20 acres in Mesa Opportunity Zone sell for $2.25M
You have been hearing and reading about the new capital gains tax incentives associated with the Opportunity Zones and investors and developers are taking interest quick. SVN Desert Commercial Advisors has several properties listed in the Opportunity Zone and recently sold 20 acres of the original 92 acres in Mesa, AZ across the Mesa-Gateway airport for a $2.25M.
The 20 acres are located on Ellsworth & Germann which is in a great location. With the expansion of ASU Poly Technic Campus and close proximity to the airport, there is a large amount of employment and new homes surrounding the site. SVN Advisors Director of Retail Leasing & Sales Investments, Rommie Mojahed and Senior Advisor Beau Flahart represented the seller, Ellsworth 92, LLC in the transaction. A spokesman for the buyer, Abington Emerson Investments, LLC referenced this property as a “home run site” for developing spec industrial.
Flahart stated, “The Opportunity-Zoned real estate is a massive “opportunity” for investors and developers. The buyer felt the location was in a perfect position to build in a thriving area with so much planned development ahead. “The groups that understand the incentives and take advantage of this are way ahead of the game,” said Flahart. The seasoned advisors have worked with the seller on a number of projects and work on a majority of their land holdings.
More importantly, SVN advisors still represent the seller in the remaining 72 acres at this same location off Ellsworth & Germann, which is only 1 mile south of Eastmark, the #1 best-selling master-planned community in the state of Arizona. Zoning allows for retail, office, and light industrial so developers will have plenty of opportunity to build.