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Hewson's $3M Buy Sets Up 15-Acre, Mixed-Use Plan

By Jennifer D. Duell

MESA, AZ-Hewson Co. has acquired 15.3 acres in Dover Industrial Park for $2.8 million from Dover Associates LLC, a Phoenix-based investment group. The first phase breaks ground in early 2005. The land tract, located east of Greenfield Road and south of Loop 202, is one of the few pieces of industrial zoned land left in Mesa, according to Stein Koss, an agent with Lee & Associates Arizona, who teamed with colleague Marc Pierce to represent Hewson. Dover Associates LLC was represented by Joe Isbell of Phoenix-based Daedalus Real Estate.

"Mesa is an emerging market with the construction of Loop 202 nearby," Koss says. He says land is becoming very pricey. The going rate is $4.50 per sf to $6 per sf.

Koss tells GlobeSt.com that Hewson plans to break ground on the development's first phase early next year, a trio of stand-alone industrial buildings in designs of 85,221 sf, 15,355 sf and 11,165 sf. Rents have been set at $7.80 per sf annually for the largest structure plus $10 per sf and $9.50 per sf for the other two.

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