20.77-acre industrial development site in Mesa sells for $9.692M
ViaWest Group and Nicola Wealth Real Estate have purchased a 20.77 Acre industrial development site in Mesa for $9.692 million. The development known as Advanced Industrial Park will be comprised of three single-loaded Class A industrial buildings. Building A will be 122,690 SF, Building B will be 131,737 SF, and Building C will be 80,639 SF, with a total rentable square footage of 335,066 SF. Ownership intends to lease these buildings with multiple tenants to take advantage of pent-up demand in smaller suite sizes in the East Valley. Buildings are divisible down to +/- 20,000 SF.
ViaWest and NWRE recognized additional value in this deal as a fully approved, permit-ready plan set was included in the purchase. The ability to bypass the delays incumbent in municipal review in today ’s market, will allow ViaWest and NWRE to deliver the buildings ahead of the many projects that are currently in the planning phase of development in this very active industrial submarket. Cawley Architects, and JMC Engineering are the A&E design team on the project. The ownership has engaged national GC, ClayCo, for the horizontal and vertical development.
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Jackie Orcutt, CBRE, brokered the transaction between buyer and seller as well as worked closely with both ViaWest and NWRE to help define the business plan best suited for the Mesa Gateway submarket. She had this to say about the transaction, “It was a pleasure working with ViaWest and NWRE on the fast acquisition of the future site of Advanced Industrial Center. Vacancy in the Mesa Gateway industrial market is at an all-time low of 1.66%, providing an ideal market for such a premier development in the heart of the Pecos Advanced Manufacturing Zone. We are excited to work with such a dynamic team and looking forward to welcoming quality distribution and manufacturing businesses to the southeast Mesa submarket!”
Matthew Schaeffers, Director of Acquisitions, NWRE, added, “We’re very excited to partner with ViaWest under our build to hold industrial strategy, and expand our Phoenix portfolio with this well located, modern, state of the art industrial asset”.
Steven Schwarz, Founding Partner, ViaWest, stated, “ViaWest is pleased to announce that we’re expanding our property management relationship with Nicola Wealth Real Estate into a development / new construction investment. We like the location, underlying supply/demand story in the submarket, location to Mesa Gateway Airport, and the speed to market of this deal. The permit-ready development site and early material procurement will allow us to develop quicker than competitors”
Advanced Industrial Park is scheduled to break ground in May 2022 and is expected to deliver 1Q 2023. Leasing inquiries may be directed to Jackie Orcutt, CBRE.