East Valley Professional Plaza Sells for $5.94m

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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Edward Moore
Director of Research
www.vizzda.com