MESA, ARIZ. – Lee & Associates Arizona announces the sale of a highly desirable 70-acre, mixed-use site in Mesa, AZ for $12.7 million. Brent Moser and Mike Sutton, principals at Lee & Associates handled the transaction on behalf of the seller, an entity of Prudential. The buyer is Bela Flor, LLC, also from Mesa, with Hudd Hassell as principal.
The location at the NWC of Signal Butte Road and US 60 was originally planned as a Target anchored shopping center with a mix of pads and other small shops. Now it has been repositioned as a well-located opportunity for retail, high-density residential, office, medical and hospitality. The site includes a half mile of US 60 frontage with a full diamond interchange, making it a prime location with ease of access from the freeway. Additionally, there is a full traffic signal at Signal Butte and Hampton Ave.
“This is the last significant fee-owned property on US 60 in Maricopa County with a lot of infrastructure already in the ground,” shared Moser. “The team is motivated to move expeditiously on this project as it will enhance the existing retail and medical located within this burgeoning area of Mesa.”
Mesa is one of the top markets in the country right now. Development in this area is currently on the rise with a Sprout’s anchored retail center that opened in June along with a future $300M senior living campus to the west. Nearby is the $2B Apple Global Command Center and a future Google data center which will be tremendous economic drivers for the East Valley, contributing to the already strong demographics and steady population growth.
“We were honored to be awarded the assignment and it’s been a pleasure working with the teams at Prudential and Bela Flor. This transaction was a success for all parties and the buyer’s vision complements current and future projects along the US 60 corridor” said Sutton.
For more information on this property contact Brent Moser at 602-474-9506 or Michael Sutton at 602-474-9505.
About Lee & Associates Arizona
Lee & Associates specializes in providing exceptional commercial brokerage services to the retail, industrial, office, land and investment sectors of the Phoenix commercial real estate market. Each of the nationwide Lee & Associates offices has a strong local ownership combined with a powerful platform from the national Lee & Associates network.