Shopoff Realty Gets Financing for Mesa Industrial Complex

Shopoff Realty Investments secured some key funding for an industrial development in metro Phoenix.

The Irvine-based developer announced it locked down $52 million in financing from Atlanta-based Peachtree Group to develop The Block on Elliot, an industrial complex at the southwest corner of Elliot and Sossaman Roads in Mesa, the Orange County Business Journal reported. The financing is purportedly going to fund the next stage of development at The Block, which would include grading, offsite street improvements and utilities.

In 2022, Shopoff purchased the 270 acres of undeveloped land where The Block on Elliot is slated for construction. Since then, Shopoff secured approvals for the project to be annexed into the city of Mesa. Now, Mesa officials and Shopoff are working to “review and finalize the project’s development plan and product mix,” according to a company statement cited by the Business Journal.

The Block on Elliot is a master-planned industrial development comprising buildings totaling nearly 4 million square feet across eight parcels. Grading is scheduled to start later this year.

The news comes after Shopoff secured approvals to develop an 18-acre plot of land in Fountain Valley into mixed-income housing. The Euclid + Heil development, located at 16300 Euclid Street, is being developed in partnership with Lennar and affordable housing developer National CORE and Lennar. The project will include 304 market-rate apartments as well as 83 affordable units for senior citizens; 36 two-story, for-sale triplexes and 183 three-story, for-sale townhomes are also planned for the site.

Nearby in Orange County, Shopoff is looking at redeveloping a 26-acre site next to the Westminster Mall in the city of Westminster as part of its Bolsa Pacific project. The company spent $95 million for the portion of the mall property in 2022. If completed, it would turn the Macy’s, former Sears space and an adjacent parking lot into a multiuse development with commercial and residential tenants, including 1,065 rental units, 102 townhomes,175-room hotel, 25,000 square feet of retail space and 2.5 acres of green space complete with an amphitheater, dog park, pickleball courts and food kiosks.

— Chris Malone Méndez