Mesa-based Bela Flor has acquired a 70-acre development site in Mesa, Arizona, for $12.7 million from an entity of Prudential. The buyer plans to build retail, high-density residential, office, medical and hospitality on the site.

Located at NWC of Signal Butte Road and US 60, the property was originally slated for a Target development with a mix of retail pads and small shops, but has since been repositioned for mixed-use. It includes a half-mile of US 60 frontage with a full diamond interchange.

Brent Moser and Mike Sutton, principals at Lee & Associates handled the transaction on behalf of the seller.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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