56.5-acre development site in Mesa sells for $16.6M
CBRE announced the sale of a 56.5-acre development site in Mesa, Ariz.’s Elliot Road Technology Corridor for $16.6 million to Phoenix-based real estate investor and developer Eisenberg Company.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the institutional seller. This was the third disposition in Arizona since 2018, and the second one in 2021 the CBRE team helped facilitate for the seller. Steve Larsen with JLL represented the buyer.
“Eisenberg Company was tremendous to work with and executed seamlessly,” said Mast. “Redundant power, plus access to abundant water, natural gas and fiber, combined with a simplified entitlement process, are the reasons why the Elliot Road Technology Corridor is a highly sought-after location from investors, developers and tenants alike.”
The new owner has approved plans with the City of Mesa to begin immediate development on a five-building, 770,000 square-foot Class A industrial property, which will be known as MET202. The buildings will range in size from 77,000 square feet to 221,000 square feet and will offer 32’ clear height, both grade-level and dock-high loading, plus additional features.
The property, located at the northeast corner of Crismon Road and Elliot Road within Mesa’s Elliot Road Technology Corridor, sits adjacent to Salt River Project’s high-power transmission lines and is less than one block from the Browning Substation, which makes the site ideal for companies needing large amounts of redundant, dedicated power. It is also within proximity to the Loop 202 Freeway and provides nearly 2,200 feet of frontage along Crismon Road.