{"id":1004646564,"date":"2023-02-17T07:10:41","date_gmt":"2023-02-17T15:10:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004646564"},"modified":"2023-02-17T07:10:43","modified_gmt":"2023-02-17T15:10:43","slug":"shopoff-realty-plans-500m-phoenix-area-industrial-park","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-plans-500m-phoenix-area-industrial-park\/","title":{"rendered":"Shopoff Realty Plans $500M Phoenix-Area Industrial Park<\/strong>"},"content":{"rendered":"
\"The<\/a>

The Block on Elliot site. Image courtesy of Shopoff Realty Investments<\/p><\/div>\n

Shopoff Realty Investments<\/strong>‘ plans for the development of The Block on Elliot in Mesa, Ariz., will soon come before the City Council for consideration, according to Phoenix Business Journal<\/a>. The industrial park, which will encompass up to 4.1 million square feet at full build-out, carries a price tag of $500 million.<\/p>\n

News of the massive industrial project\u2019s status comes after Shopoff Realty\u2019s September 2022 announcement that it had completed the acquisition<\/a> of a nearly 270-acre site at the intersection of Elliott and Sossaman Roads in unincorporated Maricopa County, with plans of having the property annexed to Mesa.<\/p>\n

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READ ALSO:<\/strong> Industrial Sector to Maintain Winning Streak in 2023<\/a><\/p>\n

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Shopoff Realty relied on an $81 million mortgage from Mavik Capital Management<\/strong> to facilitate the $70 million purchase of the former dairy farm. Desert Commercial Advisors<\/strong> had arranged the deal on Shopoff Realty\u2019s behalf, and publicly revealed the project\u2019s name to be The Block on Elliot in October.<\/p>\n

\u201cWe selected this site as it was one of the largest and best located within the submarket, allowing us to create a high-quality park that would accommodate users\u2019 needs and create a significant number of high-paying jobs,\u201d Bill Shopoff,\u00a0president & CEO of Shopoff Realty Investments, told Commercial Property Executive<\/em>. When complete, the project will result in the creation of 6,500 to 10,000 new positions.<\/p>\n

The site plan for The Block, as presented in a City of Mesa zoning document, calls for the development of 16 buildings, including 12 industrial facilities, two caf\u00e9 buildings and an additional two manufacturing facilities to be reviewed at a later date.<\/p>\n

Despite the grand size of the Ware Malcomb<\/strong>-designed park, the buildings will be divisible and able to provide space to a range of tenants. \u201cWe plan to accommodate users of various sizes from 50,000 square feet and up,\u201d Shopoff said. The Block will also feature a wealth of open space, landscaping and amenities, including shade canopies and outdoor sitting areas.\u00a0If Shopoff Realty obtains the requisite approvals, the project will be developed in three phases.<\/p>\n

The location has it<\/h2>\n

Sited within Loop 202 in the Southeast Valley submarket, The Block will boast a location just 3 miles from Phoenix-Mesa Gateway Airport, adjacent to Google\u2019s gargantuan data center. The likes of Meta, Apple and EdgeCore Data will also be neighbors in this extension of Mesa\u2019s Elliot Road Technology Corridor.<\/p>\n

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READ ALSO:<\/strong> Top 5 Markets for Industrial Construction Activity<\/a><\/p>\n

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A 4 million-square-foot industrial project may seem like a sizeable addition to a market, but demand is robust in the area. The vacancy rate was just 2 percent in Mesa in the fourth quarter of 2022, according to a CBRE report, and 3 percent in the Southeast Valley submarket.<\/p>\n

\u201cThere are 67 tenants looking for a grand total of 8.1 million square feet specifically in the Southeast Valley,\u201d the report indicates. \u201cThroughout 2022, the submarket kept a healthy pace of net absorption and welcomed local and out-of-state business looking for space.”<\/p>\n

Across the metropolitan Phoenix industrial market, the cry for space remains loud<\/a>, even as new deliveries come online. The Valley’s net absorption climbed to 26.5 million square feet in 2022, marking an annual high. And the forecast looks bright for the long term. \u201cThe Greater Phoenix market has a number of demand drivers, including the exponential growth in the semiconductor industry in the metro area,\u201d Shopoff noted.<\/p>\n","protected":false},"excerpt":{"rendered":"

At full build-out, The Block on Elliot will encompass as much as 4.1 million square feet.<\/p>\n","protected":false},"author":969,"featured_media":1004646566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21748,21742,1601,15],"tags":[33397,34936],"class_list":["post-1004646564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-industrial","category-latest","category-phoenix","category-west","tag-shopoff-realty-investments","tag-ware-malcomb"],"acf":[],"yoast_head":"\nShopoff Realty Plans $500M Phoenix-Area Industrial Park - CPE<\/title>\n<meta name=\"description\" content=\"Shopoff Realty Investments plans to develop The Block on Elliot, an industrial campus in Mesa, Ariz., that will total 4.1 million square feet.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-plans-500m-phoenix-area-industrial-park\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shopoff Realty Plans $500M Phoenix-Area Industrial Park\" \/>\n<meta property=\"og:description\" content=\"Shopoff Realty Investments plans to develop The Block on Elliot, an industrial campus in Mesa, Ariz., that will total 4.1 million square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-plans-500m-phoenix-area-industrial-park\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-17T15:10:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-17T15:10:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/The-Block-on-Elliot-site-e1676645317517.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-plans-500m-phoenix-area-industrial-park\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/shopoff-realty-plans-500m-phoenix-area-industrial-park\/\",\"name\":\"Shopoff Realty Plans $500M Phoenix-Area Industrial Park - 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