An industrial flex property in Mesa has changed hands for $5.25 million in an off-market deal, real estate firm LevRose Commercial Real Estate announced.
The 20,544-square-foot building, situated on roughly 2.37 acres at 4220 E. McDowell Road, was completed in 2006.
Built with durable block construction, the facility features about 15,494 square feet of office space alongside its industrial functionality. Key highlights include a reception area, a large bullpen work setup, a 14-by-14-foot grade-level door, a fully secured yard and 18 covered parking spaces.
Brokers faced a tight timeline on the transaction with the property’s existing lease scheduled to expire this year. To prevent uncertainty around tenant rollover, the LevRose team worked to secure a buyer ahead of the lease end date.
“Our team was honored to represent the seller in this transaction,” Mark Cassell, who helped complete the transaction, said in a press release. “We had great rapport with the buyer’s agent, Gary Cornish of Newmark, which helped secure the building for his user prior to hitting the market.”
The seller plans to utilize the proceeds in a 1031 exchange to acquire a replacement asset aimed at generating higher cash flow and increased income.
Cassell, Landon McKernan, Cameron Miller and Joe Jones of the LevRose Industrial Team exclusively represented the seller. Cornish represented the buyer.