New infill project sold and developed by US Capital Development and their undisclosed joint venture partner
Cushman & Wakefield has advised US Capital Development and their undisclosed joint venture partner in the sale of Chandler Airpark 202, a newly constructed 402,487-square-foot Class A industrial project in Chandler (Phoenix), Arizona. Situated on over 26 acres, the project is highly visible and accessible, boasting freeway frontage along Loop 202.
Chandler Airpark 202 comprises four buildings at 1640-1700 Northrop Boulevard that were all delivered in 2023. Three of the buildings are 100% leased to two tenants, bringing the total project occupancy to 57.3%. The tenants include MEI Rigging and Crating, occupying buildings A and B, and Wedgewood Pharmacy, occupying building C.
The property was acquired by an undisclosed leading global private equity firm. Cushman & Wakefield’s Will Strong, Michael Matchett and Molly Hunt of the firm’s National Industrial Advisory Group – Mountain West team represented the seller in the transaction.
“Chandler Airpark 202 is truly a trophy asset, featuring a strong industrial tenant base and offering a prime opportunity to lease up the remaining vacancy at competitive rents. The leasing momentum in this growing submarket, along with the demand for high quality buildings, make it an ideal investment,” said Molly Hunt.
“US Capital Development and their joint venture partner delivered an outstanding, versatile project that is perfectly suited to accommodate a range of key industrial sectors. With this well-positioned Phoenix Metro asset, the Buyer is primed for long-term success in a thriving market,” continued Hunt.
Cushman & Wakefield industrial specialists Andy Markham, Mike Haenel, and Phil Haenel also negotiated the existing leases prior to the sale. The team has been retained by the buyer to continue leading leasing efforts, with one vacant building of 172,000 SF currently available for lease.
“This new development offers state-of-the-art design and features that fit the modern needs of industrial users. Furthermore, the project provides immediate access and visibility to Loop 202, the primary freeway connecting Phoenix with the Southeast Valley,” said Andy Markham.
“Additionally, future competition will be limited due to the strict regulations by the Chandler municipality on new big box industrial developments in the Chandler Airpark Innovation District,” continued Markham.
The property also benefits from its proximity to Intel’s Ocotillo Campus, where the company has recently announced expansion plans for its chip manufacturing facility.
