The transaction involved a 16-acre development site located at South Hardy Drive & West Elliot Road in Mesa, AZ. The site was sold for $13,500,000, and encompasses 273,341 square feet, resulting in a price per square foot of $49. The property is earmarked for an office-to-industrial conversion, which is set to enhance its utility and value in a competitive market.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $13,500,000
• Address: South Hardy Drive & West Elliot Road
• Market: Mesa, AZ
• Acres: 16
• Square Footage: 273,341
• Price Per Square Foot: $49
• Buyer: Creation RE + PE, CrossHarbor Capital Partners & Amherst
• Broker: Chris Walker, Michael Haenel & Will Strong - Cushman & Wakefield
• Mortgage Brokers: Billy Coyle, Brian Share, Max Schafer, Robert Rubano & Niki Kretschmann - Cushman & Wakefield
• Construction Financing: $39,000,000

The buyers, Creation RE + PE, CrossHarbor Capital Partners, and Amherst, plan to develop the Nexus Commerce Center on the site. This joint venture's strategy includes demolishing a vacant building to construct three Class A industrial facilities, strategically located near Phoenix Sky Harbor Airport.