Trammell Crow Offloads Mesa Warehouse Facility for $98M

Trammell Crow sold Elliott Gateway, a 516K-SF Mesa industrial park, to Cohen Asset Management for $98 million. The fully leased site included four buildings off Loop 202 and Elliot Road.

The Phoenix Business Journal reports the buyer included a $41.2 million downpayment and got a $56.8 million loan with Nationwide Life Insurance Co. to finance the deal.

CBRE’s National Partners West team, which represented both the buyer and seller, included Rusty Kennedy, Evan Koplan, Joe Cesta, Tanner Ferrandi and John Werstler.

The complex had four tenants in the manufacturing and distribution industries when the deal closed: Bob Dale Gloves, Dynalectric Arizona, Nash Powersports and Cerris Systems.

Trammell has other projects in the pipeline in the Valley, including a 419-unit multifamily project in Mesa, The company also owns 175 acres in southeast Mesa, about three miles south from Elliot Gateway, that it has plans to turn into industrial space.