Mesa, AZ Back-Office Asset Flips Twice For $32M

Centrica, a redeveloped, 117,000-square-foot back office in Mesa, AZ, changed hands from a Phoenix developer, to a New York City investor, to a Brooklyn, NY buyer – in one day. The property is west of Fiesta Mall at 1550 W. Southern Ave.

The first leg involved seller Phoenix Rising Investment LLC and SL Mesa Realty Owners LLC in New York, which acquired the property for $30 million. Meridian Capital in New York City, and Matt Coxhead and Ryan Bartos of JLL in Phoenix brokered the deal. The New York buyer then sold the asset to 1550 West Southern LLC for $32.5 million.

The building formerly housed Circuit City and Toys R Us and is 100% leased to Santander Consumer USA Holdings Inc. Phoenix Rising bought the vacant property in 2014 for $4.5 million.

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