Landing 3 industrial development in Mesa sells for $130M
Cushman & Wakefield has advised the joint venture of Martens Development, a Scottsdale, AZ-based real estate firm, and Dune Real Estate Partners, a New York City-based real estate investment firm, in the disposition sale of Landing 3, a brand new Class A industrial development totaling 525,342 square feet in seven buildings in Mesa (Phoenix), Arizona. An affiliate of Cohen Asset Management, a premier private real estate investment firm headquartered in Southern California with regional offices in Phoenix, Arizona, Dallas, Texas and Northern New Jersey, acquired the multi-building portfolio in partnership with ASB Real Estate Investments for $130 million.
Located at 7827 to 8009 E. Ray Rd, Landing Phase III was built in 2021 and is part of a larger multi-phase, master-planned industrial project known as The Landing, one of the largest Class A industrial parks in metro Phoenix totaling 858,901 square feet of new state-of-the-art space. Landing 3 is 100% leased to a strong, well-diversified tenant mix.The seller was represented by Executive Managing Director Will Strong, Associate Greer Oliver, and Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West as well as Chairman Adam Spies and Vice Chair Marcella Fasulo of the firm’s NY Capital Markets team. Executive Managing Director Rob Rubano and Managing Director Brian Share with Cushman & Wakefield’s Equity, Debt & Structured Finance Team arranged financing for the buyer. Will Strong said, “The Landing 3 is a tremendous core asset and one of the most detailed industrial developments in the history of Phoenix. Furthermore, with Mesa’s strong market fundamentals, together with this trophy project’s exceptional location, quality and financial profile, made this not just a premier investment opportunity but a rare one too in of the most sought-after submarkets in the US.” David Martens, Principal at Martens Development added, “We are grateful for our partner Dune, the extended Cohen team and Cushman & Wakefield, for making this a seamless transaction. We had an extremely quick lease-up of this asset, reflective of the welcoming business environment in Mesa, Arizona.” Landing 3 consists of multiple freestanding light industrial buildings and a rare cross-dock facility. Its state-of-the art construction offers modern features and functionalities, including 36-ft clear heights, 100% concrete throughout the entire project, excellent loading and heavy parking, ESFR sprinklers, and fenced yard. The location provides freeway frontage/visibility and expedited access to Loop 202, I-10, Loop 101, and the U.S. 60 interchange. The Landing also fronts Phoenix-Mesa Gateway Airport with proximity to Sky Harbor International Airport and downtown Phoenix, providing unsurpassed regional, national and international access. The property is also situated in one of Mesa’s federally designated opportunity zones, offering tax benefits.