An L.A.-based investment firm has shelled out roughly $98 million for Elliot Gateway, a fully leased industrial campus in southeast Mesa that clocks in at about 516,000 square feet. The four-building complex, completed in 2022, sits near the Loop 202 and Elliot Road interchange and was pitched as modern distribution space for last-mile and regional logistics users. The deal adds another data point to the steady investor hunger for Phoenix-area industrial properties.
According to the Phoenix Business Journal, the Los Angeles buyer paid $98 million for the asset, which was fully leased at the time of sale. The outlet cast the trade as part of an ongoing wave of interest in stabilized industrial product across the East Valley.
Property details
Elliot Gateway consists of four buildings totaling approximately 516,009 square feet at the northeast corner of Loop 202 and Elliot Road in Mesa, according to commercial property listings. Delivered in 2022, the project features dock-high and grade-level loading, high clear heights and secured truck courts that are tailored to logistics tenants. Public commercial listings lay out parcel identifiers and build specifications for the campus, with Showcase cataloging the site and CoStar tracking its development in earlier reporting.
Market context
The sale lands at a time when Phoenix industrial fundamentals remain tight. Recent coverage points to a continued drop in the region's industrial vacancy rate, which in turn keeps pressure on rents and pricing for newer, well-located warehouse space. That setup has been pulling in investors from coastal markets, including Los Angeles, who are on the hunt for yield and steady cash flow from triple-net and long-term leased assets. The Phoenix Business Journal flagged that broader trend in its look at the Elliot Gateway deal.
Price and what the sale signals
At about $98 million for roughly 516,000 square feet, the trade pencils out to around $190 per square foot. That pricing reflects the premium currently attached to newly built, fully leased industrial campuses in the East Valley. Deals at this level help tighten comparable sales data and give local brokers and institutional buyers fresh reference points when underwriting future trades along the Phoenix industrial corridor. Local real estate coverage has repeatedly singled out Mesa and the Loop 202 corridor as a hot spot for distribution and last-mile logistics activity, and this transaction slots neatly into that narrative.
Background
The site was developed as a speculative industrial park and delivered in 2022, with industry reporting on the planning and construction phase pointing to national developers that have been active across the Phoenix market. Earlier coverage of the development and land acquisition offers context for why new product in this pocket of Mesa continues to attract investor attention. For additional detail on the project's development history, see reporting from CoStar.
Although initial reports identified the buyer only as a Los Angeles firm, the sale itself underscores the continued flow of capital into Phoenix industrial real estate and the East Valley's growing role as a logistics hub. Market watchers note that similar trades will likely stay on the radar as investors work to price the next wave of new-build industrial product across the region.
