ESI Ventures (ESI), a diversified commercial real estate investment firm that acquires, develops and executes value-add and adaptive reuse projects, announces the sale of 179 acres of a 290-acre mixed-use business park called Surprise Pointe in Surprise, Arizona. Surprise Pointe is located just 30 minutes northwest of downtown Phoenix and started as an unimproved site. Since ESI acquired the property in 2003 for $25,000,000, it has invested over $20,000,000 in major infrastructure improvements including water storage, wells, water lines, sewer lines, power, and road access. The property is easily accessed via three major arterial streets, including rail as well. ESI also led the property through zoning changes with the City, making it readily available for a variety of uses.
“Surprise is one of the fastest growing cities in the United States and has enjoyed a 1000% increase in population over the past 15 years,” says Brandon Wolsic, Executive Vice President of ESI. “ESI’s vision, research and investment resulted in a crown jewel mixed-use park that has attracted some amazing companies and still offers 111 acres for future development.”
Since completing the infrastructure improvements and re-zoning, ESI has sold over 61% of the land to a developer, a distributor and a manufacturer. Most recently, Trimaco LLC bought 43 acres to use as its headquarters and manufacturing location for its surface, personal and jobsite protection products. Prior to that, Glimcher, a developer that specializes in shopping centers, developed a 250,000 square foot entertainment center at Surprise Pointe, the first of its kind in Arizona. In addition, Crescent Crown, one of the largest beverage distributors in the United States, moved its 250,000 square foot distribution facility to Surprise Pointe.
Overall, Surprise’s city population has surpassed 100,000 and will reach close to 650,000 by 2040. New amenities and businesses include a state-of-the-art Aquatic Center, the Surprise Regional Library, Surprise Stadium and the Spring Training facility, home to the Kansas City Royals and Texas Rangers.
ESI plans to maximize the potential return from the remaining acreage and create synergies with the existing land users. ESI will use the profits from any potential sales and invest in new co-sponsor acquisitions in multifamily, office and hospitality. ESI specializes in co-sponsor transactions and leverages its in-house expertise and capital resources to empower sponsors to grow their platforms and become more programmatic.
Patrick J. Feeney, Jr., with CB Richard Ellis, is representing ESI in the sale of Surprise Pointe. For more information, visit http://surprisepointe.com/.
