An 8.56 acre commercial parcel at the SEC of Germann and Stearman roads sold for more than $2.22 million or $5.95 per square foot.
The fully improved parcel is located in First Chandler Business Park and will be the future home of Crown Castle, a wireless infrastructure provider.
Plans call for the construction of a 70,000-square-foot, built-to-suit office building. LGE Design Build will be the developer.
Lee & Associates Arizona Principals Ken McQueen and Chris McClurg represented the land owner, Vintage Farms.
The buyer MDB Chandler, LLC was represented by Colliers International.
The sale marks the second land sale within First Chandler Business Park in the past month, both of which will have industrial developments under construction by year’s end.
The activity is complimented by an already under construction, 65,000-square-foot, build-to-suit project at the park.
Overall, the Chandler Airport area is seeing strong activity with new projects moving forward. A FedEx facility will be occupying a 48-acre site within the submarket.
In total, there will be an additional 530,000 square feet of various industrial facilities added to the market in the coming year.
There is also high demand for new offices with several new projects to be developed in the area.
For more information, contact Ken McQueen, 602-474-9564,firstname.lastname@example.org; or Chris McClurg, 602-954-3766, email@example.com.