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MESA, AZ-Plans to develop a 2.5-million-sf, mixed-use development on 200 acres are moving ahead. Scottsdale, AZ-based developer and investor Sunrise International LLC has closed on 39.4 acres for $2.6 million from Leonardo Mormino Revocable Trust of Cave Creek, AZ.
The 39.4 acres is the first piece of the 200-acre land block to be sold. The remaining acreage will likely be taken down over the next two months, says Brent Moser, a vice president with Grubb & Ellis/BRE Commercial LLC.
Moser tells GlobeSt.com that Sunrise International plans to develop class A retail and office space on the acreage, which is located at the northwest corner of Ray and Ellsworth roads. "There's just a lot of activity in this area," he says.
Phoenix-based Kitchell Corp. is planning a two-million-sf retail center adjacent to Sunrise's acreage. Moreover, plans are underway to create a master-planned community on the former General Motor's Corp. Desert Proving Ground. According to Moser, Sunrise International will not begin development until late next year.
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