CalSTRS and First Industrial Realty Sell Land North of Eastmark for Nearly $19m

VIZZDA—November 25^th, 2013 — An entity formed by CalSTRS—the California State Teacher’s Retirement System—and First Industrial Realty Trust sold their remaining holdings in the First Mesa Commerce Park development for $18,834,908. The buyer is a limited partnership formed by Sunbelt Investments, which is located in San Diego and administered by Mr. Michael W Holmes. The acquiring LP has ties to Chicago-based Mann Enterprises, a real estate holding company operated by Johannes Mann and Ulrich Zietemann.

 

Purchase Price	Price Per SF	Price Per Acre	Price Per Net SF*	Price Per Net AC*
$18,834,908	$1.98	$86,234	$2.13	$92,765

*Merit Partners / Cassidy Turley brochure describes property as 203 acres.

CalSTRS previously assembled a larger land area in 2006, totaling nearly 286 acres for a combined $41,557,744 in three purchases. In 2008, a portion of Phase I was sold off (57.9 of 81.7 platted acres); including:

·       Lot 1: ±17 acres sold to Joanne Haselwood Trust entity for $8.50 per square foot.

·       Lot 2: 10.57 acres sold to Southwest Gas Corp for $8 per square foot.

·       Lots 3, 4 & 7: 30.35 acres sold to Park Corp entity for $7.97 per square foot.

Recently in November, a plat was recorded for a portion of phase II- subdividing 8 new lots on 75.76 gross acres. The plat for Phase I was also amended at this time. City of Mesa did not indicate any new building plans for the site. Cassidy Turley’s broker flyer may be accessed here.

Hadden Schifman

Managing Director

Vizzda.com