By Corina Vanek | Phoenix Business Journal
A Phoenix-based developer plans to build a 330,000-square-foot industrial park on 19 acres in Mesa, near a planned surfing lagoon project.
Bird Dog Industrial bought the land near Power and Warner roads for $5.8 million, according to real estate database Vizzda.
The land is in a qualified “Opportunity Zone,” meaning money invested in the project receives preferential tax treatment. Opportunity Zones were created through the Tax Cuts and Jobs Act and allow investors to invest capital gains realized from a sale of property, stock or business in order to defer paying taxes. The money must be invested within 180 days of a sale for it to be eligible for the deferred taxes. The money can be invested two ways: in real estate or in operating companies within designated opportunity zones.
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