MESA, ARIZ. — Greystar has acquired a 154-acre industrial development near Phoenix Mesa Gateway Airport from Phoenix-based Unbound Development. The acreage sold for $43.7 million.
Located in Phoenix, the asset consists of six different parcels and provides Greystar with a Class A industrial development opportunity.
Unbound spent the last year and a half acquiring the 154 acres located near the northeast corner of Pecos and Sossaman roads and obtaining approval from Mesa’s planning and zoning board for a development named Unbound Gateway. Unbound purchased 18 acres in September 2021 and remaining 136 acres in January 2022 for a combined total of $27.1 million.
Greystar will utilize the development team that Unbound had assembled, with Derek Builders as general contractor, Deutsch Architecture Group as designer and Hunter Engineering as civil engineer. The development will feature approximately 2.2 million square feet in three buildings, including a 1.2 million-square-foot building, a 517,029-square-foot building and a 476,229-square-foot building.