112-acre industrial development site in Mesa sells for $36.7M
Posted 1/7/22
SVN Desert Commercial Advisors recently completed the sale of an approximately 112-acre industrial site in Mesa at the southwest corner of Warner and Sossaman Roads just north of Phoenix-Mesa Gateway …
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112-acre industrial development site in Mesa sells for $36.7M
Posted
SVN Desert Commercial Advisors recently completed the sale of an approximately 112-acre industrial site in Mesa at the southwest corner of Warner and Sossaman Roads just north of Phoenix-Mesa Gateway Airport.
Phoenix-Mesa Gateway Airport is operated by the Phoenix-Mesa Gateway Airport Authority. PMGAA consists of representation from Apache Junction, Mesa, Queen Creek, Gilbert, Gila River Indian Community and Phoenix.
The property was acquired from Structures Investment LLC by an entity controlled by Contour Real Estate, a California-based real estate investment and development firm, according to a release.
Contour plans to build a masterplanned industrial park with eight buildings totaling more than 1.5 million square feet in two phases of development, targeting specialized manufacturing, logistics and ecommerce tenants.
The project is the largest of Contour’s three industrial projects underway in the Arizona market. The deal had been in escrow for 12 months as Contour worked through a rezone and PAD approval with the city of Mesa, the release states.
“This extremely attractive, large infill site with tremendous freeway visibility will offer tenants of various sizes and uses the ability to be well-located off of Loop 202 and Sossaman Road,” Ted Fentin, president of Contour, said in the release. “This thoughtfully designed project will be well positioned to meet the demands of tenants in the market and will certainly help continue the great momentum in the city of Mesa and the Southeast Valley.” David Daneshforooz, Contour’s chief executive officer, said of the company’s investments in the region.
Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors negotiated the transaction on behalf of the buyer and seller.
“The Mesa Gateway submarket has become extremely attractive to industrial developers and institutional investors from all over the country. We are thankful to be a crucial part in the economic drivers expanding the City of Mesa’s employment base,” Sproul said in the release.
