In 2019, Orsett Properties built two speculative industrial buildings near Loop 202 and Power Road in Mesa. The two properties were recently acquired by a California-based privately held real estate firm. The newly completed Mesa tech center sold for $21.4 million. Here is more on the sale of the Gateway Technology Commerce Center:
Gateway Technology Commerce Center
The Gateway Technology Commerce Center is a 138,692-square foot, two-building Class A multi-tenant industrial warehouse project located at 7535 E. Ray Road in Mesa. Recently, Orsett Properties sold the newly constructed property to Newport Beach-based real estate investment and development company MIG Real Estate. According to a recent report, the Gateway Technology Commerce Center is 90.3% leased to five tenants.
MIG Real Estate CEO Greg Merage recently commented on the acquisition. He stated that ?Gateway Technology Commerce Center is an excellent addition to MIG?s growing industrial portfolio and well located in one of Arizona?s best-performing sub-markets.” Merage also remarked that “MIG continues to aggressively seek opportunities to acquire assets throughout the Western U.S. and has significant discretionary capital to invest in existing, new development and redevelopment of multifamily, mixed-use and industrial projects.”
The Gateway purchase is not MIG’s first Mesa acquisition. In 2018, the real estate investment company announced that it had purchased a 209-unit multifamily property in Mesa. MIG bought the garden-style Trails at Harris Apartments located at 1653 South Harris Street. Since the acquisition, MIG has renovated the units, the leasing office, the fitness center, and the pool areas. The Trails at Harris Apartments is located south of US-60 between Gilbert Road and Stapley Drive and is within walking distance of Emerald Park.
At the time of the acquisition, Trails at Harris was reportedly MIG’s “second multifamily acquisition in the Phoenix Metro market in the last two months.” In 2017, MIG announced the purchase of a 176-unit rental property located in Phoenix. The real estate investment company acquired Bayside Apartments, located north of the Loop 101 and west of the I-17 freeway. The garden-style complex has 22 two-story building units on a 7.81-acre site. MIG renovated the property in 2019.
MIG also owns several properties in the Metro Phoenix area, including the Paseo on University in Tempe, which was renovated in 2020, the newly renovated 304-Unit Mosaic multifamily complex in Scottsdale, the Symphony complex in Chandler, and the 168-unit Del Sol multifamily property in Scottsdale. MIG also owns multiple hotel properties in the Metro Phoenix area.
Laura B. Bramnick is an experienced Arizona real estate attorney who can help you manage all aspects of your Arizona real estate matter. If you are seeking an exceptional, client-driven real estate lawyer in Scottsdale, Phoenix, Sedona, and throughout the State of Arizona, contact Laura B. Bramnick to schedule your consultation.