The land is situated on the southwest corner of Recker and Thomas roads and is the front door to Mesa's Red Mountain Ranch and Las Cintas golf course communities. Gary Tenney of Colliers International's Phoenix office, represented the buyer, SMT Investors, a well-known Phoenix-based group with numerous holdings in the region. Tom Young of NAI/Horizon in Phoenix acted on behalf of the seller, Falcon Corner Ltd., partners.
The buyers already are engaged in preliminary talks with the City of Mesa to rezone the tract from residential to commercial. Tenney says the future development will be a combo of office, flex industrial with a spattering of retail. The rear buildings won't be the typical back-office structures due to the demographics of the high-income area. The frontage is reserved for office and retail development and brings a first to that section of the Falcon Field submarket where residents have lobbied against retail projects, says Tenney.
SMT paid what the buyer was asking, a price that has gone down as the land laid dormant because the asking price was considered too steep by would-be developers, according to Tenney. The buy comes about a year before the delivery of the Red Mountain Freeway section of Loop 202, which is about a mile away. That completion, he says, is sure to spark additional office development in the corridor.
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