56.5-acre Mesa development site sells for $ 16.6 million
CBRE announced the sale of a 56.5-acre development site in Mesa, in Arizona’s Elliot Road Technology Corridor, for $ 16.6 million to a Phoenix-based real estate investor and developer Eisenberg Company.
Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the institutional seller. This was the third Arizona divestiture since 2018, and the second in 2021, the CBRE team assisted the seller. Steve Larsen with JLL represented the buyer.
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âEisenberg Company has been great to work with and has been executed in a transparent manner,â said Mast. âRedundant electricity, along with access to plentiful water, natural gas and fiber, combined with a streamlined allocation process, are the reasons the Elliot Road Technology Corridor is a highly sought after location by investors, developers and tenants. “
The new owner has approved plans with the Town of Mesa to begin immediate development of a 770,000 square foot five building Class A industrial property, which will be known as MET202. The buildings will range in size from 77,000 square feet to 221,000 square feet and will provide a clear height of 32 feet, both at ground level and at dock level, as well as additional functionality.
The property, located at the northeast corner of Crismon Road and Elliot Road in Mesa’s Elliot Road technology corridor, is adjacent to the high power transmission lines of the Salt River Project and less than a block from the Browning substation, making the site ideal for businesses requiring large amounts of redundant and dedicated power. It is also close to Loop 202 freeway and offers nearly 2,200 feet of frontage along Crismon Road.