"Mike Wilson has a very good reputation in the Phoenixmarketplace and the seller felt this buyer could close on theproperty at the right price," Steven M. Brabant, senior vicepresident with CB Richard Ellis' Phoenix office, says about theScottsdale investor. Brabant, who represented the seller, adds theproperty at 1255 W. Baseline Rd. attracted a lot of interestbecause of its upside potential.


Built in 1982, the complex is 61% occupied. "Based on theproperty review report, beyond the normal wear and tear on theproperty, Wilson probably won't put significant money into theasset," Brabant tells GlobeSt.com. "KBS maintained the propertyvery well." There also isn't a significant lease roll in the comingyear, he adds.


Mesa Executive Park was part of a multi-asset portfolio bought10 years ago by one of Newport Beach, CA-based KBS' funds. Theportfolio included the 150,000-sf Scottsdale Financial Center I at4110 N. Scottsdale Rd. and 100,670-sf Scottsdale Airpark CorporateCenter at 15020-150 N. Hayden Rd., both in Scottsdale, and173,600-sf Camelwest Plaza at 1951-2001 W. Camelback Rd. and63,639-sf Paragon Plaza, both in Phoenix.


CBRE senior vice presidents Robert L. Young and Glenn Smigieland vice president Richard W. Abraham teamed with Brabant to sellthe property. Wilson Property Services, which used in-house brokersto negotiate the deal, will manage Mesa Executive Center. A leasingteam hasn't been selected.

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