Mesa – A German-based investment firm, with offices in San Diego, Calif. and Chicago, Ill., paid $23.84 million in cash to assemble 610 acres located east of the Williams Gateway Airport in Mesa. The land is within an area once called the Williams Trade Zone, a special district that allowed property and sales tax incentives to property owners and businesses operating in the area. Most of the land is now being farmed and is located at the southwest, northeast and northwest corners of Pecos and Ellsworth roads. Maricopa County records show the buying entity in three separate transactions was Buckeye Casa Grande L.P., a limited partnership formed by Sunbelt Investment Holdings in San Diego, Calif. (Michael Holmes, pres.). Sources say that company is owned by a private family based in Germany. Rose Law Group attorney, Evan Bolick, had this to say:
“San Diego and Chicago are both central areas for major real estate investors, so the fact that they have decided to make a major investment in the Phoenix/Mesa area is a great sign that they are betting on both a quick recovery and, more important, long-term growth in the area. The Mesa Williams Gateway Airport has courted new carriers and expanded operations in the past couple of years and this investment shows that it will pay off. Companies are still looking to enter and cater to the still growing Phoenix-area market and the Williams Gateway Airport area provides cheaper land than the that near Sky Harbor with access to a burgeoning major transportation hub. This deal also shows the value of a Foreign Trade Zone (FTZ) to spurring economic growth. Users in a FTZ enjoy customs process with significantly less red tape, local and federal tax benefits, and an expanded ability to cheaply and more expediently manufacture, recycle or package goods for market entry. Hopefully more FTZs will be established at ports of entry throughout the state to capture the wonderful benefits associated with them, and Mesa has been a success story that prospective FTZ operators should review when preparing an application.”
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