Shopoff Realty Investments, a manager of opportunistic and value-add real estate investments, announced the acquisition of 269.6 acres of land located at E. Elliott and S. Sossaman Road in an unincorporated part of Maricopa County, adjacent to Mesa, AZ. Shopoff would not disclose the purchase price.
“This property is located in a burgeoning employment hub with increasing demand for manufacturing space,” said Shopoff president and chief executive officer, William Shopoff. “We plan to work closely with the city to annex the property into the city of Mesa, and subsequently entitle the property for manufacturing use, in order to meet market demands.”
The property is located three miles from the Phoenix-Mesa Gateway Airport, and within Loop 202, which connects the East and West Phoenix Valley and provides ease of transportation across the metro.
A former dairy farm, potential plans for the property may include 12 to 15 buildings, with up to 4.1 million leasable square feet and an average building size of 500,000 square feet, according to the company.
Brian Rupp, Shopoff’s executive vice president of real estate, said, “The city of Mesa has seen tremendous growth in the residential, commercial and industrial markets over the past decade, and we look forward to being a part of the continued growth of the city and building our presence in the Greater Phoenix market.”
Mavik Capital Management, an opportunistic investment firm, provided an $81 million participating first mortgage in connection with the acquisition.
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 30-year history of value-add and opportunistic investing across the United States. The company primarily focuses on generating appreciation through the repositioning of commercial income-producing properties and the entitlement of land assets. The 30-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group).