Vizzda – May 13, 2013 – Dr. Sylvester Johnson, PhD, an investor based out of Laguna Beach and New York City, has acquired the East Valley Professional Plaza from Ensemble Real Estate Solutons for $5.94m or $313.82 per ft2. Dr Johnson paid cash and secured $3.3m in new debt with Wells Fargo.
The East Valley Professional Plaza is an 18,928 ft2 two-story medical office built in 2007 on 2.01 acres zoned LC or “Limited Commercial.” Aerial indicates ±109 parking spaces or a parking ratio of ±5.75/1000 ft2. The office is located at the southeast corner of Higley Road & Southern Avenue in Mesa and is leased to pediatric dentists and eye specialists.
Per historical broker flyer, this property had been offered for sale at $6.05m. Ensemble Real Estate acquired the property as 211,215 ft2 or 4.85 acres of vacant land on January 11, 2006 for $2,862,747 or $13.55 per ft2 with no debt. This land acquisition includes the adjacent property at 5131 E Southern Ave–now a ±31K ft2 medical office also built in 2007 and still owned by Ensemble. Randy P McGrane of Ensemble closed the deal.
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Director of Research