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**Shopoff Realty Investments Secures $52M for 270-Acre Mesa, AZ Project**
Shopoff Realty Investments has secured $52 million in financing from Peachtree Group to advance the development of The Block at Elliot in Mesa, Arizona. The project encompasses nearly 270 acres of undeveloped land and is envisioned as a hub for future manufacturing use.
The newly obtained funding will support critical early-stage infrastructure, including grading, offsite street construction, and utility improvements. This financing builds upon an earlier $81 million participating first mortgage provided by Mavik Capital Management during the acquisition of the land in 2022.
Since acquiring the site, Shopoff has achieved key milestones, including annexation of the parcel into the city of Mesa and city approval for a mass grading plan. The company is currently working with local officials to finalize the development plan and determine the project’s product mix.
Grading work is expected to begin in late 2025.
Walker & Dunlop’s Mark Strauss and Rob Quarton played a key role in supporting Shopoff throughout the financing process.
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