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Real estate
Cavan Commercial buys 18.25-acre industrial site in Mesa for $6.5M
Cushman & Wakefield
The property, commonly known as Pecos 17, was acquired by Cavan Commercial for $6.5 million. Specific plans for the site have not yet been announced, but the property is fully entitled for the development of 227,200 square feet of new industrial product.
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Cushman & Wakefield recently announced the firm has arranged the sale of 18.25 acres of undeveloped land at Pecos Road and Sossaman Road in Mesa.
The property, known as Pecos 17, was acquired by Cavan Commercial for $6.5 million. Specific plans for the site have not yet been announced, but the property is fully entitled for the development of 227,200 square feet of new industrial product, according to a release.
Cushman & Wakefield’s Will Strong, Michael Matchett, Molly Hunt, and Callahan Conway of the firm’s National Industrial Advisory Group – Mountain West team represented the seller, Greenlaw Partners, in the transaction.
“This is an excellent industrial development site positioned in the rapidly expanding Southeast Valley, a submarket in the Phoenix Metro that has recently experienced explosive industrial development growth,” said Will Strong. “The property is fully entitled with its long lead-time building materials ordered already, providing the buyer with a true speed to market opportunity.”
“This acquisition presents an exceptional opportunity in the Southeast Valley, a submarket within Metro Phoenix known for its high-tech, manufacturing, R&D, and e-commerce industries. The area’s robust growth is driven by expanding demographics and a significant increase in residential development, with more rooftops being constructed to accommodate the influx of new residents. As the population continues to rise, the demand for industrial space in this strategic location is expected to grow, making this acquisition a key investment in a rapidly developing market,” added Molly Hunt.
Pecos 17 is in the Pecos Advanced Manufacturing Zone and has access to infrastructure, power capacity, fiber network, natural gas, and abundant water and wastewater capacity.
