BILL CLARKSON, CCIM Commercial & Investment Specialist

Contour breaks ground on 1.55M SF Sossaman Park 202 in Mesa

Contour breaks ground on 1.55M SF Sossaman Park 202 in Mesa

  • By: BILL CLARKSON, CCIM
  • Posted: September 22, 2022

 
Article Originally Posted by AZBigMedia on September 21, 2022
 
 
 
Contour, a leading privately-held real estate and development company, announced yesterday the start of Phase I construction of Sossaman Park 202, a 1.55-million square foot industrial park in Mesa, Arizona. The announcement comes just days after Contour closed on a $99M construction loan towards the first phase of the development with Pacific Western Bank. The project is among one of the first major ground-up developments around Sossaman and Warner roads and will serve as a catalyst for future growth in the surrounding area for years to come. 

A ceremonial groundbreaking held Wednesday, September 14 at 11:00 AM, featured City of Mesa’s District 6 Councilmember Kevin Thompson as a speaker, along with Stream Realty Managing Director Rusty Kennedy, ARCO/Murray Director of Business Development Patrick Clay, and Contour executives, Founder and CEO David Daneshforooz and President Ted Fentin. Attendees included city officials and capital partners.

Construction for the approximately $150M Phase I development of Sossaman Park 202 will be managed by ARCO. The initial site plan includes a mix of five industrial, warehouse and distribution buildings spread over more than 828,000 square feet, which is set for completion in the second half of 2023.

“We’re thrilled to officially begin construction of this industrial campus in Mesa,” says Daneshforooz. “Contour is among one of the first developers to get in the ground in this pocket of Mesa, a budding site for industrial development with its ideal location adjacent to Arizona State Route 202 and a one-day drive from more than 11% of the U.S. population via Interstate 10.”

During the ceremony, Contour’s Ted Fentin described future plans for Sossaman Park 202 that includes a Phase II of development that will bring three new buildings spread over an additional 722,000 square feet, inclusive of a cross-dock warehouse/distribution facility at approximately 500,000 square feet. Together, both phases will bring Sossaman Park 202’s size to 1.55 million square feet once both are brought to completion.

“It has been a pleasure working with Contour and the tremendous team they assembled to bring Sossaman Park 202 to life,” said Stream Realty Managing Director Rusty Kennedy. “The Phoenix Mesa Gateway submarket has experienced tremendous growth over the past several years, which is a testament to the business friendly and thoughtful approach of the City of Mesa. Demand from manufacturers, technology companies, distributors and service companies remain at an all-time high in this submarket and we are ecstatic to be under construction with a very well-designed, freeway fronting and flexible project. As of today, we are officially open for business, and we are both thrilled and prepared to help companies of all kinds solve their real estate needs by making Sossaman Park 202 their new home.”

Contour acquired 112 acres of land in December 2021 for industrial development. JLL Capital Markets secured the construction loan for Phase I of the project on behalf of the joint venture led by Contour. Stream Realty is leading tenant leasing for Sossaman Park 202.

Contour continues to rapidly expand its industrial presence in the Western U.S, with three large-scale industrial developments currently underway in the Phoenix Metro Area, including Sossaman Park 202. The three developments will total more than 3.6 million square feet of industrial space, two of which are set for completion in 2023.