In its first main metro Phoenix industrial acquisition of the 12 months, main business actual property agency Lincoln Property Firm (LPC) has closed on two buildings at AZ 202 Commerce Park in Chandler, Arizona for $32.5 million.
Positioned at 1600 S. Hamilton St. in Chandler, the newly acquired venture totals 7.74 acres and 140,372 sq. ft in two totally leased buildings – a 65,892-square-foot Constructing A and a 74,480-square-foot Constructing B. The property sits adjoining to AZ 202 Commerce Park Section I, a 106,000-square-foot build-to-suit accomplished in 2018 and totally occupied by PODS Shifting and Storage.
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All three buildings have been developed by ViaWest Group. Buildings A and B have been delivered in 2020, rating them among the many latest industrial development within the submarket.
“Phoenix has change into a vacation spot for the very best and brightest industrial tenants, and because of this has attracted the eye of world-class institutional buyers,” stated LPC Desert West Senior Government Vice President David Krumwiede. “It’s nice to see – and be part of – core institutional capital being directed right here as a part of long-term, buy-and-hold funding methods.”
AZ 202 Commerce Park is situated within the coronary heart of one of many nation’s best-performing industrial markets, minutes from a full-diamond interchange on the Loop 202 freeway and Arizona Avenue.
It’s supported by a extremely certified labor pool, a horny value of dwelling and value of doing enterprise, and a high-barrier-to-entry submarket the place, in keeping with CBRE, file tenant demand is predicted to drive rental charges up by greater than 30 % within the subsequent 5 years.
Constructing facilities at Buildings A and B embrace 28’ clear peak, 60’ velocity bays, gated and secured concrete truck courts and 38 rear-load doorways providing dock-high and grade-level loading. Extra facilities embrace an ESFR sprinkler system, LED lighting, 2000amps of energy per constructing and beneficiant automotive and trailer parking.
The property vendor, By way of West, was represented by Will Sturdy, Mike Haenel, Andy Markham, Phil Haenel and Greer Oliver of Cushman and Wakefield.
Present LPC industrial developments in Arizona embrace the 210-acre Park303 industrial park, 322,000-square-foot Buckeye85 and 475-acre Goodyear Airpark.
For extra data on LPC improvement, funding and property administration providers within the Desert West area, contact Krumwiede or LPC Desert West Vice President John Orsak at 602.912.8888.