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MESA, AZ-An Arizona buyer has ended up with the 80,067-sf Mesa Executive Park, paying $7.25 million for the deed. KBS Realty Advisors has sold the four-building, class B office complex to Wilson Property Services Inc.

“Mike Wilson has a very good reputation in the Phoenix marketplace and the seller felt this buyer could close on the property at the right price,” Steven M. Brabant, senior vice president with CB Richard Ellis’ Phoenix office, says about the Scottsdale investor. Brabant, who represented the seller, adds the property at 1255 W. Baseline Rd. attracted a lot of interest because of its upside potential.

Built in 1982, the complex is 61% occupied. “Based on the property review report, beyond the normal wear and tear on the property, Wilson probably won’t put significant money into the asset,” Brabant tells GlobeSt.com. “KBS maintained the property very well.” There also isn’t a significant lease roll in the coming year, he adds.

Mesa Executive Park was part of a multi-asset portfolio bought 10 years ago by one of Newport Beach, CA-based KBS’ funds. The portfolio included the 150,000-sf Scottsdale Financial Center I at 4110 N. Scottsdale Rd. and 100,670-sf Scottsdale Airpark Corporate Center at 15020-150 N. Hayden Rd., both in Scottsdale, and 173,600-sf Camelwest Plaza at 1951-2001 W. Camelback Rd. and 63,639-sf Paragon Plaza, both in Phoenix.

CBRE senior vice presidents Robert L. Young and Glenn Smigiel and vice president Richard W. Abraham teamed with Brabant to sell the property. Wilson Property Services, which used in-house brokers to negotiate the deal, will manage Mesa Executive Center. A leasing team hasn’t been selected.

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