Work has begun on Marwest Enterprises' 525,000-square-foot Landing 3, which is part of a multi-phase, master-planned industrial project near Phoenix-Mesa Gateway Airport in Mesa.
Phoenix-Mesa Gateway Airport is owned and operated by the Phoenix-Mesa Gateway Airport Authority. PMGAA consists of representation from Mesa, Gilbert, Queen Creek, Gila River Indian Community, Phoenix and Apache Junction.
Landing 3, 7827 E. Ray Road, is expected to serve tenants from 5,000 square feet to 250,000 square feet.
“Congratulations to Marwest Enterprises on the groundbreaking of Landing 3. This brand-new project will join Landing at PMG and Landing 202, in the heart of the Gateway area and close to multiple freeways. An awesome location for a wide range of businesses," Mesa Mayor John Giles said in the release. "It's exciting to watch southeast Mesa maintain its momentum as a thriving economic engine for the entire city.”
Landing Phase III is within an opportunity zone, one of Phoenix’s nearly 90 designated land areas that encourage long-term investments in low-income urban and rural communities with tax incentives for investors.
“The continued success of the Landing is not only an indication of the demand in the market place for Class A spec industrial space, but also a desire by businesses to be in the Gateway area,” Mesa District 6 Councilmember Kevin Thompson said in the release. “Adding Landing 3 to the existing one million square foot footprint is the perfect new addition to the area and region.”
Marwest partnered on the project with a large institutional equity provider and construction financing was provided by a regional bank, the release states.
“We’re excited to grow our relationship with Mesa and our existing partners at PMG,” David Martens, principal with Marwest, said in the release. “There is a tremendous amount of momentum in Mesa. We continue to see significant economic growth and sustained interest for these projects – we’re very pleased to be there.”
Additional partners on the project include CapMatrix LTD, which served as strategic capital markets advisor on the transaction; Ware Malcomb, architect; Willmeng Construction, general contractor; Hunter Engineering as the civil engineer; and leasing handled by the Wentis/Cosca team at CBRE.
For more information, go to marwestcapital.com.