Mesa’s tallest building is about to get a $3 million makeover from its new owners, who bought the 16-story Financial Plaza building earlier this month.
The Fiesta District landmark has been underappreciated, changing ownership several times in recent years, said Gardner Ellner, acquisitions associate for BPG Properties. The Pennsylvania-based real estate investment company shelled out $57.7 million for the property.
“No one has really given it the TLC that it needs,” Ellner said.
The renovations will include upgrades to the elevator lobbies and other common areas, landscaping, ceiling tiles, carpeting, signs, lighting and other elements.
Work is expected to start this summer and be completed by year-end, Ellner said.
“We’re picking tile, picking carpets as we speak,” he said.
The buy was part of a $1 billion endeavor by BPG to expand throughout the West, he said.
It’s the first office property the company has purchased in the Valley in more than a decade, said Lang Sligh, director of West Coast acquisitions.
“Obviously the growth prospects in Phoenix are incredible — the fastest job market in the country,” Sligh said. “We think it’s a very good place to invest.”
BPG is looking in other areas of the Valley, including Scottsdale, the Camelback Corridor and southeast valley, he said.
As for the Mesa property, the main building — on the southeast corner of Southern Avenue and Alma School Road — is 73 percent occupied, so the company will work on leasing out the rest of the space. The firm is also looking to fill a vacant 9,000-square-foot restaurant building that’s on the site, Sligh said.