CA-Based Developer Spends $667,000 for Arizona Inroad

MESA, AZ-A Southern California-based partnership has purchased nearly five acres in far east Mesa, where it’s lining up an October groundbreaking on a 60,000-sf storage facility. Power Partners LLC, headed by Fred Simanek, paid $667,000 to Phoenix-based Augusta Ranch Development LLC for the site.

The land is situated at the northeast corner of Ellsworth and Guadalupe roads in Augusta Ranch, a master-planned community and one of the East Valley’s fastest-growing residential areas. Power Partners’ project is its first in Arizona. The firm, which has three such facilities in California, pegs development costs at $2 million. David Newquist of CB Richard Ellis’ Phoenix office represented the seller and Simanek handled his side of the negotiations.

Power Partners was attracted to that part of the East Valley because of the burgeoning residential growth, Simanek tells GlobeSt.com. “Within a three-mile radius there are about 5,500 homes that either about a year old or just coming out of the ground,” he says. “My juices get flowing when I see all the new homes coming out of the ground.”