Desert Commercial Advisors Closes On $27.5M Sale of
BOSTON, MA, Jan. 19, 2022 (GLOBE NEWSWIRE) — SVN | Desert Trade Advisor completed the sale of approximately 101 acres of industrial land in Mesa at the northwest corner of Sossaman Rd. and Warner Rd. The property was acquired by the Morrison family for $27,500,000 from a company owned by Wharton Industrial, a New York-based real estate investment and development firm, and Madison Ventures Plus, a Colorado-based private equity firm. group, is controlled.
Wharton Industrial plans to develop The HUB@202, a 1.5 million square foot master plan industrial park spread over 11 buildings ranging in size from 50,000 SF to 275,000 SF. Construction is expected to begin in the second quarter of 2022. Designed by Ware Malcomb with the modern industrial tenant in mind, the project offers a variety of headroom, tenant divisibility, bay sizes and ample truck and car parking.
Funding for the project was provided by MSD Partners, LP, formed in 2009 by the partners of MSD Capital, LP, the family investment office of Michael Dell, founder and CEO of Dell Technologies. This acquisition marks Wharton Industrial’s first project in the Arizona market.
Dylan Sproul and Paul Borgesen of SVN | Desert Commercial Advisors negotiated the transaction on behalf of the buyer. Dylan Sproul explained: “[We are] very satisfied with the execution of this transaction by all parties. It’s great to see the continued demand from foreign investors for industrial investment opportunities.”
About SVN | Desert Trade Advisor
SVN | Desert Commercial Advisors is a full-service commercial real estate services firm offering extensive expertise in investment brokerage, leasing, landlord/tenant representation, analysis/valuation and market research. SVN | Desert Commercial Advisors specializes in Multi-Family, Industrial, Retail, Office, Medical/Dental, Restaurant and Land/Development. Visit www.SVNDesertCommercial.com for more information.
For more information, please contact:
Perry Laufenberg
480-425-5500
About SVN®
The SVN organization is a globally recognized commercial real estate company, united by a shared vision of creating value with clients, colleagues and our communities. The SVN brand consists of over 1,600 consultants and employees in more than 200 offices around the world in six countries. Our brand pillars represent the transparency, innovation and inclusivity that enables all of our consultants to work with the entire real estate industry on behalf of our clients. SVN’s unique Shared Value Network® is just one of the many ways SVN consultants create amazing value with our customers, colleagues and communities. Visit www.svn.com for more information.
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SVN | Desert Trade Advisor