Conor Commercial Real Estate, a national real estate development firm, and Globe Corporation, assembled 18.8 acres in the land-constrained Sky Harbor Airport submarket for a spec industrial development. The project, named Airport 40, is slated to start construction in June and will include two rear-load industrial buildings totaling 320,700 square feet (SF) for delivery in May 2020.
“We are thrilled to launch this development after months of planning to bring what was originally three disjointed land parcels together into one usable parcel for Class A industrial,” remarked Derek Buescher, Development Manager of Conor Commercial Real Estate. “Airport 40 is a textbook example of infill redevelopment in an opportunity zone and offers excellent locational advantages with its urban position in the heart of the airport industrial market.”
Conor and Globe purchased the land as three separate parcels totaling 18.8 acres at 3030 S. 40th Street in Phoenix for $8.1 million. As a stipulation to purchase one of the Phoenix parcels, the venture had to also purchase 14 acres in Chandler, Arizona for $4.35 million, which the venture resold a week after closing to Valley Christian Schools for $5 million. Cushman & Wakefield represented Conor in the land purchases.
Executive Managing Director at Cushman & Wakefield, Mike Haenel stated, “This was a complicated deal with many moving pieces but Conor and Globe made it happen. Sky Harbor Airport is one of the hottest industrial submarkets in the valley. Due to the close proximity to the I-10, the airport and the center of town location, Airport 40 will be a huge success.”
The two-building development includes Building 1, a 211,900 SF rear-load industrial facility featuring 40 dock-high doors and six drive-doors. Building 2 features 108,800 SF and includes 28 dock doors and four drive-in doors. Both buildings feature 32′ clear and office space to-suit with ample vehicle parking and 75 oversized truck trailer stalls. Airport 40 continues an established joint venture partnership between Conor Commercial and Globe in Phoenix. Mike Haenel, Andy Markham and Phil Haenel of the Cushman & Wakefield Phoenix office are serving as the exclusive marketing agents for Airport 40. McShane Construction Company and Ware Malcomb comprise the design/build team for the development.