Pennsylvania firm buys Mesa’s Financial Plaza - East Valley Tribune: Business

Pennsylvania firm buys Mesa’s Financial Plaza

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Posted: Friday, July 6, 2007 6:24 am | Updated: 7:11 pm, Fri Oct 7, 2011.

A Pennsylvania-based real estate investment company closed a deal Monday to buy Financial Plaza — Mesa’s tallest building and a landmark in the Fiesta Mall area — for $57.7 million.

BPG Properties hasn’t announced plans to make any major changes to the 16-story building, which sits on the southeast corner of Alma School Road and Southern Avenue, said Cathy Ji, a Mesa development specialist. It has a variety of tenants, including Bank of America, accounting firms and attorneys offices.

“It sounds like they’re proceeding with business as usual,” Ji said.

The 309,983-square-foot building is one of the most prominent properties in the Fiesta area, which the city is working to revitalize.

BPG is excited to work with the city, and property owners are confident about the area, Ji said. The firm is looking for a new tenant to fill a restaurant building on the property that has sat vacant for less than a year, she said.

“You see reinvestment going in to make the area nicer,” she said.

The previous owner of Financial Plaza, Texas-based Crescent Real Estate Equities Co., bought the property in January 2006. The company said in a statement that it will record a gain of $6.3 million on the sale.

Crescent is in the middle of an estimated $6.5 billion buyout by Morgan Stanley Real Estate.

The company has recently been selling off its noncore assets, including the Plaza — its only property holding in the Valley, said Ted Harrison, an associate with the real estate services firm Cushman and Wakefield.

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