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Developer Buys 280 Acres for Industrial Park

MESA, AZ-Orsett Properties pays $8.4 million for land in the path of Loop 202. Groundbreaking is contingent upon the freeway's completion so it most likely will be 2006 before any product debuts.

By Lee Simmons | Updated on June 09, 2004

MESA, AZ-A Massachusetts developer has closed on the $8.4-million purchase of 280 acres in the path of construction. The Loop 202–which will bisect the property–will delay groundbreaking until 2006.

“We liked their ability to close, not to mention the fact that they have developed over a million sf of industrial and office product in this area and the fact that they had trade money from a recent sale of one of their assets,” says Mike Haenel of Grubb & Ellis/BRECommercial.

Orsett Properties Ltd. Inc. of Wellesley bought the southwest corner of Sossaman and Warner roads from Ali Advisors Inc. of Phoenix, which had it up for sale for three years.Routing for Loop 202, which is expected to run directly through the property, was onereason marketing efforts lasted longer than usual, Haenel says. The seller courted four offers before entering a six-month escrow period with Orsett.

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