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PHOENIX-Ryan Cos. has closed on a 56-acre parcel in the suburb of Chandler and plans to begin construction later this year on a $35-million business park that will include nine flex-industrial buildings totaling more than 850,000-sf.

The Phoenix office of Ryan Cos., which has its corporate headquarters in Minneapolis, purchased the parcel last month for $5.9 million. The parcel is at the corner of 56th Street and Pecos Road in Chandler. Ryan purchased the land from General American Life Insurance, which bought the vacant parcel in 1997.

Construction of the first three buildings in the Chandler Freeways Business Park is expected to begin later this year. The flex-industrial buildings in phase one feature 31,300-sf, 46,900-sf, and 86,900-sf configurations. The buildings are expected to be ready for occupancy by the second quarter of 2001.

“If a company is involved in the high-tech industry, this places it right in the middle of the action,” says Bob Crum, a broker in the Phoenix office of CB Richard Ellis who negotiated the land purchase.

Chandler is home to an expanding number of high-tech companies, including Intel Corp., which is adding to its already sizable campus with a new multi-billion dollar fabrication plant.

The Chandler Freeways Business Park will front upon the future San Tan Freeway and is near Interstate 10, the main thoroughfare through metropolitan Phoenix.

CB Richard Ellis is also marketing the property to prospective tenants. The business park is being designed by Phoenix-based Balmer Architectural Group.

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