December 1, 2021
Manulife Investment Management announces joint venture acquisition of a 56.5-Acre Development Site in Mesa, Arizona
Manulife Investment Management announced the joint venture acquisition of a 56.5-acre development site in Mesa, Ariz.’s technology corridor for approximately $16.6 million. The investment with joint venture partner, Eisenberg Company, a Phoenix-based real estate investor has plans to build a 770,000 square-foot industrial property.
Steve Larsen with JLL represented the buyers, and CBRE’s Barry Gabel, Chris Marchildon and Will Mast, represented the seller, Digital Realty Trust.
The property, located at the northeast corner of Crismon Road and Elliot Road within Mesa’s Elliot Road Technology Corridor, sits adjacent to Salt River Project’s high-power transmission lines and is less than one block from the Browning Substation, which makes the site ideal for companies needing large amounts of redundant, dedicated power. It is also within proximity to the Loop 202 Freeway and provides nearly 2,200 feet of frontage along Crismon Road.
“We are very excited to partner with Eisenberg Company on this prime development site,” said Rob Maulden, global head of real estate development for Manulife Investment Management. “The addition of Crismon Road allows us the opportunity to expand our industrial prescence in the Western US region and add first-class spaces to the Mesa technology corridor.”
The partnership has approved plans with the City of Mesa to begin immediate development on a five-building, 770,000 square-foot Class A industrial property, which will be known as MET202. The buildings will range in size from 77,000 square feet to 221,000 square feet and will offer 32’ clear height, both grade-level and dock-high loading, plus additional features.