Cushman & Wakefield announced the firm has arranged the sale of ±18.25 acres of undeveloped land in Mesa, Arizona. Located at Pecos Road and Sossaman Road, the property, commonly known as Pecos 17, was acquired by Cavan Commercial for $6.5 million. Specific plans from Cavan Commercial for the site have not yet been announced, but the property is fully entitled for the development of 227,200 square feet (SF) of new industrial product.
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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 situated in the Pecos Advanced Manufacturing Zone and has access to robust infrastructure, affordable power capacity, fiber network, natural gas, and abundant water and wastewater capacity. Additionally, the site is under thirty minutes to Phoenix Sky Harbor International Airport, and six minutes away from Phoenix-Mesa Gateway Airport.
