MESA, Ariz., June 29, 2023 /PRNewswire/ — Shopoff Realty Investments (“Shopoff”) announced today it has secured unanimous approval from the Mesa City Council for ‘The Block on Elliot‘, a 270-acre industrial mixed-use development project. Located just north of the Loop 202 freeway interchange at E. Elliott and S. Sossaman Road, the former dairy farm property was purchased by Shopoff in September 2022. Approvals include a zone change, a development agreement, and annexation of the property into the City of Mesa.
“The greater Phoenix market has transformed dramatically over the last few years, becoming a prime location for industrial tenants,” explained Shopoff President and CEO William Shopoff. “The Block on Elliot was designed to attract high-profile users who have moved into the area at increasing rates, and we anticipate this development becoming the premier manufacturing, technology, and employment center for the City of Mesa.”
Shopoff is currently exploring various development opportunities for the project, with potential plans including 12 to 15 buildings, with up to 4.1 million leasable square feet, and an average building size of 500,000 square feet.
Shopoff added, “The Phoenix market currently has more than 15 million square feet of industrial product under construction, and 55% of what has already been delivered is pre-leased (as of Q1 2023). With this high level of demand, we anticipate this high-quality project will be absorbed into the market quickly.”
The property is well positioned for manufacturing use, located approximately one mile 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 Phoenix metro.
CBRE brokers Jackie Orcutt, Kevin Cosca, Pete Wentis, Jonathan Teeter and Alex Wentis represent the property on behalf of Shopoff.
Jackie Orcutt, senior vice president at CBRE, “At the end of the first quarter, less than one million square feet of industrial space was available in the Phoenix-Mesa Gateway Airport area, and we’re currently seeing tenant needs that exceed 23 million square feet. With that demand, we anticipate this newly entitled project to generate a high level of interest from the manufacturing, high-tech, and aerospace users who have flooded this market.”
The Block on Elliot will be a premiere master development in the north Phoenix-Mesa Gateway submarket. The development features state of the art manufacturing facilities on a large scale, as well as amenities to accommodate shared office/conference rooms for tenants, as well as fast casual dining options for businesses who locate within the project.
About Shopoff Realty Investments
Shopoff Realty Investments is an Irvine, California-based real estate firm with a 31-year history of value-add and opportunistic investing across the United States. The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets and development projects. The 31-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment. There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets. Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, CA 92612, (844) 4-SHOPOFF.
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SOURCE Shopoff Realty Investments