PHOENIX—In hopes of taking advantage of a recovering housing market, Tucson-based Holualoa Companies has purchased three showroom/flex industrial buildings in Mesa. Colliers International in Greater Phoenix recently completed the sale for $5.8 million, or $61.03 a square foot.
Holualoa purchased the buildings, located at the Superstition Springs Commerce Center, from AEW Capital Management of Boston. The buildings, encompassing 95,035 square feet, were constructed in 2001.
Rob Martensen, vice president of Colliers, served as the broker for the buyer and seller.
Martensen tells GlobeSt.com, “Holualoa owned a competing project across the street and there is not a lot of this type of space available it this area. The users of this space are housing-related: tile, carpet, door, cabinetry companies. These users are beginning to turn back up after the crash.”
Martensen says there are very few similar projects with storefront/industrial use in close proximity to the new Eastmark housing community and that Holualoa hopes to capitalize on the recovering industrial market, specifically in the residential housing construction arena.
“Superstition Springs Commerce Center can accommodate contractors and suppliers of home-related products to supply this growing area,” Martensen adds.
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