ESI Sells 179 Acres of AZ Business Park
- May 02, 2018
ESI Ventures has sold 179 acres within Surprise Pointe, its 290-acre mixed-use business park in Surprise, Ariz. The firm acquired the site in 2003 for $25 million and has since invested more than $20 million in infrastructure improvements such as water storage, water lines, power, wells, sewer lines and road access.
The company has sold more than 61 percent of the land to three different buyers: a developer, a distributor and a manufacturer. The first purchase was made by Crescent Crown, a beverage distributor that moved its 250,000-square-foot facility to the property. Next was shopping center developer Glimcher, which developed a 250,000-square-foot entertainment center at Surprise Pointe, the first of its kind in Arizona. Most recently was Trimaco LLC, which acquired 43 acres to use as its new headquarters and manufacturing facility. ESI plans to maximize the potential return from the remaining acreage and create synergies with the existing land users.
“Years ago, our team at ESI Ventures had a vision for the growth of Surprise. These sales further cement ESI’s role in the development of this fast-growing city and we are thrilled to help drive productivity and job growth in this region,” Brandon Wolsic, executive vice president of ESI Ventures, told Commercial Property Executive.
CBRE’s Patrick Feeney Jr. is representing ESI Ventures in the continuous sale of Surprise Pointe.
Image courtesy of ESI Ventures