Commercial Properties, Inc. (CPI) announced the land lease of approximately 7.5 acres for the future development of approximately 100,000 SF multi-tenant industrial buildings located on the corner of Sossaman Road & Velocity Way and just south of the airport terminal. Leroy Breinholt and David Bean of CPI’s Tempe Industrial Group represented both Phoenix-Mesa Gateway Airport and Cavan Commercial, and will retain the lease listing of the completed project.
Michael Merk, Director of the Phoenix Mesa Gateway Authority commented, “Phoenix-Mesa Gateway Airport is one of the fastest growing regional hub airports in the U.S., flying over 1.45 million passengers annually. Currently it’s home to Allegiant Airlines, Arizona State Polytechnic University, Chandler Gilbert Community College.”
Breinholt and Bean are working closely with Cavan Commercial consulting on the proposed designs of the multi-phase industrial project which is starting construction in early 2015. LGE Design Group is going to design and build the project which includes more expansion options in the future.
Merk added, “According to population and growth estimates from the Maricopa Association of Governments, Phoenix-Mesa Gateway Airport and surrounding areas will boast over 100,000 new jobs by 2035, making it one of the largest employment centers in the state of Arizona.”
Dale Cavan, of Cavan Commercial, commented, “We are excited to expand into this rapidly growing submarket in Arizona which needs new product to meet increasing demand. We identified the need for more manufacturing space as available inventory continues to shrink and rental rates climb higher. Along with the prospect of bringing more jobs, this project will offer new tenants industrial/office suites with truckwells, secured storage yards, and large grade level doors, which are highly sought after in this product type.”