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11/17/25
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Simone Charitable Foundation purchased a 60.5k sf industrial facility in Gilbert, AZ for $26.8 mil, or $443/sf, in a deal we’re told achieved the lowest CAP rate (5.28%) and highest price-per-square-foot this year for a Phoenix industrial building sale. The single-tenant building is fully leased to Frito-Lay, a division of PepsiCo.
The building sits on 8.16 acres at 3797 S. Silverado Ct. It fronts the Loop 202 Santan Fwy just north of Germann Rd, and is minutes from Chandler Municipal Airport.
The property was sold by Scottsdale-based ATLAS Capital Partners, who purchased the Gilbert land site in 2022 and initiated a low-coverage development plan to accommodate the property’s unique shape. The approach quickly attracted the attention of Frito-Lay, leading to a long-term, full-building build-to-suit lease achieving a market-high rental rate.
“A colleague spotted this oddly shaped parcel during a weekend drive through Gilbert. Most developers would have passed on its odd geometry, which doesn’t align with a traditional industrial site, but we recognized the potential,” said ATLAS CEO Chris Walton. “That creativity resulted in a distinctive project the market was waiting for – even if it didn’t know it yet – and became the beta for our now regional, low-coverage strategy. In the process, it gave Frito-Lay a new industrial configuration that hadn’t existed to date.”
The ATLAS low-coverage strategy integrates institutional-grade industrial buildings with substantial outdoor yards that are secured, screened, paved and lit. This delivers the operational versatility today’s industrial users demand – from logistics giants to regional suppliers and contractors.
The Silverado Court building features a 161-foot building depth with 28-foot clear height, 15 dock-high doors, two grade-level doors and 5k sf of office space. It offers immediate Loop 202 access via the Gilbert Rd and Lindsay Rd interchanges, and is minutes from 3.5 msf of retail and restaurant amenities at the intersection of Gibert and Germann roads.
Cushman & Wakefield represented ATLAS in the building sale. Colliers represented the buyer in the deal.
“Land-heavy industrial developments remain undersupplied in metro Phoenix, though demand is rising sharply,” said ATLAS COO and General Counsel Dan Gauthier. “This project has been a resounding validation of our low-coverage thesis, first through a full-building pre-lease to Frito-Lay and then through a highly successful sale. We’re now scaling this product type across strategic Mountain and Sun Belt markets, beginning with our next major project, ATLAS Exchange.”
ATLAS Exchange is the company’s largest land acquisition to date, spanning 38 acres within Mesa, Arizona’s Elliot Road Tech Corridor and the Eastmark master-planned community. The project includes four modern, high-finish buildings ranging from 40k sf to 90k sf. With lot sizes up to 12 acres, each freestanding building offers generous secured, paved and lit yards. The project also includes amenity-rich additions such as ramadas and pickleball courts, with proximity to the Loop 202 and Mesa Gateway Airport, and corporate neighbors such as Meta, Apple, Google, Amazon, Boeing and more.
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