Mesa City Council approves Massive The Block on Elliot Project
Shopoff Realty Plans $500M Phoenix-Area Industrial Park
At full build-out, The Block on Elliot will encompass as much as 4.1 million square feet.
The Block on Elliot site. Image courtesy of Shopoff Realty Investments
Shopoff Realty Investments‘ plans for the development of The Block on Elliot in Mesa, Ariz., will soon come before the City Council for consideration, according to Phoenix Business Journal. The industrial park, which will encompass up to 4.1 million square feet at full build-out, carries a price tag of $500 million.
News of the massive industrial project’s status comes after Shopoff Realty’s September 2022 announcement that it had completed the acquisition of a nearly 270-acre site at the intersection of Elliott and Sossaman Roads in unincorporated Maricopa County, with plans of having the property annexed to Mesa.
- Shopoff Realty relied on an $81 million mortgage from Mavik Capital Management to facilitate the $70 million purchase of the former dairy farm.
- Desert Commercial Advisors had arranged the deal on Shopoff Realty’s behalf, and publicly revealed the project’s name to be The Block on Elliot in October.
. . .When complete, the project will result in the creation of 6,500 to 10,000 new positions.
- The site plan for The Block, as presented in a City of Mesa zoning document, calls for the development of 16 buildings, including 12 industrial facilities, two café buildings and an additional two manufacturing facilities to be reviewed at a later date.
Despite the grand size of the Ware Malcomb-designed park, the buildings will be divisible and able to provide space to a range of tenants. “We plan to accommodate users of various sizes from 50,000 square feet and up,” Shopoff said. The Block will also feature a wealth of open space, landscaping and amenities, including shade canopies and outdoor sitting areas.
- If Shopoff Realty obtains the requisite approvals, the project will be developed in three phases.
Shopoff Realty Investments' The Block on Elliot Industrial Project Secures Unanimous City Council Approval
Shopoff Realty Investments
MESA, Ariz., June 29, 2023 /PRNewswire/ -- Shopoff Realty Investments ("Shopoff") announced today it has secured unanimous approval from the Mesa City Council for 'The Block on Elliot', a 270-acre industrial mixed-use development project.
Located just north of the Loop 202 freeway interchange at E. Elliott and S. Sossaman Road, the former dairy farm property was purchased by Shopoff in September 2022. Approvals include a zone change, a development agreement, and annexation of the property into the City of Mesa.
"The greater Phoenix market has transformed dramatically over the last few years, becoming a prime location for industrial tenants," explained Shopoff President and CEO William Shopoff. "The Block on Elliot was designed to attract high-profile users who have moved into the area at increasing rates, and we anticipate this development becoming the premier manufacturing, technology, and employment center for the City of Mesa."
Shopoff is currently exploring various development opportunities for the project, with potential plans including 12 to 15 buildings, with up to 4.1 million leasable square feet, and an average building size of 500,000 square feet.
Shopoff added, "The Phoenix market currently has more than 15 million square feet of industrial product under construction, and 55% of what has already been delivered is pre-leased (as of Q1 2023). With this high level of demand, we anticipate this high-quality project will be absorbed into the market quickly."
The property is well positioned for manufacturing use, located approximately one mile from the Phoenix-Mesa Gateway Airport, and within Loop 202, which connects the East and West Phoenix Valley and provides ease of transportation across the Phoenix metro.
CBRE brokers Jackie Orcutt, Kevin Cosca, Pete Wentis, Jonathan Teeter and Alex Wentis represent the property on behalf of Shopoff.
Jackie Orcutt, senior vice president at CBRE, "At the end of the first quarter, less than one million square feet of industrial space was available in the Phoenix-Mesa Gateway Airport area, and we're currently seeing tenant needs that exceed 23 million square feet. With that demand, we anticipate this newly entitled project to generate a high level of interest from the manufacturing, high-tech, and aerospace users who have flooded this market."
The Block on Elliot will be a premiere master development in the north Phoenix-Mesa Gateway submarket. The development features state of the art manufacturing facilities on a large scale, as well as amenities to accommodate shared office/conference rooms for tenants, as well as fast casual dining options for businesses who locate within the project.
About Shopoff Realty Investments: Shopoff Realty Investments is an Irvine, California-based real estate firm with a 31-year history of value-add and opportunistic investing across the United States.
The company primarily focuses on proactively generating appreciation through the repositioning of commercial income-producing properties, the entitlement of land assets and development projects. The 31-year history includes operating as Asset Recovery Fund, Eastbridge Partners and Shopoff Realty Investments (formerly known as The Shopoff Group). Performance has varied in this time frame, with certain offerings generating losses. For additional information, please visit www.shopoff.com or call (844) 4-SHOPOFF.
Disclosures: This is not an offering to buy or sell any securities. Such offer may only be made through the offerings memorandum to qualified purchasers. Any investment in Shopoff Realty Investments programs involves substantial risks and is suitable only for investors who have no need for liquidity and who can bear the loss of their entire investment.
There is no assurance that any strategy will succeed to meet its investment objectives. The performance of this asset is not indicative of future results of other assets.
Securities offered through Shopoff Securities, Inc. member FINRA/SIPC, 18565 Jamboree Road, Suite 200, Irvine, CA 92612, (844) 4-SHOPOFF.
Contact:
Jill Swartz
Spotlight Marketing Communications
949.427.1389
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Mesa dairy farm becoming ‘The Block’ Mega-project
The developer of the “The Block” at Elliot and Sossaman roads in Mesa proposes 14 buildings totaling 2 million square feet of industrial space. (City of Mesa/Submitted)
- Shopoff Realty Investments paid $80 million for the parcels of unincorporated Maricopa County land in September.
- The sale represented the Morrison family’s final divestment of its Mesa-area land holdings after farming the region since World War II.
With the cows gone, Shopoff is not wasting time on developing the site.
The company has simultaneously submitted an annexation request to the city, a rezoning application and a site plan review for a large industrial park Shopoff has dubbed “The Block.”
- Last week, the Mesa Planning and Zoning Board approved the rezone and plans for the first two phases of The Block, which call for 14 buildings totaling 2 million square feet of industrial space.
The 2 million square feet represents just the north side of the site; Phase 3 to the south leaves room for two gargantuan build-to-suit structures larger than anything else on the campus.
Shopoff attorney Sean Lake said the third phase could be shaped to the needs of a future user.
According to Lake, the developer has ambitions to entice high-profile industrial users. . ."
By Angela Gonzales | Phoenix Business Journal
No group may have a more intimate view of the struggle to develop homes and businesses using Arizona-owned land than dairy farmer Jim Boyle Jr. and his cows.
Boyle is among a group of dairy farmers in Mesa working to transform their property into a 1,200-acre master-planned community — a process that’s taking years to accomplish.
The path isn’t getting easier. Of the 1,200 acres the farmers plan for the development, about half are state land, said Jordan Rose, zoning attorney with Rose Law Group, who is working with Boyle and the other dairy farmers to get their property and the adjacent state land rezoned. . ."
East Valley's last dairy farmers look to develop 860 acres, leave area
This is from October 2017 by Lily Altavena
"As he looks out at acre after acre of his dairy farm, Jim Boyle Jr. is not wistful at the idea of leaving the land his family has farmed for 40 years. He's hopeful.
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| Dairy farm supporters who showed up at PZ Board 10/23/2019 |
DAIRY FARMS & DAIRY FARMERS: Milking The Low-Valuation of Agricultural Land Valuations Into Fortunes
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