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November 30, 2023
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AZ Industrial Building Gets new Owner in $4.5 Mil Trade


A 28.5k sf industrial building in Mesa, AZ sold for $4.5 mil, or $158/sf. The property, located at 1856 North Higley Rd, south of McKellips Rd, was purchased by an out-of-state private buyer completing a 1031 exchange.

The single-tenant industrial building is situated on 1.93 acres in northeast Mesa. Built in 2007, the building is an approved food-grade facility and is fully triple net leased to Earthco Enterprises, a manufacturer of consumable botanical powers. It features two dock highs and one grade-level door with a 24-foot clearance. Accessible from either McKellips Road or Higley Road, the property has 45 parking stalls.

Located two miles south of Loop 202 in Mesa, the property is in the desirable Falcon Field industrial submarket, which, according to CBRE Research, has a 0.1% vacancy rate. Earthco Enterprises has agreed to operate out of the building for at least the next four years. The area is near numerous restaurants, retail destinations and hotels.

Geoffrey Turbow, Gary Cornish, Bryan Johnson and Nick Williams of CBRE's Private Capital Partners teamed with Phoenix industrial market experts Jackie Orcutt and Jonathan Teeter to represent the seller in the transaction.

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