MESA, AZ-Selling its last piece of land in the area, a local company has gotten $9.1 million for two adjacent parcels, totaling nearly 74 acres. Marwest Enterprises LLC of Scottsdale is planning a medium-term hold for the industrial land speculation play.
The acreage is located along Sossaman and Ray roads on the northern boundary of Williams Gateway Airport. The 48.57-acre tract sold for $6 million and the 25-acre parcel went for $3.1 million.
David Wilson, executive vice president with Phoenix-based GVA Daum, says Sossamon Freeway Ltd. held the land more than 20 years. He says the decision to sell was motivated by Williams Gateway Airport's expansion in the past 12 to 18 months. He says there's been a high demand for land in and around the airport.
Wilson says the buyer has no immediate plan to develop the site. But, he adds, an industrial development would be a likely guess.
Wilson, who teamed with GVA colleague Rich Sica, tells GlobeSt.com that the listing attracted three offers during its six months on the market. "Marwest was our third offer. The other two just didn't pan out so we didn't continue on with those," he adds.
Though Marwest is known for its land speculation and development activities in the area, Wilson doesn't believe it will seek to buy more land at Williams Gateway in the near future. "Their plate is kind of full right now. I think they'll look to sell this land within the next three to five years," he says.
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