PHOENIX – Earlier last month, a commercial real estate company sold three of its lots located at the Ray Road Commerce Center in Mesa for $ 3.2 million.
Lee & Associates directors Ken McQueen and Chris McClurg have sold 10.3 acres of land to Wetta Ventures, a real estate development and consulting company, according to a press release.
Wetta Ventures plans to build a 146,887 square foot industrial warehouse, with development expected to begin in July of this year.
“The 10.3 acre site purchased by Wetta Ventures will provide direct freeway access and visibility to Loop 202 freeway for industrial tenants,” said McQueen. “Complemented by numerous retail businesses along Power Road and access to a skilled workforce in the Mesa submarket, the location is suitable for traditional industrial users or light showroom users. seeking to capitalize on the visibility of the highway.
The industrial building is expected to attract several companies, including aerospace, home improvement and medical.
“Phoenix-Mesa Gateway Airport has witnessed a sustained absorption of industrial space from various industries including aerospace, home improvement and decoration, as well as standard users serving the strong growth of homes in Eastmark, ”McQueen said.
The future warehouse will also be visible from the Loop 202 highway in Mesa with signage to over 70,000 drivers per day.
McClurg and McQueen will be responsible for marketing and leasing the warehouse project.
“The functionality of this planned building will accommodate these industries and many more for years to come,” said McQueen.
The development team includes Deutsch Architecture Group, Layton Construction Company, Hunter Engineering with funding from Banker’s Trust.