A Chicago real estate trust made one of the largest plays in the Williams Gateway Airport area when it bought nearly 300 acres for a planned 3 million-square-foot business park that will feature office, industrial and retail space.
First Industrial Realty Trust bought three parcels, or 291 acres, at the northeast corner of Elliot and Ellsworth roads in Mesa for a combined $41.5 million, according to Grubb & Ellis/BRE Commercial, which announced the deal Tuesday.
The company purchased the land because of the potential of the Gateway area, said Kevin Czerwinski, senior vice president, development services group.
“Airports, freeways, housing, retail, industrial, everything. It’s in the path of the growth,” he said.
The company expects approvals for rezoning to take a year with construction to follow.
Andy Markham of Grubb & Ellis said the sale was one of the largest in the area.
“It’s as big as I’ve heard of,” he said, adding there have been others with larger land area but not dollar value except the sale of a third of the General Motors Desert Proving Ground.
First Industrial Realty Trust leases, develops, redevelops, buys, sells and manages industrial facilities in the nation’s top 25 industrial markets. Whane of Mesa and LKY Real Estate, both limited liability corporations, sold the largest parcel to First Industrial. The 192 acres went for $22.5 million, Grubb & Ellis reported.
The Boa Sorte Limited Partnership, the Cardon Family and others sold 79 acres for $14.8 million. F&A Funding sold 19.5 acres for $4.1 million, Grubb & Ellis said.