Article Originally Posted By AZBigMedia On January 19, 2021
SVN Desert Commercial Advisors completed the sale of an approximately 101-acre industrial site in Mesa at the northwest corner of Sossaman Road and Warner Road. The property was acquired from the Morrison Family, for $27,500,000 by an entity controlled by Wharton Industria, a New York based real estate investment and development firm and Madison Ventures Plus, a Colorado based private equity group.
Wharton Industrial plans to develop The HUB @ 202, a master planned 1.5 million square foot industrial park spanning 11 buildings ranging in size from 50k SF to 275k SF. Construction is anticipated to commence in Q2 2022. The project was designed by Ware Malcomb with the modern industrial tenant in mind featuring a variety of clear heights, tenant divisibility, bay sizes, with ample truck and car parking.
Financing for the project was provided by MSD Partners, L.P., which was formed in 2009 by the partners of MSD Capital, L.P., the family investment office for Michael Dell, the Founder and CEO of Dell Technologies. This acquisition marks the first project for Wharton Industrial in the Arizona Market.
Dylan Sproul and Paul Borgesen of SVN Desert Commercial Advisors negotiated the transaction on behalf of the Buyer. Dylan Sproul stated, “Very pleased with the execution by all parties in this transaction. It is great to see the continued demand for industrial investment opportunities by out of state investors.”