CORFAC News

Contact: Jason Price
480-214-1107
jprice@cpiaz.com

Tempe, AZ (August 26, 2014) - Commercial Properties, Inc./CORFAC International, Arizona’s largest locally owned commercial real estate brokerage, is pleased to announce the sale of Harris Park Professional Plaza.  Tyson Breinholt and Shane McCormick of CPI's Tempe Office Group represented both the buyer and seller in this transaction.

The 27,864 SF, Class B office building is located at 1550 E McKellips Road in Mesa, Arizona and has frontage on McKellips Road, just west of Gilbert Road.  Tyson Breinholt commented, "This transaction came together from my relationship with the out-of-state investor, Penco Properties, who was actively seeking replacement properties for some 1031 exchange funds. Fortunately, Harris Park Professional Plaza completely met the needs of my client with 100% occupancy and a solid tenant history."

Harris Park Professional Plaza is a 100% leased, multi-tenant office building built in 2001 which was formerly owned by Harris Park Prof Plaza, LLC. Commercial Properties Incorporated picked up the property management account, and Tyson and Shane have retained the leasing of the property.

The all cash, 1031 tax deferred exchange was valued at $3,425,000 ($123.00 per foot).  Tyson Breinholt and Shane McCormick may be contacted for future leasing opportunities, and additional information at tbrienholt@cpiaz.com, 480.966.7513 or smccormick@cpiaz.com, 480.968.9618.

About Commercial Properties Inc./CORFAC International
CPI is a CORFAC International affiliate, full-service Brokerage and Property Management firm for all product types. Headquartered in Tempe, the company has more than 50 brokers and occupies two offices locally. Currently, CPI's listings include over ±16.7 million square feet for sale/lease, and 131 projects under property management, totaling more than 4.7 million square feet. Please visit our web site at www.cpiaz.com.