SunCap Property Group has sold a 135,745-square-foot light industrial building forming part of its 63-acre Gilbert Spectrum Business Park in Gilbert, Ariz. Boston-based GID Industrial paid $23.2 million for the Class A asset which was fully leased at the time of close. Cushman & Wakefield negotiated on behalf of the seller.
SunCap developed the facility on nearly 9 acres at 196 S. McQueen Road as the first building of the Spectrum industrial campus, financing the construction with a $9.7 million loan from Delaware Life Insurance Co., according to CommercialEdge. Completed in 2019, the one-story property features a 32-foot clear height and 40 dock doors.
The facility is less than 3 miles southwest of downtown Gilbert within Phoenix’s Southeast Valley submarket and less than 4 miles from a 109,510-square-foot property Dalfen Industrial acquired in December. The location provides easy access to Loop 101 and U.S. Route 60.
Cushman & Wakefield Executive Managing Director Will Strong, Associate Greer Oliver and Analyst Connor Nebeker-Hay assisted SunCap in the disposition. Lee & Associates Principals Chris McClurg and Ken McQueen provided leasing advisory.