Cushman & Wakefield announced the firm has brokered the sale of 165 South Price Road, a freestanding 100,000-square-foot industrial building set on a large 16.7-acre lot in Chandler (Phoenix), Arizona. The unoccupied single-tenant property was acquired for $14.05 million by Unbound Development of Phoenix. The seller was Rogers Corporation.
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Joshua Wyss and Steven Mardian with Cushman & Wakefield in Phoenix represented the seller and Michael Kitlica of Cushman & Wakefield represented the buyer in the transaction.
Unbound Development intends to energize the property with extensive improvements that cater to the needs of today’s occupiers and has engaged Cushman & Wakefield to market the property for sale or lease.
“Unbound Development acquired this unique manufacturing facility to add to its portfolio, which once renovated, will be able to accommodate any power requirement needed coupled with an unmatched industrial outdoor storage (IOS) yard,” said Michael Kitlica.
Originally built in 1982 and expanded in 2005, the building features heavy 8,400 amps of power, expandable to 150 megawatts, an oversized lot, plus Loop 101 freeway frontage near the confluence of Loops 101 and 202. The asset is also surrounded by major office and industrial employers and offers convenient access to an abundance of retail amenities at Chandler Fashion Center and Chandler Festival.
