Conor Commercial Real Estate and partner Globe Corporation announce the sale of AZ|60, a brand new, infill, state-of-the-art industrial project located in the heart of the Southeast Valley, in Gilbert, Arizona. U.S. Trust, Bank of America Private Wealth Management facilitated the purchase of the 225,600 SF property.
Consisting of two buildings, situated on 16 acres, AZ|60 features a 30′ clear height, ESFR sprinklers, 100% concrete truck courts, ample dock and grade level loading, and is positioned as a market leader in local amenities sought after by today’s tenants. Currently 92% leased, the property has 3 tenants with suite sizes ranging from 41,331 SF to a full building user at 120,700 SF. Steve Larsen and Bill Honsaker with JLL were the ownerships leasing representatives. Will Strong at Cushman & Wakefield represented the seller in the investment sale. McShane Construction Company served as general contractor.
“We are very excited for the sale of AZ|60,” states Sven Tustin, Senior Vice President of Conor’s Southwest Region. “Conor is proud to have developed a high quality space in a prime location, designed with future tenants in mind. This sale is consistent with our strategy to develop, lease and then sell Class A industrial buildings.” Derek Buescher, Development Manager with Conor, adds, “This disposition set a new cap rate and price per square foot records for similar product in the submarket. Both JLL and Cushman & Wakefield did an excellent job executing the team’s business plan.”
