Shopoff Realty Investments secured $52 million in financing from Peachtree Group for The Block at Elliot in Mesa, Arizona, which includes approximately 270 acres of undeveloped land. The financing will allow Shopoff to advance this project to the next stage of development, providing funding for grading, offsite street and utility improvements. In an earlier release the company said the property is well positioned for manufacturing use. Mavik Capital Management provided an $81 million participating first mortgage in connection with the acquisition in 2022.
Since acquiring the land, Shopoff has secured approval for the project to be annexed into the city of Mesa and also secured city approval for a mass grading plan, allowing the project to move into development. The firm is currently working with the city of Mesa to review and finalize the project’s development plan and product mix.
Grading is anticipated to commence in late 2025.
Walker & Dunlop’s Mark Strauss and Rob Quarton supported the firm in securing financing.Â
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