Source: Lee & Associates
Metro East Valley Holdings, LLC, a joint venture between Metro Commercial Properties, Inc. and a private REIT managed by Principal Real Estate Investors completed the purchase of 21.5 acres of land fronting the US 60 Superstition Freeway in Mesa for a planned four-building light industrial development.
The site located at 614 – 720 East Auto Center Drive, is immediately east of the Berge Ford dealership with frontage on the south side of the U.S. 60 at Mesa Drive.
The 21.5-acre site was formerly zoned for automotive dealership use. The completed a re-zone of the site in February to allow industrial uses for the proposed multi-tenant light industrial project. Upon receipt of permits with the City of Mesa, construction is scheduled to commence in August 2015.
Each of the four buildings were designed to break down to accommodate a diverse size of users ranging from as small as 5,750SF to as large as 128KSF. Building features include a 180-foot shared truck court, grade level and truck well loading, clear heights of 24’ and 30’, ESFR sprinkler system, and parking for 640 cars.
Upon completion of the Mesa light industrial project in March 2016, the development will add 349KSF of additional light industrial product to the inventory base of the Southeast Valley, a submarket with only 8.9% overall warehouse vacancy according to 2nd quarter industrial reports published by Lee & Associates Arizona.
“The site is literally the geographic center of the entire southeast valley industrial submarket,” added Tony C. Hepner, Principal of Metro Commercial Properties. “The infill location and freeway infrastructure of the Metro East Valley Commerce Center site allow industrial users to serve their customer base, northwest to Sky Harbor Airport and southeast to Phoenix-Mesa Gateway from a single central location with delivery times of less than 30 minutes.”
The team of Saulnier, McClurg and McQueen of Lee & Associates has been retained by the developer to provide leasing services for the new project which is currently marketing space for the March 2016 delivery date.
The $6.5M ($302K/acre; $6.94/SF) land sale was brokered by Kurt Saulnier, Ken McQueen and Chris McClurg of Lee and Associates Arizona.