Commercial Properties, Inc., Arizona’s largest locally owned commercial real estate brokerage, is pleased to announce the sale of Harris Park Professional Plaza. Tyson Breinholt and Shane McCormick of CPI’s Tempe Office Group represented both the buyer and seller in this transaction.
The 27,864-square-foot, Class-B office building is located at 1550 E McKellips Road in Mesa, Arizona and has frontage on McKellips Road, just west of Gilbert Road. Tyson Breinholt commented, “This transaction came together from my relationship with the out-of-state investor, Penco Properties, who was actively seeking replacement properties for some 1031 exchange funds. Fortunately, Harris Park Professional Plaza completely met the needs of my client with 100% occupancy and a solid tenant history.”
Harris Park Professional Plaza is a 100 percent leased, multi-tenant office building built in 2001 which was formerly owned by Harris Park Prof Plaza, LLC. Commercial Properties Incorporated picked up the property management account, and Tyson and Shane have retained the leasing of the property.
The all-cash, 1031 tax deferred exchange was valued at $3,425,000 ($123.00 per foot).