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MESA-In its second purchase of the year in the Valley, a New Jersey-based real estate investment group has spent $1.5 million for a Mesa medical office building.

Classic Capital Group LLC has the title to the 11,000-sf Sandstone Office Building at 2626 E. University Dr. The sale price equates to $135 per sf.

The fully occupied building counts Physiotherapy Associates, a subsidiary of the Fortune 500 Stryker Corp., as its lead tenant. The Southwest-designed structure, completed in 2000, is positioned about three miles from Mesa General Hospital and about five miles west of Valley Lutheran Hospital.

Classic Capital Group, formed in 2000, has been on the hunt for properties with values ranging from $1.5 million to $5 million. Its also interested in development of similar-size projects.

“This parameter provides Classic the ability to focus on strategically located, quality buildings that can be efficiently managed after lease-up,” says James Butwin, a principal in the firm, which includes a Tempe-based development and acquisition team.

Earlier this year, the firm purchased a 25,000-sf retail building in the residential area of Ahwatukee. In December, it plans to close on another office building in the Superstition Springs area of Mesa. That office building also is anchored by a Fortune 500 company.

Classic Capital, which includes principal Adam Sokol, also is developing a 20,000-sf building in Peoria across from the Peoria Sports Complex; 31,000-sf retail building in Mesa; and a 35,000-sf building in Scottsdale.

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