Phoenix, Arizona – EastGroup Properties, Inc. (NYSE: EGP) has purchased 23.6 acres of land near Germann and Gilbert roads for $6,411,286 ($271,665 per acre). The real estate investment trust plans a four-building, two phase industrial park called Gilbert Crossroads Business Park on the property and will break ground in April.
“This was a unique transaction involving rezoning and division of a larger parcel,” says Paul Sieczkowski, senior executive vice president with Colliers International in Arizona. “The original 42 acres was divided with the back portion being rezoned for multifamily and this frontage acreage rezoned for industrial. The rezoning stipulated immediate development and EastGroup is poised to break ground in early second quarter.”
Sieczkowski, Rob Martensen and Phil Breidenbach of Colliers International in Arizona negotiated the land sale. EastGroup Properties, Inc. purchased the land from the Rockefeller Group.
The parcel is located just east of the southeast corner of Germann and Gilbert roads.
The first phase of the project will be construction of a 58,000-square-foot building and an 82,000-square foot structure. Both buildings are speculative development and available for lease. Martensen, Sieczkowski and Justin Sieczkowski serve as exclusive leasing agents for the new project.
Gilbert Crossroads Business Park is situated approximately 3/4 of a mile from a full diamond interchange at the Loop 202 freeway and Gilbert Road. A new full diamond interchange is planned less than a mile from the property at the Loop 202 freeway and Lindsay Road. The rapidly growing area is located within close proximity to more than 1.2 million-square-feet of retail amenities and is surrounded by residential neighborhoods occupied by highly educated workers.
EastGroup Properties, Inc. is a self-administered equity real estate investment trust focused on development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States. The company’s portfolio currently includes approximately 41.3 million-square-feet.
The Rockefeller Group is a leading developer, owner and investor in real estate that is best known for pioneering large-scale urban mixed-use development. Formed in 1928, the company has developed premier properties world.