3.1-acre retail development site in Mesa sells for $2.2M

Real Estate | 25 Sep |

A 3.1-acre development site located at NWC US-60 and Crismon Road in Mesa, Arizona, has sold for $2,215,851. The buyer was retail developer Aaron Klusman. The seller was QUYP Development. Kidder Mathews commercial real estate brokers, Trask Switzenberg and Darrell DeShaw, represented Klusman in the transaction.

The development plans are for three retail pads. Users for two of the pads were secured prior to closing the sale. There is one additional retail pad remaining, which Switzenberg and DeShaw will continue to market. The pads make up the retail portion of a new 40-acre mixed-use project, which upon completion will include a 130 room hotel, multiple office and medical buildings, and a 200+ unit multifamily development.

“The continued growth and popularity of the Southeast Valley combined with multiple delays and an extended escrow period allowed deals for two of the three pads to be secured prior to our client closing on the property. As the submarket continues to gain momentum, we expect tenant interest to remain strong and look forward to procuring a user for the final pad and completing the project,” said Switzenberg, vice president at Kidder Mathews.

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