Lee & Associates, which specializes in providing exceptional commercial brokerage services of industrial, office, investment, multifamily, retail, and land announced the combined sale of lots 2, 3, and 4 of the Ray Road Commerce Center in Mesa, Arizona.
The lots sold for $3,259,158 by Lee & Associates Principals Ken McQueen and Chris McClurg, SIOR. McQueen and McClurg represented the seller, Orsett Properties, and the buyer, Wetta Ventures. The asset is comprised of 10.32 acres and offers freeway visibility and accessibility to the Loop 202, as well as proximity to Eastmark, Arizona’s largest residential development.
“The 10.3-acre site purchased by Wetta Ventures will offer direct freeway access and visibility to the Loop 202 freeway for industrial tenants,” said Ken McQueen, Principal of Lee & Associates.
“Complimented by abundant retail amenities along Power Road and access to skilled labor in the Mesa submarket, the location is suitable for traditional industrial users or light showroom users looking to capitalize on the freeway visibility.”The repurposed asset converted prior office space into more usable warehouse space and enhanced the loading dock area. That industrial space now includes seven truck-wells, and two ground-level doors with 24’-26’ clear height.
The transaction closed March 22nd. Wetta Ventures will begin development in July of this year and plans to deliver by the end of the year. The proposed spec for the general industrial warehouse will be 146,887 square feet with future leasing divisible by 20,000 square feet. The highly functional industrial building is expected to bring in companies from a variety of industries including aerospace, home improvement, and medical.
“The Phoenix-Mesa Gateway Airport has witnessed sustained absorption of industrial space from a variety of industries including aerospace, home improvement/décor users along with the standard users that service the heavy home growth at Eastmark,” said McQueen. “The functionality of this planned building will accommodate those industries and many others for years to come.”
The asset is zoned Light Industrial in the City of Mesa and will offer 3000 amps of 277/480 Volt power, 32’ clear height, 52’ x 50’ column spacing, and 4 grade level dock doors. The future warehouse will also be 202 freeway visible with signage to over 70,000 vehicles per day.
Chris McClurg and Ken McQueen will be handling the marketing and leasing of the project. The development team includes Deutsch Architecture Group, Layton Construction Company, Hunter Engineering with financing by Banker’s Trust.
For more information on Lee & Associates visit https://www.leearizona.com/ or call (602) 956-7777.