|
|
3/23/23
|
Chandler Crossroads I & II, a Class A industrial project totaling 216.3k sf in Chandler, AZ, traded hands in a recent $40.15 mil transaction. Developed in 2016 and 2022, respectively, the Southeast Valley portfolio consists of two buildings located at 2800 and 2900 S. Gilbert Rd.
At time of escrow, the project was 78% leased, but the vacancy was filled by time of close. The buildings are now 100% occupied by seven tenants. The asset was sold by ViaWest Group in a venture with institutional partners.
Chandler Crossroads I (Phase I) consists of a 100.2k sf, multi-tenant building completed in 2016 and is 100% leased. Chandler Crossroads II (Phase II) consists of a 116.1k sf, multi-tenant building that was recently completed in 2022 and is 100% leased. The buildings feature respective clear heights of 24’ and 34’, dock-high, truck-well and grade-level loading, and heavy parking. In addition to its regional access, the location is also less than six hours to the Ports of Long Beach and Los Angeles, while San Diego, Las Vegas, Tucson, Albuquerque, El Paso, and the Mariposa Point of Entry are all within a one-day truck drive.
Cushman $ Wakefield’s Will Strong, Phil Haenel, Micki Strain, Kirk Kuller, Molly Hunt and Callahan Conway, with support from Stephanie Saccente, represented the seller in the transaction.
“Chandler Crossroads I & II is a very appealing Class A investment that is well leased to a diverse tenant roster, with no lease expirations due before Q4 2026. The property is also strategically located approximately one mile from the Loop 202 freeway and near the Interstate 10. The asset provides a strong opportunity to maintain stable occupancy and cash flow for the long-term, coupled with the potential to fill the remaining vacancy at attractive rents in the current demand cycle,” said Strong.
“The Phoenix Metro market continues to thrive as a high-demand industrial market for occupiers and investors/developers. The market has continued to experience growth and remain one of the nation’s best performing industrial markets. According to Cushman & Wakefield’s latest report, Phoenix achieved more than 21.7 msf of overall occupancy growth in 2022, with more than 5.6 msf alone stemming from the Southeast Valley,” added Strong.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
