The Mesa Oaks Office Park had been on the market for years as a pre-lease opportunity comprising of seven Class A buildings ranging from 15,000 – 27,000 SF each for a total of 119,755 SF. With an expiring site development permit looming, ECR introduced an existing client to create an off-market purchase opportunity at a discount. Within feasibility, site work commenced, saving the open permit and, as a result, approximately 40% of the buildable square footage.
ECR developed a leasing and sales strategy for the project to promote all phases and to help showcase progress of construction. Through extensive market research, ECR identified a void in the marketplace for full building and full floor opportunities within the range of 12,000 – 27,000 SF which was aggressively promoted for Mesa Oaks. The product was marketed through a series of private catered on-site tours for brokers, press releases and social media marketing, construction progress email announcements, and a direct call campaign to potential users.
Buyers and tenants alike were quickly attracted to the opportunity to lease or purchase office condos or stand-alone buildings. Roughly 90% of transactions were pre-leased or pre-sold prior to completion of each phase. The campus setting, quality of construction, ease of access, and ability to owner-occupy all attributed to the resounding success. Mesa Oaks reached 100% leased or sold over an 24 month period in which one phase delivered every 9 months.