SVN Desert Commercial Advisors recently represented Shopoff Realty Investments in the acquisition of 269.6 acres at East Elliott and South Sossaman Road.
It is in the city of Mesa’s boundaries in what is considered unincorporated Maricopa County. Plans for the purchase include annexing the site into the city, according to a release.
The 269.9 acres are within the city of Mesa’s Elliot Road Technology Corridor.
“This property is located in a burgeoning employment hub with increasing demand for manufacturing space,” William Shopoff, the firm’s president and CEO, said in a statement. “We plan to work closely with the city to annex the property into the city of Mesa, and subsequently entitle the property for manufacturing use, in order to meet market demands.”
Previously a dairy farm, Arizona Dairy Co. completed its final disposition in the immediate area with this sale. General Manager Justin Stewart reports that other parts of its agricultural land have been sold over the years, including the sale to Google of 186 acres at the northwest corner of Elliot and Sossaman in 2019, the release states.
Shopoff has proposed potential plans for the development of “The Block On Elliot,” a manufacturing, technology and employment park. The park could include up to 15 buildings, at an average size of 500,000 square feet and up to 4.1 million leasable square feet.
Dylan Sproul and Paul Borgesen of SVN Desert Commercial Advisors negotiated the transaction on behalf of the buyer, Shopoff Realty Investments.
“It was a pleasure working with Shopoff Realty on this transaction. Given the complexity of taking an active dairy operation to a fully demolished and environmentally clean site in the span of eight months, in addition to funding this deal in a tumultuous capital market environment, is a true testament to their innovative and nimble approach. Shopoff now owns the largest development-ready industrial park in the entire Southeast Valley. We are very excited to see the economic growth this development brings to the city of Mesa and the Mesa-Gateway Airport,” Sproul said in the release.
SVN | Desert Commercial Advisors is a full-service commercial real estate services firm specializing in multifamily, industrial, retail, office, medical/dental, restaurant and land/development. Go to SVNDesertCommercial.com.