Plans name for as many as 15 buildings on this newly acquired web site.
Shopoff Realty Investments has acquired 269.9 acres of land in Maricopa County, Ariz. The lot was bought via an $81 million first mortgage offered via Mavik Capital Administration. The property is the most important development-ready industrial lot within the Southeast Valley.
Positioned at E. Elliott and S. Sossaman Street, the asset is located subsequent to Mesa in an unincorporated a part of the Maricopa County. Plans for the acquisition contain annexing the lot into the Metropolis of Mesa to then entitle it for manufacturing use.
Though it’s nonetheless within the starting stage, the property could find yourself housing 12 to fifteen buildings, with some 4.1 million sq. ft of leasable house. Estimated constructing sizes are set to round 500,000 sq. ft.
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Previously a dairy farm, the 269.9 acres are in proximity to Loop 202, offering the lot entry to east and west Phoenix Valley. Positioned 3 miles away is the Phoenix-Mesa Gateway Airport.
A SVN | Desert Business Advisors crew represented Shopoff within the acquisition, led by Dylan Sproul and Paul Borgesen.
Phoenix demand is on the rise
Based on a latest CBRE report, the 2022 Phoenix industrial market is on tempo to surpass its already record-breaking 2021 efficiency. Emptiness charges are at 2.8 %, whereas one other 31.2 million sq. ft of commercial development are underway.
Industrial demand isn’t the one market on the rise within the space. Phoenix workplace development quantity was greater than twice as excessive in quarter two of this 12 months than in quarter one.
