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MESA, AZ-A Phoenix based real estate investment group finalizes a $4.5-million acquisition for the fully leased, 35,600-sf Fiesta Square in Mesa.

The Earl Property Fund I is the buyer of record for the multi-tenant medical and general office building, situated at 1220 S. Alma School Rd. It is positioned on the southwest corner of the intersection of Alma School Road and Southern Avenue. The sale price equates to more than $126 per sf for the Phoenix-based seller, Fiesta Square Joint Venture LLC.

The office project abuts Fiesta Mall, one of the East Valley’s oldest and most popular regional malls, and is less than a half mile from Superstition Freeway. The area around the mall has more shops, stores and restaurants than any other part of the city.

Grubb & Ellis Co.’s Phoenix team of Stan Shafer, Eric Wichterman and Laurel Lewis represented the seller. Robert M. Dar of the Phoenix office of Delta Five Real Estate Services acted for the buyer.

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