ORION Investment Real Estate announced the closing of a single-story office/warehouse building, located at 160 S. MacDonald in Mesa, for $750,000 to Cardinal Capital Management, Inc.
“The buyer plans to redevelop the site into an apartment community and wanted to be close to the future light rail stations,” says Nick Miner, Vice President at ORION.
The buyer plans to develop either supportive housing or market-rate housing and is further assessing the market for the final direction of the development.
The property was built in 1981 and sits on approximately 2.51 acres. The office-warehouse includes a grade-level overhead door for shipping and features a large enclosed yard for parking and storage. It is located a short walk from Main Street in downtown Mesa and the future light rail path. Downtown Mesa offers numerous dining amenities, retailers, hotels, museums and the Mesa Arts Center.
Miner, CCIM of ORION Investment Real Estate in Scottsdale negotiated the transaction. Miner focuses on investment sales of office and retail properties. Visit www.ORIONprop.com.