Arizona Distilling Co. Opens Second Location in Downtown Mesa
January 04 2024 - 10:00AM
Business Wire
Caliber (NASDAQ: CWD), an alternative asset manager of real
estate investments and developments, has brought another new
business to Downtown Mesa, Arizona. On Thursday, January 4, Arizona
Distilling Co. is celebrating its grand opening, hosting Caliber
executives and several Mesa councilmembers, at its location at 155
W. Main Street. After opening its original location in Tempe,
Arizona Distilling Co. has become well known for its locally
sourced products and award-winning spirits, including Copper City
Bourbon, the first legally produced bourbon in Arizona. The new
location in Mesa boasts on-site production, a tasting room, and bar
area.
“Downtown Mesa continues to grow and experience revitalization,”
said Mesa Mayor John Giles. “Arizona Distilling Co. is a welcome
addition, creating more opportunities for people to come together
in our City’s central corridor and experience everything downtown
has to offer. We appreciate Caliber’s investment and commitment to
Mesa.”
Caliber leased the space to Arizona Distilling Co. in 2022,
which was subsequently built out to accommodate its distilling
needs, and the business is one of several that opened their doors
in the Downtown Mesa area over the past year, along with several
new housing developments, including:
- Level 1 Arcade Bar had its grand opening in July 2023
and is located at 48 W. Main Street. The bar and restaurant hosts a
family friendly environment and allows all ages to enjoy a retro
arcade experience with fully restored arcade and pinball machines
along with a full menu and bar.
- ZenniHome will be installing 90 ZenniHome units at 29
West Main Street, where they conducted an initial groundbreaking
event in July 2023. This innovative company brings viable solutions
to the housing industry shortage by designing and factory-building
their model homes to be easily transported and stack in
multi-family configurations.
- 2nd Avenue Commons located at 140 W. 2nd Avenue hosted a
ribbon cutting ceremony in October 2023 to open its 144-unit
apartment community. The development consists of 12 three-story
buildings, containing 48 one-bedroom units and 96 two-bedroom
units.
Caliber’s Opportunity Zone Funds have played a key role in
developing these businesses and bringing them to the Downtown Mesa
neighborhood.
“The investment in Downtown Mesa is a priority for Caliber, not
only as a business growth strategy, but as members of the
surrounding community,” said Chris Loeffler, Chief Executive
Officer of Caliber. “Mesa is a booming area and it’s attracting
young families who are looking for a community that hosts
affordable housing options and unique and exciting restaurants,
entertainment, and other businesses. We’re proud to be a part of
the redevelopment efforts in Mesa, which are providing our
investors with the opportunity to invest in meaningful, high impact
projects with competitive returns.”
Caliber began acquiring a series of buildings in and around
Downtown Mesa, a designated Opportunity Zone, in 2017. Alongside
businesses like Arizona Distilling Co., Caliber is developing 10
buildings and approximately 160,000 sq. ft of mixed-use space,
including Southwest Institute of Montessori Studies Inc. (SIMS),
which closed on a 10-year lease at 305 E. Main Street, and Sonoran
Rows, a craft malthouse located at 18 W. Main Street.
These projects in Downtown Mesa are part of Caliber’s
Opportunity Zone Fund and are central to the redevelopment of the
area. Caliber’s second diversified Opportunity Zone fund is now
available to accredited investors with a total fundraise target of
$250 million. Current plans for the funds include continued
investment in Downtown Mesa, the Scottsdale-Riverwalk area, and
Downtown Bryan/College Station area in Texas. Opportunity Zone
funds offer investors the ability to reduce and eliminate short and
long-term capital gains tax liabilities by investing in a
professionally managed real estate fund and completing new
developments that are impactful to the designated communities
within each zone.
About Caliber
Caliber is a manager and developer of real estate that assists
investors seeking access to potentially lucrative investments
within Caliber’s target markets. Caliber creates and manages real
estate funds that allow investors to participate as partners in
multiple real estate investment strategies, including opportunity
zone, opportunistic, distressed, value-add, and core plus
investing. Caliber is differentiated by its in-house asset services
group, which provides Caliber with stronger control of the real
estate it manages and allows it to focus on projects between
$5-$50m in size. Caliber’s investments are made available to
registered investment advisers, broker-dealers, institutions,
family offices and high net worth individuals through Caliber’s
in-house client services group. Additional information can be found
at Caliberco.com and Caliber Funds.co.
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version on businesswire.com: https://www.businesswire.com/news/home/20240104540467/en/
Caliber: Victoria Rotondo +1 480-295-7600
Victoria.Rotondo@caliberco.com
Media Relations: Kelly McAndrew Financial Profiles +1
203-613-1552 KMcAndrew@finprofiles.com
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