A joint venture between Conor Commercial Real Estate, a member of The McShane Companies, and Globe Corporation have acquired a 16-acre parcel in Gilbert, Arizona for the development of a new industrial project. Dubbed AZ|60, the two-building, 225,600 square foot property is expected to break ground this October and deliver in April 2016. 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. Terms of the deal were not disclosed.
"We are delighted to be partnering with Globe Corporation in the development of AZ|60," said Sven Tustin, Vice President of Conor Commercial Real Estate, in a statement. "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."
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."
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. 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.
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