Nicola Wealth Real Estate has partnered with Hopewell Development (Hopewell) to acquire a 17.79-acre industrial development site in the north Mesa submarket adjacent to Falcon Field Airport and a total of 14.20 acres in Peoria off the 101 Corridor. The two projects total 32 acres with the ability to develop up to 486,200 square feet spread over six buildings.
The North Mesa project will deliver much-needed modern multi-tenant industrial product for small to mid-bay users. Mike Parker of CBRE brokered the off-market transaction and will be leasing the 264,500-square-foot three-building project, which has been branded Falcon202 Commerce Park. Hopewell is currently securing entitlements, with construction anticipated to commence by early 2023.
In Peoria, the partnership has acquired the remaining two infill sites in Empire Business Park adjacent to Loop 101. The project consists of three buildings totaling 221,700 square feet. Brian Gleason and Bonnie Haley of Colliers International brokered the transaction and will be handling the leasing. The three class A buildings ranging in size from 65,000 to 93,000 square feet are under construction and are capable of accommodating single users or multiple tenant demising plans.