±7.5 ACRES OF LAND LEASED FOR A NEW INDUSTRIAL DEVELOPMENT IN PHOENIX-MESA GATEWAY AIRPORT
Commercial Properties, Inc., Arizona’s largest locally owned commercial real estate brokerage, is pleased to announce the land lease of approximately 7.5 acres for the future development of approximately 100,000 SF multi-tenant industrial buildings located on the corner of Sossaman Road & Velocity Way and just south of the airport terminal. Leroy Breinholt and David Bean of CPI's Tempe Industrial Group represented both Phoenix-Mesa Gateway Airport and Cavan Commercial, and will retain the lease listing of the completed project.
Michael Merk, Director of the Phoenix Mesa Gateway Authority commented, "Phoenix-Mesa Gateway Airport is one of the fastest growing regional hub airports in the U.S., flying over 1.45 million passengers annually. Currently it's home to Allegiant Airlines, Arizona State Polytechnic University, Chandler Gilbert Community College."
Leroy & David are working closely with Cavan Commercial consulting on the proposed designs of the multi-phase industrial project which is starting construction in early 2015. LGE Design Group is going to design and build the project which includes more expansion options in the future.
Merk added, "According to population and growth estimates from the Maricopa Association of Governments, Phoenix-Mesa Gateway Airport and surrounding areas will boast over 100,000 new jobs by 2035, making it one of the largest employment centers in the state of Arizona."
Dale Cavan, of Cavan Commercial, commented, "We are excited to expand into this rapidly growing submarket in Arizona which needs new product to meet increasing demand. We identified the need for more manufacturing space as available inventory continues to shrink and rental rates climb higher. Along with the prospect of bringing more jobs, this project will offer new tenants industrial/office suites with truckwells, secured storage yards, and large grade level doors, which are highly sought after in this product type."
About Cavan Commercial
Cavan Commercial is a commercial real estate company investing in debt and physical assets located throughout the Southwestern United States. In 2002, the company was founded to develop innovative multi-tenant office, owner occupied medical and professional office condos, and mixed-use properties that catered to current demands. Cavan Commercial now pursues a range of core, value-add, and opportunistic acquisition strategies. Their portfolio is diversified into single and multi-tenant office and industrial properties. Acquisitions are performed with clear investment objectives, targeted returns, and multiple exit strategies. Please visit their website at www.cavancommercial.com
About Phoenix Mesa Gateway Airport
The Airport Authority is owned and operated by the Phoenix-Mesa Gateway Airport Authority, which consists of Mesa, Gilbert, Queen Creek, Gila River Indian Community, Phoenix, and Apache Junction. Gateway offers nonstop passenger service to 35 cities via Allegiant and has 1,000 acres of undeveloped land available for future job growth in the East Valley. For more information, visit www.gatewayairport.com.
About Commercial Properties Inc./CORFAC International
CPI is a CORFAC International affiliate, full-service Brokerage and Property Management firm for all product types. Headquartered in Tempe, the company has more than 50 brokers and occupies two offices locally to serve clients. Currently, CPI's listings include over ±16.7 million square feet for sale/lease, and 131 projects under property management, totaling more than 4.7 million square feet. Please visit our web site at www.cpiaz.com.
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