Contour, a California real estate development company, has started construction on a 1.5 million-square-foot industrial park in Mesa.
The group recently closed on a $99 million loan with Pacific Western Bank for Sossaman Park 202, which was arranged by JLL Capital Markets,
The initial site plan for the $150 million phase one includes a mix of five industrial, warehouse and distribution buildings spread over more than 828,000 square feet and is set for completion in the second half of 2023. Phase two of development calls for three more buildings spread over 722,000 square feet. Stream Realty is leading the tenant leasing for Sossaman Park 202.
Contour closed on the 112 acres of land near Sossaman and Warner roads in late 2021.
“We’re thrilled to officially begin construction of this industrial campus in Mesa,” Contour CEO David Daneshforooz said in a statement. “Contour is among one of the first developers to get in the ground in this pocket of Mesa, a budding site for industrial development with its ideal location adjacent to Arizona State Route 202 and a one-day drive from more than 11% of the U.S. population via Interstate 10.”
All of the retail space inside Atmosphere Tempe — a 20-story luxury high-rise community serving the students at Arizona State University — has leased, developer Indiana-based Trinitas Ventures said.
Street taco restaurant Rusty Taco, Pokeworks and Happy Joe Coffee, which is known for its CBD-infused coffee, all opened in the last five months.
“We are thrilled to be 100% leased on our retail space with the great line-up ….,” Mark Becher, vice president of mixed-use development for Trinitas Ventures said, in a statement. “Each are great additions that will not only benefit the residents of Atmosphere Tempe, but the entire Tempe community.”
Also, in Tempe, Six40rty, a new restaurant, sports bar and nightlife concept, is set to open in downtown later this month. Six40rty will be the second restaurant by Ascend Hospitality Group to open on Mill Avenue in Tempe this summer. Six40rty is named for its address at 640 Mill Ave. and will be located in a 10,000-square-foot space directly next door to Anoche, the other AHG restaurant.
Kindred Behavioral Health, a division of LifePoint Health, and Dignity Health plan to build and operate a new inpatient behavioral health hospital on the campus of Dignity Health St. Joseph’s Westgate Medical Center in Glendale, the groups announced.
The two-story, 95,000-square-foot-facility will include 96 inpatient beds and provide outpatient services. The center is projected to cost $55 million to build and will employ more than 150 health care professionals. Construction is expected to begin in fall 2023 and be open by early 2024.
The facility will provide a comprehensive range of mental health services, for patients all of ages, according to a news release, including emergent crisis intervention, inpatient care, acute withdrawal management, and full outpatient services. Additionally, the groups said in a release that the hospital will collaborate with local physicians, first responders, outreach programs and the counties’ mental health departments to provide additional services to members of the community.
“This partnership will help meet the growing needs for mental health services in the West Valley,” said Tim Bricker, interim CEO and president of the Dignity Health Southwest Division, in a statement. “Dignity Health has always been committed to providing compassionate health care services to the most vulnerable in its communities and we are proud to advocate for and provide hope, healing and recovery to patients under our care.”
Residence Inn Phoenix Desert View at Mayo Clinic, a 208-room extended stay hotel near the Mayo Clinic at 5665 E. Mayo Boulevard in Phoenix, was acquired for $50.5 million by New York-based real estate and investment firm Dreamscape Cos. The seller was Miami-based Robert Finvarb Cos. With the Mayo Clinic undergoing a massive $700 million renovation that will expand its patient capacity, Dreamscape thought the property made a perfect point of entry to the Phoenix market.
Centricity Research, now open in a new space at 215 S. Power Road, is bringing clinical research trials to Mesa.
This fall, researchers are expecting a surge in flu cases and Centricity Research is looking for people aged 55 and over to participate in studies involving new varieties of flu shots as well as vaccines for RSV, a serious respiratory illness that can lead to pneumonia or bronchiolitis in seniors.
The new center is located near Banner Baywood Hospital and is meant to gather data from the surrounding neighborhoods, largely made up of 55-plus retirement communities.
“We’re learning how effective the vaccines are, how the viruses change with time, and how we need to adapt the vaccines to better treat the viruses. We’re bringing cutting-edge science to Mesa, and the community will benefit by enabling us to better understand what the local needs are and how we can address them,” said Dr. Kenneth Boren, principal investigator and head of Centricity’s Mesa clinical research program.
The new location is meant to give researchers more space to operate more effectively, he said. Researchers operated within a physician practice in central Mesa for the past four years before the company decided to move into a separate 2,000-square-foot office.
Centricity Research is headquartered in Columbus, Ohio, and has completed more than 475 clinical trials. Boren oversees the research program in Mesa and has a team of five clinical research associates. The new center will continue working on research and trials involving the treatment of chronic kidney disease, diabetes, and obesity.
Editor’s note: The real estate deal wrap is published regularly by the Phoenix Business Journal. Send new real estate transactions and retail/restaurant leases to managing editor Erin Edgemon,
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Join Pinal County and the Phoenix Business Journal September 28 at Wild Horse Pass for a panel discussion on economic development in this region.
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