Class A Gateway Interchange will total 655,400-square-feet, seven buildings and six amenity nodes

MESA, Arizona – In a series of transactions underscoring the tightening supply of developable land in metro Phoenix’s Southeast Valley, EastGroup Properties, Inc. (NYSE: EGP) has assembled and closed on 50 acres in the Phoenix Mesa Gateway Airport submarket for the development of Gateway Interchange, a Class A industrial development.

Totaling 655,400-square-feet and seven buildings, Gateway Interchange will sit at the northwest corner of Hawes and the Loop 202 in Mesa, Arizona. The acreage for the property was purchased from four separate ownership groups and assembled into a single parcel with 2,600 feet of coveted Loop 202 freeway frontage.

The project will be developed, owned and managed by EastGroup, a self-administered equity real estate investment trust focused on the development, acquisition and operation of industrial properties

“This is arguably one of the East Valley’s best parcels for commercial development, but was not appearing in traditional site selection searches due to multiple ownership entities, including a parcel owned by ADOT that had to be purchased at auction,” said EastGroup Vice President Mike Sacco. “I’m very proud of the creativity and diligence of our team to secure and consolidate this parcel, and for the project that we will be developing here – a modern industrial offering with the latest in high-tech manufacturing and logistics advantages, featuring employee amenity areas that rival any new industrial development in the market today.”

“With the tremendous demand in Mesa’s Gateway area for large plate industrial space and Gateway Interchange’s strategic location, we see this development as a prime location for aerospace, electric vehicle and advanced manufacturing companies,” said Mesa Economic Development Director Bill Jabjiniak.

Senior Managing Directors Steve Larsen and Pat Harlan, and Senior Vice President Rick Collins from the Phoenix office of JLL represented EastGroup in the land assemblage and purchase, and will serve as the project’s exclusive leasing brokers.

The sellers assemblage was represented by Jason Barney and John Hartman with High Bridge Partners as joint venture partners.

“This was an impressively collaborative process that brought together EastGroup, the City of Mesa and long-time, individual landowners to create an opportunity that will bring truly excellent new industrial space to the Gateway Airport submarket,” said Larsen. “It is the right product at the right time, for an area that is highly sought after for its educated workforce and its growing foundation of advanced manufacturing and supply-chain users.”

According to JLL research, the Southeast Valley ranks among one of metro Phoenix’s most desired industrial locations, enjoying 8.8 percent year-over-year rent growth with just a 5.8 percent vacancy rate.

Spaces at Gateway Interchange will range from 13,440- to 180,000-square-feet and feature 28’ to 32’ clear height, 7” floor thickness, abundant power, full concrete truck courts, dock high and ground level loading, LED warehouse lighting and ESFR sprinkler systems.

From an amenity perspective, the buildings will include glass roll-up doors leading out of break rooms to covered patio areas, six outdoor amenity nodes that are interconnected by trails and feature patio tables and chairs for outdoor dining, and turf areas for cornhole and other outdoor games.

The project will be developed in two phases. Phase I will consist of four buildings totaling 359,700-square-feet. Phase II – which could also support build-to-suit requirements – is slated for three buildings totaling 295,700-square-feet.

The entire project is located directly off of a full diamond interchange at Loop 202 and Hawes Road, with immediate access to the Loop 202 and nearby State Route 24, and linking the project to a workforce of more than 1.4 million people within a 30-minute drive. It also sits just one-half-mile north of Phoenix Mesa Gateway Airport, a 3,000-acre campus and commercial airport.

Willmeng Construction has been selected as the general contractor for Gateway Interchange. Butler Design Group is the architect. Construction on Phase I is slated to begin the third quarter of 2022 with delivery by the second quarter of 2023.

Good news for the Eller College of Management in the 2023 U.S. News & World Report Best Graduate Schools rankings, released March 29, 2022.

Congratulations to Eller’s Specialized Master’s Programs

• The Master’s in Management Information Systems program has retained its #3 overall and #1 among public universities
• The Graduate Entrepreneurship program has been ranked #23 overall and #7 among public universities
• The Master’s in Business Analytics program has been ranked #31 overall and #10 among public universities
• The Master’s in Economics program has been ranked #38 overall and #16 among public universities

Congratulations are also in order for Eller’s MBA Program

• Full-time MBA has advanced 17 spots in this year’s ranking, moving to #47 overall and #22 among public universities
• Evening MBA has also advanced in this year’s ranking, moving to #43 overall and #29 among public universities

The Best Graduate Schools rankings are based on two types of data: expert opinion about program excellence and statistical indicators that measure the quality of a school’s faculty, research and students.

Phoenix, Arizona – ABI Multifamily, the leading multifamily brokerage and advisory services firm in the Western US, is pleased to announce the $3,025,000 / $115.05 Per Land SF sale of One West Madison, a land deal located at 1 West Madison Street, Phoenix, AZ 85003. ABI Multifamily’s John Klocek, and Patrick Burch represented the seller in this transaction.

The buyer is based in Colorado and the seller is based in Arizona.

One West Madison is an existing 26,756 square foot building on 3/5 net acres of land located in an opportunity zone. The property is located less than a block to Footprint Center Arena and CityScape. It is walking distance to the new Fry’s grocery store downtown, which is less than two blocks away. It sits right on the new light rail that heads south (currently under construction) with a station on the new line approximately a block away. It is across the street from the brand-new Marriott Hotel and is within walking distance to the ASU Downtown Campus, the biomedical hub, and the Phoenix Convention Center. This location is as central as it gets and allows residents to enjoy, with ease, so much of what Downtown Phoenix has to offer. With many dining, shopping, and entertainment options, as well as multiple freeway access points within minutes, One West Madison is an ideal location for a great mixed-use development in the heart of Downtown Phoenix.

One West Madison is a solid building, with over 26,000 square feet including a main level with high ceilings and a fully functioning basement which is well-lit with accessible outdoor areas. Originally this was the Pratt-Gilbert Hardware Company building that was constructed in 1913 and is now on the Phoenix Historic Register. It was recently a Maricopa County Courthouse building and is solidly constructed and in great condition.