Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Mesa, Arizona Industrial Asset Goes For $208 Million
A joint venture made up of Martens Development in Scottsdale and Dune Real Estate Partners out of New York has completed the sale of the nine-building industrial complex known as The Landing 3, 4 and 5. The partnership sold the asset to a single buyer, Cohen Asset Management. The offerings were bought separately for a total of $208 million. The three transactions were completed during the first six months of 2022.
The project totaled 858,000 square feet over 64 acres along E. Ray Road in Mesa. It’s one of the largest Class-A industrial parks in metro Phoenix.
Cushman & Wakefield brokered the sale. C&W’s Will Strong added, “The Landing is 89% leased to a strong, diversified tenant mix, and represents a trophy core asset and an extremely detailed industrial development.”
Landing 3 was built in 2021 and consists of six light industrial buildings and a rare cross-dock facility. Landing 4, one building, was recently completed. Landing 5, one building on spec, was also recently completed and has yet to find a tenant.
- ◦Sale/Acquisition
