Shopoff Realty Investments announced the acquisition of 269.6 acres of land located at E. Elliott and S. Sossaman Road in an unincorporated part of Maricopa County, adjacent to Mesa, AZ.
“This property is located in a burgeoning employment hub with increasing demand for manufacturing space,” explained Shopoff President and CEO William Shopoff. “We plan to work closely with the city to annex the property into the City of Mesa, and subsequently entitle the property for manufacturing use, in order to meet market demands.”
The property is well positioned for manufacturing use, located approximately three miles from the Phoenix-Mesa Gateway Airport, and within Loop 202, which connects the East and West Phoenix Valley and provides ease of transportation across the metro. A former dairy farm, potential plans for the property may include 12 to 15 buildings, with up to 4.1 million leasable square feet and an average building size of 500,000 square feet.
Brian Rupp, Shopoff’s executive vice president, real estate, added, “The City of Mesa has seen tremendous growth in the residential, commercial and industrial markets over the past decade, and we look forward to being a part of the continued growth of the city and building our presence in the greater Phoenix market.”
Mavik Capital Management, an opportunistic investment firm, provided an $81 million participating first mortgage in connection with the acquisition. Shopoff added, “We are pleased to close another transaction with Mavik. They are a trusted, agile partner that we can depend on to think differently and create value in tight timeframes, and we look forward to working with their dedicated team again in the future.”
Dylan Sproul and Paul Borgesen of SVN | Desert Commercial Advisors negotiated the transaction on behalf of Shopoff. Sproul stated, “The complexity of this deal is a true testament to Shopoff’s innovative and nimble approach. The firm now owns the largest development-ready industrial park in the entire Southeast Valley, and we are excited to see the economic growth this development will bring to the City of Mesa and the Mesa-Gateway Airport.”
