112-acre development site near Mesa Gateway sells for $36.7M
SVN Desert Commercial Advisors completed the sale of an approximately 112-acre industrial site in Mesa at the southwest corner of Warner Rd. and Sossaman Rd. just north of the Mesa Gateway Airport. The property was acquired from Structures Investment LLC by an entity controlled by Contour Real Estate, a California-based real estate investment and development firm.
Contour plans to build a master planned industrial park encompassing eight buildings totaling over 1.5 million square feet (in two phases of development) targeting specialized manufacturing, logistics, and ecommerce tenants. The Mesa project is the largest of Contour’s three industrial projects underway in the Arizona market. The deal had been in escrow for twelve months as Contour worked through a rezone and PAD approval with the City of Mesa.
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“This extremely attractive, large infill site with tremendous freeway visibility will offer tenants of various sizes and uses the ability to be well-located off of Loop 202 and Sossaman Road,” said Ted Fentin, President of Contour. “This thoughtfully designed project will be well positioned to meet the demands of tenants in the market and will certainly help continue the great momentum in the City of Mesa and the Southeast Valley.” Contour’s Chief Executive Officer, David Daneshforooz said of the company’s investments in the region, “This acquisition is the second of three land acquisitions in Q4 of 2021 for Contour, which is a testament to our continued confidence in the Phoenix Metro industrial market.”
Paul Borgesen and Dylan Sproul of SVN Desert Commercial Advisors negotiated the transaction on behalf of the Buyer and Seller. Dylan Sproul stated, “The Mesa Gateway Submarket has become extremely attractive to industrial developers and institutional investors from all over the country. We are thankful to be a crucial part in the economic drivers expanding the City of Mesa’s employment base.”