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4/22/19
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Conor Commercial Real Estate and Globe Corporation have assembled 18.8 acres in Phoenix’ land-constrained Sky Harbor Airport submarket for a spec industrial development. The project, named Airport 40, is slated to start construction in June and will include two rear-load industrial buildings totaling 320.7k sf of space.
The land, located at 3030 S. 40th St, was acquired in three separate transactions totaling $8.1 mil. As a stipulation to purchase one of the Phoenix parcels, the venture had to also purchase 14 acres in Chandler, AZ for $4.35 mil, which the venture resold a week after closing to Valley Christian Schools for $5 mil.
The planned two-building development includes Building 1, a 211.9k sf, rear-load industrial facility featuring 40 dock-high doors and six drive-doors. Building 2 features 108.8k sf and includes 28 dock doors and four drive-in doors. Both buildings feature 32’ clear and office space to-suit with ample vehicle parking and 75 oversized truck trailer stalls.
Mike Haenel, Andy Markham and Phil Haenel of Cushman & Wakefield negotiated the purchase of the parcels on behalf of Conor and Globe. The trio is serving as the exclusive marketing agents for Airport 40 for the developers. McShane Construction Company and Ware Malcomb comprise the design/build team for the development.
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