Investor group acquires 50 acres for industrial development in East Valley
Mar 30, 2022, 4:15 AM
PHOENIX — An investor group announced Tuesday it acquired 50 acres for the development of an industrial complex in the East Valley.
EastGroup Properties, Inc. acquired the land at the northwest corner of Hawes Road and the Loop 202 Santan Freeway in Mesa from four ownership groups, according to a press release.
The Gateway Interchange complex will take up 655,000 square feet across seven buildings.
“This is arguably one of the East Valley’s best parcels for commercial development, but was not appearing in traditional site selection searches due to multiple ownership entities, including a parcel owned by ADOT that had to be purchased at auction,” EastGroup Vice President Mike Sacco said in the release.
“I’m very proud of the creativity and diligence of our team to secure and consolidate this parcel, and for the project that we will be developing here.”
The complex will be developed in two phases, with the first phase taking up four buildings and about 360,000 square feet. Construction is expected to be completed by the second quarter of 2023.
The second phase will utilize the remaining 295,000 square feet across three buildings.
Spaces at Gateway Interchange will range from 13,440 square feet to a maximum of 180,000 square feet.
Amenities include glass roll-up doors, covered patio areas, six outdoor amenity nodes connected by trails and turf areas for cornhole and other outdoor games.
“With the tremendous demand in Mesa’s Gateway area for large plate industrial space and Gateway Interchange’s strategic location, we see this development as a prime location for aerospace, electric vehicle and advanced manufacturing companies,” Mesa Economic Development Director Bill Jabjiniak said in the release.