Conor Commercial Real Estate and joint venture partner WHI Real Estate Partners have sold the first phase of Lotus Project to a Chicago-based investment advisor. The newly built industrial park in Chandler, Arizona, includes four state-of-the-art advanced manufacturing and light industrial buildings. At 473,516 square feet, the asset is one of the largest Class A industrial parks in the desirable Chandler submarket. Lotus Project was approximately 96% leased at the time of sale.
“We are very excited about this transaction and are grateful to Will Strong at Cushman & Wakefield who helped the sale process move smoothly, and to Jackie Orcutt and Rusty Kennedy at CBRE for attracting such a great roster of tenants,” stated Sven Tustin, Executive Vice President of Conor’s Southwest region. “We are excited to continue our success as we move forward with the second phase of construction.”
Strategically positioned on a high-visibility site off the Loop 202 freeway, Lotus Project offers many logistical advantages. The site is less than one mile from I-10 and the Loop 202, 15 minutes from Sky Harbor International Airport and 20 minutes from downtown Phoenix. Additionally, businesses have access to the dynamic workforce that exists within a population of more than three million within a 25-mile radius.
The Class A business park is unique in that it reimagines the concept of traditionally simple industrial design. No detail was overlooked, from the elegant lotus emblem on the truck dock gates to the stained concrete blocks found throughout the property. Lotus Project has a unified campus environment with common design features that link the buildings and open space areas with inspiring themes of innovation, creativity and vitality.
Each building features a 32′ clear height, 50′ x 56′ column spacing with a 56′ x 60′ speed bay, 29 truck docks, a 210′ shared truck court and abundant parking. All buildings also incorporate ample power, skylights, 6″ unreinforced concrete floors, LED lighting and an ESFR sprinkler system.
Recently, the firms broke ground on Phase II of Lotus Project, which will incorporate three additional industrial buildings totaling nearly 300,000 square feet on a 21-acre site. The new buildings will offer 24′ to 32′ clear heights, 60 dock doors, eight drive-in doors, 558 parking spaces and 55′ speed bays.
Will Strong, Jeff Chiate, Jeffrey Cole, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented Conor and WHI in the sale of Lotus Project.