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1/28/21
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Gateway Technology Commerce Center, a newly constructed Class A multi-tenant industrial / warehouse project totaling 138.7k sf of space in Mesa, AZ, sold for $21.4 mil ($154/sf). The two-building project was acquired by Newport Beach-based MIG Real Estate.
The seller was Phoenix-based Orsett Properties, the original developer of the property. Built in 2019, the project is 90.3% leased to five tenants in diversified industries. It was sold by Phoenix-based Orsett Properties, the original developer of the property.
Located at 7535 E Ray Rd, Gateway Technology Commerce Park provides immediate access to the Loop 202 freeway and the Phoenix-Mesa Gateway Airport. The modern Class A project features dock-high and grade-level loading, 24' and 28' clear heights, a 180' secured, gated truck court and ESFR sprinklers.
Steve Lindley, Eric Wichterman and Will Strong with Cushman & 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,” Lindley pointed out. “The location provides easy access to the entire metro Phoenix freeway network, as well as regional and national markets. Furthermore, the two buildings are ideally configured to attract tenants across a broad range of industries. All of these factors contributed to a very attractive industrial investment property in the heart of Phoenix’s highly desired Southeast Valley.”
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