A newly constructed two-building Class A multi-tenant industrial/warehouse project totaling 138,692 square feet in Mesa has been sold for $21.4 million to MIG Real Estate of Newport Beach, California.
Cushman and Wakefield brokered the sale of the Gateway Technology Commerce Center, 7535 E. Ray Road in Mesa.
“Gateway Technology Commerce Center is an excellent addition to MIG’s growing industrial portfolio and well located in one of Arizona’s best-performing sub-markets,” MIG Real Estate CEO Greg Merage said in a release. “MIG continues to aggressively seek opportunities to acquire assets throughout the Western U.S. and has significant discretionary capital to invest in existing, new development and redevelopment of multifamily, mixed use and industrial projects.”
The seller was Phoenix-based Orsett Properties, the property's original developer. Built in 2019, the project is 90.3% leased to five tenants in diversified industries, according to the release.
Steve Lindley, Eric Wichterman and Will Strong with Cushman and Wakefield in Phoenix represented the seller in the transaction. Ken McQueen and Chris McClurg with Lee & Associates provided leasing advisory.
“Gateway Tech reflects a state-of-the-art industrial asset that is both freeway- and airport-adjacent. The location provides easy access to the entire metro Phoenix freeway network, as well as regional and national markets,” Mr. Lindley, executive director, said in the release.
Cushman and Wakefield is a real estate services firm with approximately 53,000 employees in 400 offices and 60 countries. Go to www.cushmanwakefield.com or follow @CushWake on Twitter.