Irvine, CA-based Shopoff Realty Investments has acquired 270 acres of land in the Phoenix submarket of Mesa, AZ. The purchase price of the 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.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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