east valley
Volume 4 Issue 51 Mesa, AZ
July 3, 2022
For Gateway Grand industrial park, size matters BY SCOTT SHUMAKER Tribune Staff Writer
O
IN THE BIZ
fficials celebrated the groundbreaking on a 2.1-million-square-foot industrial park on the northwest corner of Pecos and Sossaman Road that may add to Mesa’s stock of 1 million-plus square foot industrial buildings. These large footprint buildings are increasingly in demand from manufacturers looking to set up shop in the East Valley, and the project may help the city maintain its economic momentum as the possibility of an economic slowdown in the wider economy looms. Mesa City Council gave the green light for the Gateway Grand project on March 21, and contractors are not wasting time getting started. At the June 28 groundbreaking, work was well underway as dignitaries spoke over the rumble of heavy machinery leveling the land in preparation for the project’s three titanic buildings. Gateway Grand, originally called Unbound Gateway, was re-christened after real estate giant Greystar purchased the property from Phoenix-based Unbound Development earlier this year. The price tag for the 155-acre property was $43.7 million, according to the Valley real-estate tracker vizzda.com. It’s a sizable bet by Greystar that the market is strong for these behemoths, as the project is being built “on spec,” meaning there isn’t a tenant already lined up. Greystar started in 1993 as a blue-chip Public Notices ............... page 3 © Copyright, 2022 East Valley Tribune
City and Greystar representatives broke ground for the 2.1-million-square-foot industrial park called Gateway Grand. (David Minton/Tribune Staff Photographer) developer and owner of rental housing developments, and recently it has aggressively entered the industrial real estate sector. The company currently manages 733,377 rental units in 290 projects across North America, including several in Mesa, such as The Grove on Main. Gateway Grand will be the company’s first Class A industrial project in Arizona. “We wanted to plant a flag in an area where we knew we would have success,” Greystar Managing Director Billy Cundiff said of the company’s decision to invest in the East Valley. City officials at the groundbreaking touted Gateway Grand as a step in the growth of Mesa’s Pecos Advanced Manufacturing (USPS 004-616) is published weekly
Mailing Address: 1620 W. Fountainhead Pkwy., Suite 219, Tempe, AZ 85282
(480) 898-6500 Steven Strickbine, publisher Paul Maryniak, executive editor
Zone, an area Mesa has targeted for job centers with investments in infrastructure and incentives. In his remarks, Mesa Mayor John Giles noted the success of other large industrial projects in recent years. “I think this is what’s called a safe bet, right?” Giles said of industrial development in this area. “I mean, how many empty big buildings do you see around here? That will be zero. So it’s going to be fun to see how quickly these buildings go out and what additional really cool logos we add to the city of Mesa moniker.” The Gateway Grand buildings will offer prospective tenants big spaces suitable for manufacturing products like electric Subscriptions are $26 for 2 years, $14 for one year. Periodicals postage paid at Phoenix, AZ 85026.
POSTMASTER: Send address changes to: East Valley Tribune, 1620 W. Fountainhead Pkwy., Suite 291, Tempe, AZ 85282