Construction has begun on the first phase of a 1.55-million-square-foot Sossaman Park 202 industrial project in Mesa, Arizona. Contour, the real estate development company in charge of the project, received a $99M construction loan to finance it. Through JLL‘s assistance, the developer was able to secure the four-year, floating-rate loan from Pacific Western Bank.
The Sossaman Park 202 project is recognized as one of the first major ground-up developments around Sossaman and Warner roads. The developer is building this two-phased development on a 108.9-acre site located 30 miles from Phoenix Sky Harbor International Airport. In addition, the Phoenix-Mesa Gateway Airport is only about 2.5 miles away, which enhances transport accessibility for future tenants.
It also provides a link to major roadways in Phoenix such as the I-17, I-10, and Highway 60.
Development plans for the Sossaman Park 202 project
The groundbreaking for phase I of the Sossaman Park 202 project took place recently. According to the developer this initial phase is estimated at $150 million and involves the construction of 2 industrial buildings.
However, Phase II of development will bring three new buildings spanning an additional 722,000 square feet of space. Construction on all 5 industrial warehouse distribution buildings is expected to be completed by the second half of 2023. Meanwhile, ARCO has been put in charge of managing the project’s first phase.
Sossaman Park 202 upon completion will feature 5 light industrial, warehousing, and distribution buildings, ranging between 130,318 to 198,782-square-feet. All buildings will be equipped with warehousing amenities such as two grade-level doors and 25-41 dock-high doors. In addition, the development also includes 50-foot by 52-foot column spacing and 32-foot clear heights throughout.
More on the project groundbreaking
There were several city officials and capital partners present at Sossaman Park 202’s groundbreaking. Councilmember Kevin Thompson was present as a speaker, along with Stream Realty Managing Director Rusty Kennedy. The Contour executives, who were present at the gathering included the Founder and CEO, David Daneshforooz, and President, Ted Fentin. Patrick Clay, the Director of Business Development at ARCO was also in attendance.
At the event, Daneshforooz described the location of the Sossaman Park 202 project as a budding site for industrial development. Therefore implying that it would serve as a catalyst for future growth in the surrounding area years to come. He also said the project was ideally situated adjacent to Arizona State Route 202. Basically, this means that it’s just a one-day drive from over 11% of the U.S. population via Interstate 10.