Troast Buys 25 Acres for 346,600-SF MXD

MESA, AZ-Troast Properties of Phoenix has acquired 25 acres for $8.1 million in an emerging area to develop Recker 202 Commerce Center. The developer is planning to build up to 346,600 sf of office, restaurant and hotel space.

Blake Carroll, director of construction for Troast Properties, says the unnamed project is still in the planning stages and there’s no time frame for when final plans will emerge for the Loop 202 and Recker Road land. A conceptual plan by Robert Kubicek Architects & Associates Inc. of Phoenix has two pads totaling 8,600 sf, a 45,000-sf hotel and 318,000 sf in four office buildings.

Iain Vasey, vice president with Phoenix-based Grubb & Ellis/BRE Commercial LLC, says Troast acquired the land from a local partnership, Recker 202 Development, at a good time because it is situated in an emerging market. “This is along the brand-new freeway into Mesa,” explains Vasey, who teamed with Grubb & Ellis senior vice president Don Mudd to negotiate the land deal. “There aren’t a whole lot of similar developments there right now.”

Vasey tells GlobeSt.com that Troast’s strength involves buying raw land and taking it through the entitlement process, then going vertical on the property. The developer’s mixed-use projects currently in planning phases include the 205,000-sf Avondale McDowell Marketplace at McDowell Road and Avondale Boulevard; 18-acre Cornerstone at Glendale at State Hwy. 101 and Camelback Road in Glendale; and 11-acre San Tan Professional Plaza at Val Vista Road and Loop 202 in Gilbert.