Cushman & Wakefield announced today the firm has brokered the sale of the Gateway Technology Commerce Center, a newly constructed Class A multi-tenant industrial / warehouse project totaling 138,692 square feet located in Mesa, Arizona. The two-building project was acquired by Newport Beach, CA-based MIG Real Estate for $21.4 million. The seller was Phoenix-based Orsett Properties, the original developer of the property. Built in 2019, the project is 90.3% leased to five tenants in diversified industries.
Steve Lindley, Eric Wichterman and Will Strong with Cushman & Wakefield in Phoenix represented the seller in the transaction. Ken McQueen and Chris McClurg with Lee & Associates provided leasing advisory.
Steve Lindley, Executive Director, said, “Gateway Tech reflects a state-of-the-art industrial asset that is both freeway- and airport-adjacent. The location provides easy access to the entire metro Phoenix freeway network, as well as regional and national markets. Furthermore, the two buildings are ideally configured to attract tenants across a broad range of industries. All of these factors contributed to a very attractive industrial investment property in the heart of Phoenix’s highly desired Southeast Valley.”
Lindley continued, “The project is well positioned to benefit from exceptional continued tenant demand, with the ability for the owner to increase income from leasing the last vacant space—comprising a high quality spec suite— and taking advantage of the increasing lease rate trend.”
“Gateway Technology Commerce Center is an excellent addition to MIG’s growing industrial portfolio and well located in one of Arizona’s best-performing submarkets,” said MIG Real Estate CEO Greg Merage. “MIG continues to aggressively seek opportunities to acquire assets throughout the Western U.S and has significant discretionary capital to invest in existing, new development and redevelopment of multifamily, mixed use and industrial projects.”
Located at 7535 E Ray Rd, the Gateway Technology Commerce Park provides immediate access to the Loop 202 freeway and the Phoenix-Mesa Gateway Airport. The modern Class A project features dock-high and grade-level loading, 24′ and 28′ clear heights, a 180′ secured, gated truck court and ESFR sprinklers.
