SVN | Desert Commercial Advisors completed the sale of an approximately 101-acre industrial site in Mesa at the northwest corner of Sossaman Rd. and Warner Rd. The property was acquired from the Morrison family for $27,500,000 by an entity controlled by Wharton Industrial, a New York-based real estate investment and development firm, and Madison Ventures Plus, a Colorado-based private equity group.
Wharton Industrial plans to develop The HUB@202, a master-planned 1.5 million-square-foot industrial park spanning 11 buildings ranging in size from 50,000 SF to 275,000 SF. Construction is anticipated to commence in Q2 2022. The project was designed by Ware Malcomb with the modern industrial tenant in mind featuring a variety of clear heights, tenant divisibility, bay sizes, with ample truck and car parking.
Financing for the project was provided by MSD Partners, L.P., which was formed in 2009 by the partners of MSD Capital, L.P., the family investment office for Michael Dell, Founder & CEO of Dell Technologies. This acquisition marks the first project for Wharton Industrial in the Arizona Market.
Dylan Sproul and Paul Borgesen of SVN | Desert Commercial Advisors negotiated the transaction on behalf of the buyer. Dylan Sproul stated, “[We are] very pleased with the execution by all parties in this transaction. It is great to see the continued demand for industrial investment opportunities by out-of-state investors.”
About SVN | Desert Commercial Advisors
SVN | Desert Commercial Advisors is a full-service commercial real estate services firm providing comprehensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation, and market research. SVN | Desert Commercial Advisors specialize in multifamily, industrial, retail, office, medical/dental, restaurant, and land/development. Visit their website at www.SVNDesertCommercial.com for more information.
The SVN organization is a globally recognized commercial real estate entity united by a shared vision of creating value with clients, colleagues, and our communities. The SVN brand is comprised of over 1,600 advisors and staff in more than 200 offices across the globe in six countries. Our brand pillars represent the transparency, innovation, and inclusivity that enables all our advisors to collaborate with the entire real estate industry on behalf of our clients. SVN’s unique Shared Value Network® is just one of the many ways that SVN advisors create amazing value with our clients, colleagues, and communities. For more information, visit www.svn.com.
All SVN offices are independently owned and operated. To learn more about becoming an SVN commercial real estate business owner, visit http://www.svn.com/franchising-opportunities/.