Strong demand for Gateway building anticipated
PHOENIX, AZ – The Phoenix office of JLL has closed the $7 million ($95 PSF) sale of The Hangars at 5615, a major, state-of-the-art office and hangar facility with direct runway access to Phoenix Mesa-Gateway Airport, the hub of Phoenix’s up-and-coming aerospace corridor.
Although the property is currently 100 percent vacant, it is being acquired by an investor with an expected commitment for approximately half of the space.
“At 73,826-square-feet, this is one of the largest hangar facilities on the West Coast,” said JLL Managing Director Bill Honsaker. “The Hangars’ new owners have had strong tenant interest from the very beginning of this process, and we expect that interest to continue as they lease out the building. The unique amenities of this project, the growth of Phoenix-Mesa Gateway Airport and the growth of Arizona’s aerospace sector as a whole have put them in a great position.”
Honsaker, along with JLL colleagues Steve Larsen, Riley Gilbert, Tom Turley and Jordan Kissel, represented the property seller in the transaction. CRESA represented the property buyer, Southwest Jet Center.
The Hangars at 5615 is located at 5615 S. Sossaman Rd., at the north entrance of Phoenix-Mesa Gateway Airport in Mesa, Arizona. Built in 2007 and 2008 as a full-service Maintenance, Repair and Overhaul (MRO) facility for former jet aircraft producer Hawker Beechcraft, the 73,826-square-foot project includes approximately 22,900 square feet of high-end office space flanked by two, fully air-conditioned hangars totalling 25,800 and 25,140 square feet.
Other features of the building include a contemporary main lobby, executive offices, conference rooms, a kitchen and locker rooms. The hangar space features 28’ door heights, 159’ door openings, a Compressed Air Foam (CAF) fire suppression system and HVLS fans throughout. The 5.6-acre site includes adjacent land for expansion.
“The Gateway Airport submarket is growing, and Phoenix aerospace companies are growing as well,” said Gilbert. “This site accommodates both of those very positive trends.”
Phoenix-Mesa Gateway Airport is a developing international aerospace center now hosting more than 40 companies such as Embraer, Cessna and Able Engineering, and contributing $1.3 billion annually to the Arizona economy. It offers three runways averaging 10,000 square feet and is situated within Foreign Trade and Military Reuse zones providing savings in property taxes and transaction privilege taxes, and offering job tax credits and job training funds.