Chandler Airpark. (Photo courtesy of Cushman & Wakefield)
Silagi Development breaks ground on Chandler Airpark
Silagi Development & Management (SDM) broke ground on Chandler Airpark, a Class A business park to feature six single-tenant industrial buildings in Chandler, Ariz.
Working with LGE Design Build Chandler Airpark located on Douglas Drive, just west of Stearman Drive, is scheduled for completion in April 2017.
Chandler Airpark will be the only product of its kind available in the area. All other newly completed developments in the immediate area are multi-tenant industrial, flex or office.
”Chandler Airpark is an extremely unique development unlike anything else in the southeast valley. With almost 640,000 SF of recently completed space in the surrounding area, SDM’s development represents the only single tenant opportunity for users,” according to Paul Boyle, senior managing director at Cushman & Wakefield.
The single-tenant buildings will range in size from 11,187 to 22,874 square feet and feature upscale speculative office buildouts, 18-20 foot warehouse ceiling clear heights and three phase 600 amp power.
In addition, tenants or buyers will also have the option of adding outside storage yards and all six buildings will offer grade level loading, with two of the buildings also offering truckwell loading.
The newest project from SDM will be available for sale or lease, suitable for industrial, manufacturing and distribution users. The project is being represented by Paul Boyle, Pete Klees and Rick Danis of Cushman & Wakefield.
“Over the past two to three years the interest rates for real estate transactions have dropped to an all-time low, creating an opportunity for a buyer to save money on their investment by purchasing a building rather than leasing,” according to Moshe Silagi, president of Silagi Development & Management.
“You can rent a building for $0.78 per square foot (PSF) NNN or you can purchase a building for $139 PSF. In examining the occupancy costs of both scenarios, it’s clear the purchase option is more advantageous for users in the marketplace who are embarking on a real estate decision for their business. But the real intrinsic value of this strategy, is taking advantage of depreciation, interest and amortization. Not to mention, companies electing to purchase their building will control their own destiny and reap the benefits of equity and appreciation in a fast growing market like Chandler,” added Boyle.