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10/04/24
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Chandler Airpark 202, a newly constructed 402.5k sf Class A industrial project in Chandler, AZ was purchased by an unnamed global private equity firm.
Situated on over 26 acres, the project is highly visible and accessible, boasting freeway frontage along Loop 202. The property also benefits from its proximity to Intel’s Ocotillo Campus, where the company has recently announced expansion plans for its chip manufacturing facility.
Chandler Airpark 202 comprises four buildings at 1640-1700 Northrop Blvd that were all delivered in 2023. Three of the buildings are 100% leased to two tenants, bringing the total project occupancy to 57.3%. The tenants include MEI Rigging and Crating, occupying buildings A and B, and Wedgewood Pharmacy, occupying building C.
Cushman & Wakefield’s Will Strong, Michael Matchett and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West team represented the seller, US Capital Development and a joint venture partner,
“Chandler Airpark 202 is truly a trophy asset, featuring a strong industrial tenant base and offering a prime opportunity to lease up the remaining vacancy at competitive rents. The leasing momentum in this growing submarket, along with the demand for high quality buildings, make it an ideal investment,” said Hunt.
Cushman & Wakefield industrial specialists Andy Markham, Mike Haenel, and Phil Haenel also negotiated the existing leases prior to the sale. The team has been retained by the buyer to continue leading leasing efforts, with one vacant building of 172k sf currently available for lease.
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