Joint venture partners, Conor Commercial Real Estate, a member of The McShane Companies, and Globe Corporation, have announced the acquisition of a 16-acre land parcel for the development of AZ|60 – a new two-building, 225,600 square foot industrial project. Available for-sale or lease, the speculative facilities will offer modern design and flexible configurations to meet the growing demand within Gilbert’s booming industrial sector. The venture will break ground in October with occupancy slated for April 2016.
AZ|60 is located within Fiesta Tech Center on the northeast corner of Desert Lane and Colorado Street, near the intersection of Arizona Avenue and Baseline Road in the Town of Gilbert, Arizona. Located 20 miles from downtown Phoenix, the site offers substantial transportation cost savings to industrial users with its close proximity to U.S. Route 60 just one mile away and the Loop 101 three miles away. The site is also within a three-mile radius to nearly 13 million square feet of retail. Nearby corporate neighbors include Orbital ATK, Textron, Ferguson and Costco.
The development will be comprised of two Class A industrial facilities – Building 1 offering 104,900 square feet and Building 2 at 120,700 square feet. When completed, the rear-loaded industrial buildings will accommodate tenants ranging from 18,720 square feet up to approximately 225,000 square feet. State-of-the-art functionality will include 30’ clear height, grade level and dock-high loading, 180’ building depths, 52’ x 60’ column spacing, ESFR sprinkler systems and 3,000 amps, 277/480 volts per building. Generous on-site parking and truck maneuverability will also be included.
Steve Larsen and Bill Honsaker of JLL’s Phoenix office represented the joint venture in the land acquisition and will serve as exclusive marketing agents for AZ|60. George Haugen with Haugen Commercial represented the property seller, Earnhardt Properties, LP.
“We are delighted to be partnering with Globe Corporation in the development of AZ|60,” remarked Sven Tustin, Vice President of Conor Commercial Real Estate. “Given the positive market fundamentals in the Gilbert area, we are confident that the development will fulfill the current demand for contemporary industrial space within this established business park, and that users will benefit from its easy access to transportation corridors and numerous retail amenities.”
“We are extremely pleased with how the entitlement process has gone with the Town of Gilbert. The staff has been very responsive and we are excited to extend our joint venture activities with Conor Commercial into the growing community,” said Mike Olsen of Globe Corporation.
Globe Corporation has been an active joint venture partner with McShane/Conor for over a decade within the Phoenix Metro and greater Chicago areas.
JLL’s Larsen added, “Industrial users, and high tech entities in particular, have shown tremendous interest in Gilbert, but they now face a more limited inventory of modern, available space options. This project will help to change that.”
McShane Construction Company and Ware Malcomb have been selected to provide the design/build services for the industrial project.