Martens Development Company recently acquired a shovel-ready site at the southwest corner of Ellsworth and Willis roads in Mesa, Arizona, for an industrial project. This sale of ±44 acres accounts for the first phase of the project and the second phase accounts for an additional ±17 acres. In the first phase, Martens plans to build a new, seven-building ±603,000-square-foot Class A industrial project known as “The Brickyards.” The free-standing buildings will range in size from ±35,938 to ±259,554 square feet. The Scottsdale-based development company purchased the land in Phoenix’s Southeast Valley for approximately $19.1 million.
According to Cushman & Wakefield’s latest market stats, Phoenix Metro’s industrial market vacancy was a healthy 4.4% in Q2 2023 combined with a solid 7.1 million square feet of occupancy growth through the first half of 2023.
