The patent for two 603,903 square foot buildings in Mesa went into operation earlier this year.
CAM Investments paid approximately $ 81 million for Landing 202, a two-building 603,903 square foot industrial property in the Phoenix suburb of Mesa. The seller was Marwest Enterprises, according to information from CommercialEdge. Working on behalf of the buyer, Gantry secured an 11-year, $ 55.5 million acquisition loan with a earn-out component through JP Morgan Asset Management.
Completed earlier this year, Landing 202 occupies a 46.6-acre site at 7958 and 8046 E. Ray Road, in an area of opportunity. Landing 202 is located just north of the Phoenix-Mesa Gateway Airport, approximately 2 miles from AZ-Loop 202 and approximately 17 miles southeast of downtown Mesa. CommercialEdge shows that Marwest inaugurated the speculative project in 2019, funding the construction with a $ 33.8 million loan from Western Alliance Bank.
The 485,872 square foot Building 1 located at 8046 E. Ray Road features 36 foot clear heights, 85 foot truck lot and 96 dock-level doors. The facility is fully leased to Dexcom Inc. under a 10-year triple net lease, with the ability to expand to 165,000 square feet in an adjacent building. 118,000 square foot Building 2 has a clear height of 30 feet, a truck lot of 130 to 185 feet and 34 doors at platform height.
Tim Storey of Gantry arranged the funding on behalf of CAM Investments. Storey said in a prepared statement that CAM’s Phoenix subway portfolio encompasses 12.5 million square feet.