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A few clouds. Low near 65F. Winds SSW at 5 to 10 mph.
Updated: April 19, 2024 @ 6:06 pm
The two buildings comprising Chandler Crossroads recently sold for $40.5 million, according to Valley real estate tracker vizzda.com. (vizzda.com)
The two buildings comprising Chandler Crossroads recently sold for $40.5 million, according to Valley real estate tracker vizzda.com. (vizzda.com)
Two South Chandler industrial sites buildings and an office building changed hands in the last month in three separate deals totaling nearly $70 million.
The largest transaction involved the $40.5 million sale of Chandler Crossroads I and II near the northwest corner of Gilbert and Queen Creek Roads, according to Valley real estate tracker vizzda.com.
Around the same time, CFC-Bracken LP and Ambitus Partners bought a warehouse near the Loop 202 Santan Freeway and Frye Road of a warehouse for $9.7 million.
In a third unrelated deal, Madhouse Engine bought the Bravo Business Center at Alma School and Queen Creek roads for just under $14 million.
Chandler Crossroads comprises one finished flex building with six tenants that was constructed in 2016 and a second that was finished last August.
Together, the buildings comprise over 216,000 square feet of Class A industrial space on 17.9 acres with over 600 parking spaces, according to vizzda. It said the sale price equaled $185.60 a square foot.
In a marketing brochure representing seller Alidade Capital, brokers Cushman& Wakefield pitched projections for the county’s strong future growth – and soaring rental costs.
“Tenant demand keeps driving vacancy down and rental rates upward, it said, noting that mid-way through 2022, vacancy rates for industrial buildings was only at 3.6% while rental rates had climbed 41% in the previous 12 months.
Stating that “high land costs and the lack of available industrial parcels create significant barriers to entry for companies into the Valley market,” the marketing brochure.
The $9.7 million purchase by CFC-Bracken LP and Ambitus Partners involved a nearly 48,000-square-foot building constructed in 1986 on 5.4 acres, vizzda reported, estimating the sale equaled $202 per square foot.
California-based Ambitus Partners describes itself as a real estate investment and property management company that has completed $70 million worth of projects in both California and Arizona.
The Bravo Business Center at Alma School and Queen Creek roads is a set of five singly-story buildings comprising a total 45,000 square feet of space on 5.6 acres.
Built in 2008, they house 13 office suites.
The $13.9 sale price exceeded the complex’s last sale in 2021 by more than $3.5 million, according to vizzda.
California-based Mad Engine produces various kinds of apparel as well as headwear and backpacks, according to its website.
The global real estate investment company JJL said that over 33.2 million square feet of new light industrial space hit the market last year in the United States alone
But, it added, “this amount is negligible in the grand scheme of things as it only accounts for 0.2% of all vacant space.”
It said total space, both rented and vacant, in the Phoenix Metro area currently is at 328.8 million square feet, although new proposals for new buildings have almost routinely been coming before Valley municipalities for review and approval.
In all, there are more than 1.3 billion square feet of industrial space in the nation, according to JLL.
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