An 8.56 acre commercial parcel at the SEC of Germann and Stearman Roads sold for $2,221,000 or $5.95 per square foot.

The fully-improved parcel is located within First Chandler Business Park and will be the future home of Crown Castle, a wireless infrastructure provider. Plans call for the construction of a 70,000 SF built-to-suit office building. LGE Design Build will be the developer.

Lee & Associates Arizona principals Ken McQueen and Chris McClurg represented the land owner, Vintage Farms. The buyer MDB Chandler, LLC was represented by Colliers International. The sale marks the second land sale within First Chandler Business Park in the past month, both of which will have industrial developments under construction by year’s end. This activity is complimented by an already under construction, 65,000 SF build-to-suit
project at the park.

Overall, the hot Chandler Airport area is seeing strong activity with new projects moving forward. A FedEx facility will be occupying a 48-acre site within the submarket. In total, there will be an additional 530,000 SF of various industrial product type added to the market in the coming year. There is also high demand for new offi ce product with several new projects to be developed in the area.