PHOENIX, September 2022 – Logistics Property Company, LLC expands its territory to the Phoenix MSA purchasing ± 38 acres of industrial land located at Sossaman & Pecos Rd in Mesa, AZ. SVN Desert Commercial Advisors’ Rommie Mojahed and Lindsey Dulle with SVN Desert Commercial Advisors represented the seller, Pecos 2005, LLC in the $20.1 million sales transaction.
Adjacent to the Arizona SkyBridge Development and Phoenix-Mesa Gateway Airport, the industrial development site is located within the Gateway Area Opportunity Zone, Pecos Advanced Manufacturing Zone, and Foreign Trade Zone (FTZ) #221. Other major employers within the area include Bridgestone Americas, CMC Steel, CRM Rubber, FUJIFILM, Metheson TriGas, Metso, Mitsubishi Gas Chemical, and TRW Vehicle Safety System.
The City of Mesa describes the FTZ as a program helping to “encourage activity and value-added at U.S. facilities in competition with foreign alternatives by allowing delayed or reduced duty payments on foreign merchandise, as well as other savings.” A prime location for a company such as Logistics Property Company, LLC (LPC) an industrial real estate company focused on the development and management of modern logistics properties. LPC’s expertise in a hub-and-spoke strategy makes this location optimal for the development of a distribution hub. LPC, as the Buyer was represented in the transaction by Paul Sieckowski with Colliers.
Mesa Economic Development Director Bill Jabjiniak commented in the AZ Big Media release, “This new development is a nice fit for the Pecos Advanced Manufacturing Zone just south of the Phoenix-Mesa Gateway Airport. We are seeing tremendous activity in an area of the city that continues to attract manufacturers in industries such as aerospace and aviation, electric vehicles, semiconductors, and many other high-tech sectors.”
An expeditious close for the team, listed in December 2021, the site was under contract by February 2022, and closed in September 2022, approximately nine months after taking it to market. Mojahed’s comments expressed his and Dulle’s excitement over representing Pecos 2005, LLC, and for taking part in the development and expansion in this part of the valley. “I grew up in the east valley, so I love working in this area.” Mojahed remarks, “This is such a hot market. More and more developers and investors are seeing the considerable opportunity to invest and take advantage of capital gain and opportunity zone incentives.”
Mojahed has been a dominant force in Retail Sales, Development, and Investments across the Southeast Valley. Within Mesa, Mojahed recently represented the seller in the sale of ±67 acres off of Ellsworth & Pecos Road, future plans include a project known as the Park Ellsworth Industrial. He has sold over 6 million square feet of real estate year-to-date, totaling approximately $60 million in sales volume.
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. We specialize in multifamily, industrial, retail, office, medical/dental, restaurant, and land/development. Visit our website at www.SVNDesertCommercial.com for more information.