business

Investment firm purchases Mesa manufacturing property for $9.5M

Posted 2/26/21

Industrial property at 7447 E. Ray Road in Mesa has been sold to an affiliate of Boston-based real estate investment firm STAG Industrial Inc. for $9.5 million.

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business

Investment firm purchases Mesa manufacturing property for $9.5M

Posted

Industrial property at 7447 E. Ray Road in Mesa has been sold to an affiliate of Boston-based real estate investment firm STAG Industrial Inc. for $9.5 million.

Jackie Orcutt, John Grady and Jonathan Teeter of CBRE represented STAG in the transaction, according to a release.

The seller, Gateway Properties of Arizona, was represented by Ken McQueen and Chris McClurg of Lee & Associates.

The 71,030-square-foot property was constructed in 2018. A single-tenant building is on a 5.22-acre lot and features 24-foot clear height, six dock-high doors and six grade-level doors. The site is adjacent to Loop 202.

During escrow, CBRE assisted in preleasing the property to Bass Cabinets, a cabinet manufacturing and installation company with roots in Arizona and a national presence. Bass will take occupancy this year.

“The Phoenix-Mesa Gateway industrial submarket has seen extremely significant investment activity in the past year,” Ms. Orcutt said in the release. “With the fastest-growing housing community in the greater area, we expect to see continued growth moving forward.”

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