Sale of Brand New Class A Industrial Building in Phoenix’s Southeast Valley for $23.2M
GILBERT, Ariz. – Cushman & Wakefield announced today the firm has advised the sale of a brand new 135,745-square-foot light industrial building in Gilbert, Arizona for $23.2 million. The facility located at 196 South McQueen Rd in the Phoenix MSA is fully leased to three tenants with a weighted average remaining lease term of nine years. The property was acquired by GID Industrial based in Boston, MA.
The seller was SunCap Property Group, a national commercial real estate development firm specializing in speculative industrial and single-tenant build-to-suit facilities. SunCap developed the building in 2019 as part of their 62-acre Gilbert Spectrum Business Park. Executive Managing Director Will Strong, Associate Greer Oliver, and Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. Chris McClurg & Ken McQueen of Lee & Associates provided leasing advisory.
“The property offered a unique opportunity to acquire 100% fee simple interest in a brand new, well-leased property with a diverse tenant mix, strong cash flow, and robust market dynamics in a premium location,” said Will Strong. “The modern, high-quality features accommodate the deepest pool of users in a submarket where demand has historically been the most significant.”
The facility is strategically located in Phoenix’s highly desirable Southeast Valley with easy access to the Loop 202, Loop 101, U.S. 60, I-10 Freeway, and recently completed South Mountain Loop 202. The property features a 32-ft clear height and 40 dock doors with possible accommodation for 15 users. Other development in Gilbert Spectrum Business Park includes two facilies for Northrop Grumman, one complete and a second to be occupied in Q2 2021.