Shopoff Acquires 270-Acre Industrial Site in AZ
Irvine, CA-based Shopoff Realty Investments has acquired 270 acres of land in the Phoenix submarket of Mesa, AZ. The purchase price of the real estate property was undisclosed, but investment firm Mavik Capital Management provided an $81 million participating first mortgage in connection with the acquisition.
“This property is located in a burgeoning employment hub with increasing demand for manufacturing space,” said Shopoff President and CEO William Shopoff. “We plan to work closely with the City of Mesa and entitle the property for manufacturing use, in order to meet the market demand.” Potential plans for the property may include 12 to 15 buildings, with up to 4.1 million leasable square feet.
“Shopoff 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,” said Dylan Sproul of SVN | Desert Commercial Advisors who represented Shopoff in the transaction.
- ◦Sale/Acquisition