67 acres of land in Mesa sells for $13.9M
The southeast valley is becoming one of the most acquired areas for investors and developers to build more commercial properties. More than half a million people live in the City of Mesa, and it is the third largest city in the State of Arizona. It is no surprise that the city continues to grow, and the East Valley is still booming. Director of Retail Leasing & Sales Investments Rommie Mojahed with SVN in Phoenix represented both sellers in the sale of approximately 67 acres of land on Ellsworth & Pecos Roads for $13.9 million.
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Economic development in the City of Mesa is a priority for city officials. Healthcare, Education, Aerospace/Aviation and Defense, Tourism and Technology are just some of the industries that make up the southeast valley.
Next year, we will also see the new micro mill that represents a net investment of $300 million dollars. The Texas-based steel and metal manufacturer, CMC Steel has been operating in Mesa since 2009 but expanded its footprint and will be adding another 185 additional jobs upon completion in early 2023. In early March of this year, Fujifilm Electronic Materials, U.S.A, Inc. also announced they just completed their $88 million dollar expansion development, which included the additional 88,000 square feet to the existing facility. By the end of 2024, the company also plans to add 120 new positions in chemistry, engineering, manufacturing, warehousing and maintenance.
More industrial developments are increasing because of the need for these larger manufacturing developments including the Park Ellsworth Industrial complex that will be built on the approximate ±61 acres of land that was just acquired. The seller, NEC E&G LLC and Ellsworth 92, LLC sold to SCD Ellsworth, LLC represented by CBRE, who will also be handling the leasing on the industrial complex located off Ellsworth and Pecos Roads.
SVN advisor Mojahed stated, “The Phoenix/Mesa Gateway airport continues to drive businesses to this booming area.” The parties opened escrow back in June of 2021 and there were some setbacks along the way however Mojahed continued to state, “We are just excited to see this come together for everyone involved and look forward to seeing this amazing new development over the next couple of years.” The Kison team at CBRE represented the buyer and will continue to represent the new owners to handle the pre-leasing for their tenants. Other major developments within the same area include Queen Creek Station just south of Ellsworth, residential development communities such as Terravella, Shea Homes to the south and Eastmark to the north. Not to mention, Bell Bank Park and The Legacy Sports Complex is just north of the land that just sold as well.
With the rising residential and commercial developments in the area, developers continue to seek out the southeast valley opportunities to support the increase in economic growth and development. “Mesa’s Gateway area is booming with the arrival of new advanced manufacturing companies in the aerospace, electric vehicles, semiconductor, medical device, and other important technology sectors,” Mesa Economic Development Director Bill Jabjiniak stated. “To fill this tremendous demand, we are seeing great industrial projects such as Park Ellsworth either in the planning stage or under construction with much of the space being leased even before completion.”
For more information on the other development opportunities in the east valley, you can reach Rommie Mojahed at firstname.lastname@example.org in Phoenix, AZ.