3.1-Acre Retail Development Site in Mesa, AZ Sells for $2,215,851

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A 3.1-acre development site located at NWC US-60 and Crismon Road in Mesa, Arizona, has sold for $2,215,851. The buyer was retail developer Aaron Klusman. The seller was QUYP Development. Kidder Mathews commercial real estate brokers, Trask Switzenberg and Darrell DeShaw, represented Klusman in the transaction.

The development plans are for three retail pads. Users for two of the pads were secured prior to closing the sale. There is one additional retail pad remaining, which Switzenberg and DeShaw will continue to market. The pads make up the retail portion of a new 40-acre mixed-use project, which upon completion will include a 130 room hotel, multiple office and medical buildings, and a 200+ unit multifamily development.

“The continued growth and popularity of the Southeast Valley combined with multiple delays and an extended escrow period allowed deals for two of the three pads to be secured prior to our client closing on the property. As the submarket continues to gain momentum, we expect tenant interest to remain strong and look forward to procuring a user for the final pad and completing the project,” said Switzenberg, vice president at Kidder Mathews.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 900 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9.6 billion in transactions, manages over 70.5 million square feet of space, and conducts over 1,680 appraisals annually. For more information, visit kidder.com.

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