Search
 

Investment Group Eyes Mixed-Use Plan for 17 Acres

MESA, AZ-The Saia Family LP acquires the acreage at a rock-bottom price of $3.75 per sf in an area where the going rate is $7.50 per sf to $11 per sf. The new owner has slated the land for a future retail and office development.

By Amy Wolff Sorter | Updated on August 26, 2005

MESA, AZ-The Saia Family LP, a Tempe investment group affiliated with Integrated Real Estate Services, has added to its holdings in the Phoenix area with a 17-acre acquisition. The $2.8-million purchase has triggered planning for a mixed-use build-out.

The buyer, whose commercial portfolio includes Broadway Plaza and Southern Business Center, plans to develop retail and office space on the acreage, located near the southeast corner of Guadalupe and Power roads. According to James Harper, senior associate with the Phoenix office of Trammell Crow Co., the buyer obtained the land for an outstanding price. “There is a piece to the north that was selling for about $10 or $11 per sf and they’re getting around $7.50 to $11 per sf to the south,” says Harper who, with TCC’s Mark Gustin, represented the buyer in the sale. “We stole that piece at about $3.75 per sf.” John Finnegan with NAI Horizon’s Phoenix office, representing Boyster Dairy LP of Mesa, had the land listed at $4 per sf or $2.96 million.

Because it was acquired for such a low price. Harper tells GlobeSt.com that the buyer will hold it for the time being instead of rushing to develop. Harper points out one potential plan is to dedicate three acres to retail and earmark the 14-acre balance for office condos and spec development of “for lease” space. “What we may even wind up doing is carving up a couple of lots, re-platting it and selling it,” he adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.