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News release

PHOENIX, AZ

Renovation, Parking Attract Buyer to JLL’s $14M Fiesta District Listing

1994-built project was completely renovated to serve modern user


PHOENIX, March 22, 2016 – Modern amenities and ample parking have aided in the $14 million sale of 827 W. Grove Avenue, a Class A office building in Mesa, Arizona. Leased by the Phoenix office of JLL, the deal involves a Class B-to-A renovation that removed 26,000 square feet of office space to achieve an approximate 6.63/1,000 parking ratio.

JLL Senior Vice President Brian Ackerman represented the property seller, Pathfinder TRF Twelve LLC and G2 Capital, in the transaction. The property buyer was Canadian-based Mesa Investment Corp. JLL Managing Directors Karsten Peterson, Mark Gustin and Dave Seeger served as the project’s leasing specialists.

“This was originally a Class B building, but the seller recognized the location and potential,” said Ackerman. “An ensuing renovation shaved off 26,000 square feet off of the building and fully improved what remained, making this basically a brand new asset – with the added bonus of a very high parking ratio in the heart of the Fiesta District.”

LGE Design Build handled the renovation with design services by Cawley Architects.

Totaling 69,561 square feet, the 1994-built 827 W. Grove Avenue is now a two-story, Class A office building that is 100 percent leased to National General Management Corp., who operates in the building as National General Lender Services, a leading provider of mortgage and auto lender-placed protection solutions, insurance products and risk management services.

The building is mission critical to National General, featuring premier interiors, redundant GIG E Fiber, UPS back up and a 1,000kw generator. In addition, nearly half of the parking is covered.

The project is located on 5.09 acres between the US60 freeway, Alma School Road, Southern Avenue and South Extension Road, less than three miles from the Loop 101 freeway and within the Fiesta District – an area of Mesa undergoing a $500 million redevelopment boom. It is also in walking distance to approximately 55 restaurants and four hotels. Other nearby amenities include Mesa Community College, Banner Desert Medical Center, Dobson Ranch Golf Course, Fiesta Mall and The Shoppes at Gilbert Commons.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 230 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $56.4 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.

In Phoenix, JLL is a market leader employing more than 540 of the region’s most recognized industry experts offering office, industrial and retail brokerage, tenant representation, facility and investment management, capital markets, multifamily investments and development services. In 2015, the Phoenix team completed 17.2 million square feet in lease and sale transactions valued at $930 million, directed $125 million in project management and currently manages a 16.4 million-square-foot portfolio. For more news, videos and research resources on Jones Lang LaSalle, please visit www.jll.com or www.jll.com/phoenix.