ViaWest Group, on behalf of BD218, LLC has sold 166 acres of land at the southwest corner of Warner and Ellsworth roads in Mesa, Arizona for $36 million. Purchased by Indianapolis-based developer Scannell Properties, the transaction ranks as the largest land sale in metro Phoenix’s Southeast Valley in more than 10 years.
The 166 acres was the final parcel from an initial 218 acres purchased in 2007. SRP purchased 35 of those acres and 17 acres became part of the Loop 202 expansion in 2019.
“Through strategic dispositions ViaWest was able to achieve our economic and management objectives,” said ViaWest Group director of investments and development Alex Boles. “Our top notch broker team solidified this seamless transaction.”
JLL Managing Directors Steve Larsen and Mark Gustin, and Ryan Duncan with Nathan & Associates, represented the listing team. Scannell Properties was unrepresented in the transaction but intends to continue using the JLL team for their leasing work. The buyer has yet undisclosed plans to construct and develop on the land.
“This is a tremendous site, fronting State Route 24 and the Loop 202 freeway, directly in the Southeast Valley’s path of development,” said Larsen. “It is surrounded by premier residential communities like Eastmark, and a highly educated labor pool with a proven ability to support the East Valley’s trademark, sophisticated users like advanced manufacturing, data centers, medical devices and aerospace and defense.”
According to JLL data, the Southeast submarket led metro Phoenix in Q1 2021 industrial absorption, absorbing 1.43 million square feet of the metro’s total 2.45 million square feet of absorption. Submarket vacancy rate sits at just 6.6 percent, with 2.86 million square feet under construction.