Conor Commercial Real Estate has sold two buildings at Lotus Project – Phase II to a Chicago-based institutional investor. The newly built industrial park in Chandler, Arizona, includes three state-of-the-art advanced manufacturing and light industrial buildings totaling 292,098 square feet. Will Strong of Cushman & Wakefield represented Conor in the sale.
“The sale of Lotus Project – Phase II is a great milestone for our team,” commented Sven Tustin, Executive Vice President at Conor. “It marks the fulfillment of our goal to create a best-in-class development to attract institutional users in the advanced manufacturing industry which, in turn, provides more than a thousand new jobs for the community.”
At the time of sale, the buildings were fully leased to two investment-grade tenants. A defense/aerospace company leased the 144,321-squre-foot Building 5 and a medical device company leased the 104,740-square-foot Building 6.
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.
Building 5 offers 140,490 square feet with a 32′ clear height, 43 dock doors and four drive-in doors. At 104,721 square feet, Building 6 incorporates a 32’ clear height, 38 dock doors and four drive-in doors. All three buildings provide a parking ratio of 1.63/1,000 square feet, ample power, ESFR sprinklers, skylights and efficient loading dimensions.
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 court 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.
In March of this year, Building 7, a 46,866-square-foot building, was sold to a Phoenix-based high precision manufacturer. Jackie Orcutt of CBRE advised both the seller and buyer in the sale.