Fallbrook, CA-based Tonto Corp. acquired a 151.6-acre land parcel in Mesa, AZ from FR/CAL 3 Mesa Warner LLC for $7.9 million. The seller was a joint-venture entity originally formed by Chicago-based First Industrial Realty Trust Inc. and California State Teachers’ Retirement System (CalSTRS).
Tonto plans to formalize a plan in the coming weeks for a business park on the site that features a quarter-mile of Loop 202 freeway frontage at Warner Road. Parcels will be offered to end users and developers ranging from 30 to 50 acres.
The all-cash deal involved a site that was previously envisioned for development of a mixed-use business park before the market downturn.
Cushman & Wakefield’s Brian Lee and Kidder Mathews’ L.R. Sanders handled the sale. Merit Partners Inc.’s Kevin Czerwinski served as a consultant to the seller.
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