Renovation, Parking Attract Buyer to JLL’s $14M Fiesta District Listing

Modern amenities and ample parking have aided in the $14 million sale of 827 W. Grove Avenue, a Class A office building in Mesa, Arizona. Leased by the Phoenix office of JLL, the deal involves a Class B-to-A renovation that removed 26,000 square feet of office space to achieve an approximate 6.63/1,000 parking ratio. JLL Senior Vice President Brian Ackerman represented the property seller, Pathfinder TRF Twelve LLC and G2 Capital, in the transaction. The property buyer was Canadian-based Mesa Investment Corp.

827 W Grove 5x9

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.” LGE Design Build handled the renovation with design services by Cawley Architects. Totaling 69,561 square feet, the 1994-built 827 W. Grove Avenue is now a two-story, Class A office building that is 100 percent leased to National General Management Corp., who operates in the building as National General Lender Services, a leading provider of mortgage and auto lender-placed protection solutions, insurance products and risk management services. The building is mission critical to National General, featuring premier interiors, redundant GIG E Fiber, UPS back up and a 1,000kw generator. In addition, nearly half of the parking is covered. 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 amenities include Mesa Community College, Banner Desert Medical Center, Dobson Ranch Golf Course, Fiesta Mall and The Shoppes at Gilbert Commons.

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