Trammell Crow has sold Elliott Gateway, a 516,000-square-foot industrial park in Mesa, to Cohen Asset Management for $98 million. The transaction involved a fully leased four-building complex located near Loop 202 and Elliot Road, reflecting investor interest in stabilized industrial assets in the area.
According to reporting from the Phoenix Business Journal, Cohen Asset Management funded the acquisition with a combination of equity and debt. The buyer provided a $41.2 million downpayment and obtained a $56.8 million loan from Nationwide Life Insurance Co. to complete the $98 million purchase. The use of life company financing underscores the role of insurance lenders in underwriting large, income-producing industrial properties.
CBRE’s National Partners West team represented both Trammell Crow as the seller and Cohen Asset Management as the buyer. The brokerage team was comprised of Rusty Kennedy, Evan Koplan, Joe Cesta, Tanner Ferrandi and John Werstler. Their dual representation covered the marketing of the fully leased park and the negotiation of the sale terms between the parties.
Elliott Gateway consists of four industrial buildings that were fully occupied at the time of sale. The tenant roster spans manufacturing and distribution uses and includes Bob Dale Gloves, Dynalectric Arizona, Nash Powersports and Cerris Systems. The fully leased status at closing highlights ongoing tenant demand for modern industrial space in Mesa’s Loop 202 corridor.
Beyond this disposition, Trammell Crow continues to maintain an active development pipeline in the Valley. The company is pursuing a 419-unit multifamily project in Mesa, signaling a diversification of its regional portfolio across property types. In addition, Trammell Crow controls 175 acres in southeast Mesa, approximately three miles south of Elliott Gateway, where it has plans to develop future industrial space.
The combination of this sale, the property’s full occupancy and the buyer’s ability to secure institutional life company debt collectively illustrate continued engagement from both equity and debt capital in Mesa’s industrial sector. At the same time, Trammell Crow’s ongoing investments in Mesa and southeast Mesa underscore the firm’s longer-term commitment to the local market across both industrial and multifamily projects.
