Cushman & Wakefield has arranged the sale of a fully entitled ±44-acre industrial development site in Mesa, Arizona. The site, positioned at the southeast corner of Ellsworth Road and Willis Road, was acquired by Martens Development Company. This sale accounts for the first phase of the project and the second phase accounts for an additional ±17 acres. In the first phase, Martens plans to build a new seven building ±603,000-square-foot Class A industrial project known as “The Brickyards”. The Scottsdale-based development company purchased the land in Phoenix’s Southeast Valley for approximately $19.1 million.
Cushman & Wakefield’s Kirk Kuller, Phil Haenel and Will Strong of the firm’s institutional and private capital groups in conjunction with CBRE’s Mark Krison and Luke Krison, represented the seller, Silver Creek Development, in the sale of the land. CBRE’s Pete Wentis and Kevin Cosca represented the buyer, Martens Development Company.
“Martens Development Company is a prolific developer in Phoenix with a proven track record,” said Senior Director Kirk Kuller. “We advised them on the sale of The Landing 3, 4 and 5 in Mesa, Arizona last year which is one of the largest and most successful Class A industrial parks in Metro Phoenix.”
The Brickyards will feature seven freestanding Class A buildings totaling ±603,000 SF that will range in size from ±35,938 SF to ±259,554 SF. Modern highlights of the state-of-the-art project include heavy power, dock-high and grade level loading, electric vehicle charging stations, innovative building design, ESFR K-25 fire sprinklers, and ample parking. The property also has six freeway access routes nearby and is less than 30 minutes to Phoenix Sky Harbor International Airport and just 5 miles away from Phoenix-Mesa Gateway Airport.
According to Cushman & Wakefield’s latest market stats, Phoenix Metro’s industrial market vacancy was a healthy 4.4% in Q2 2023 combined with a solid 7.1 million SF of net absorption through the first half of 2023.