Shopoff Realty Investments has acquired 269.9 acres of land in Maricopa County, Ariz. The lot was purchased through an $81 million first mortgage provided through Mavik Capital Management. The property is the largest development-ready industrial lot in the Southeast Valley.
Located at E. Elliott and S. Sossaman Road, the asset is situated next to Mesa in an unincorporated part of the Maricopa County. Plans for the purchase involve annexing the lot into the City of Mesa to then entitle it for manufacturing use.
Although it is still in the planning stage, the property may end up housing 12 to 15 buildings, with some 4.1 million square feet of leasable space. Estimated building sizes are set to around 500,000 square feet.
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Formerly a dairy farm, the 269.9 acres are in proximity to Loop 202, providing the lot access to east and west Phoenix Valley. Located 3 miles away is the Phoenix-Mesa Gateway Airport.
A SVN | Desert Commercial Advisors team represented Shopoff in the acquisition, led by Dylan Sproul and Paul Borgesen.
Phoenix demand is on the rise
According to a recent CBRE report, the 2022 Phoenix industrial market is on pace to surpass its already record-breaking 2021 performance. Vacancy rates are at 2.8 percent, while another 31.2 million square feet of industrial construction are underway.
Industrial demand isn’t the only market on the rise in the area. Phoenix office construction volume was more than twice as high in quarter two of this year than in quarter one.