN is assisting the seller with sale leasebacks on his existing properties to bring all of the operations under leasehold. There is one remaining property in the Biltmore submarket on the market. The Seller will enter into a seven-year NNN leaseback as he did on this location in Mesa.
“We were thrilled to have been involved with such a smooth transaction. This was the first step of a broader plan to help our client pull equity out of two of his five locations via a sale leaseback and we look forward to doing the same on the original Plaza Executive Suite operation near the Biltmore in Phoenix,” Justin Horwitz said in the release.
The buyer plans on a long-term investment hold for stabilized income.
SVN | Desert Commercial Advisors is a commercial real estate services firm. Go to SVNDesertCommercial.com for more information.