CHANDLER, AZ-A Southern California developer has firmed its plans to develop an airport business center with the $4.6-million acquisition of 20 acres in two transactions.

Chandler Airpark Business Center LLC of Rancho Santa Fe, CA plans to build about 235,000 sf of office, industrial and hangar space on property at East Queen Creek and South Cooper roads near Chandler Municipal Airport. “These closed at the same time and the lots are contiguous,” says Paul Sieczkowski of Colliers International’s Phoenix office, who with Rob Martensen, represented the buyer in both off-market transactions.

The Colliers brokers also represented one of the sellers, Eder Family Trust, which parted with five acres for $1.36 million. Brokering the 15-acre hand-off was Kevin Peterson of Peterson Properties & Management in Queen Creek, who represented Airpark Associates LLC from Tempe.

Sieczkowski tells GlobeSt.com that Chandler Airpark Business Center will have about 60,000 sf for office condominiums; 90,000 sf of hangar space with office components as for sale or lease product; and 85,000 sf for general industrial facilities. Delivery is targeted for mid-2007.

Colliers’ Phoenix office is overseeing leasing and sales activities. “We may sub out the office condos to someone else,” Sieczkowski adds.

Plans and renderings are being developed by Scottsdale’s Patrick Hayes Architecture Inc. The general contractor has yet to be hired.

Though it’s very early in the game for preleasing and sales activities, Sieczkowski believes the demand is strong for this type of project. “Stellar Airpark, about five miles west of this site, is already full,” he says. “We think there’s a real need for this type of product.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.