The buyer, MarWest Enterprises LLC, plans to seek preliminary plat approval in the second quarter. Following that clearance, "they'll likely sell of parcels to industrial and/or office developers," says Brent Moser, vice president of Grubb & Ellis Co./BRE Commercial LLC's Phoenix office. He teamed with colleague Mike Sutton to set up the deal between MarWest and seller, Outer Ring LLC of Phoenix.
Moser tells GlobeSt.com that the property, bisected by Ray Road and just west of Hawes Road, attracted four offers during the marketing period, with the win going to a full-price bid. "In this environment, the sellers are pretty much getting what they want," he adds. "MarWest was the first group to provide that, from a pricing standpoint, to the seller."
Moser says the buyers are interested in taking advantage of Mesa's growth, especially around the area of the airport. And, he adds, the investors are looking for more land in the area.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.