Lincoln Property Company acquires fully leased AZ202 Commerce Park in Chandler, AZ
Cushman & Wakefield has advised seller ViaWest Group in the disposition sale of AZ202 Commerce Park, a newly constructed Class A industrial project totaling 140,372 square feet in Chandler (Phoenix), Arizona. Built in 2020, the Southeast Valley asset consists of two buildings located at 1600 S. Hamilton that are 100% leased to four tenants.
The property was acquired by Dallas, TX-based international real estate firm Lincoln Property Company for $32.5 million.
Executive Managing Director Will Strong, Associate Greer Oliver, and Analyst Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller. Mike Haenel, Andy Markham, Phil Haenel and Brandon Borsheim also of the firm provided leasing advisory.
“AZ202 Commerce Park consists of a core investment of a fully leased Class A industrial project in Phoenix, one of the nation’s best performing industrial markets as well as one of its fastest-growing cities,” said Will Strong. “Phoenix continues to thrive as a high-demand industrial market for occupiers and investors/developers and this multi-tenant asset provided strong potential to maintain stable occupancy and cash flow for the long-term.”
“AZ202 Commerce Park has lived up to its potential as a premier location for tenants in the Chandler submarket. ViaWest Group is proud of this ground-up development. With our hands-on management approach, and top-notch leasing team, we were 100% occupied at the time of disposition. The strong tenant roster, functional design, and excellent location should provide a great long-term investment for the buyer,” stated ViaWest Group Director of Development, Alex Boles.
AZ202 Commerce Park is situated on ±7.74 acres at a “main and main” location within minutes of a full-diamond interchange at the Loop 202 freeway. The property consists of best-in-class features and functionality, including 28’ clear height, 60’ speed bays, ESFR sprinkler system, excellent loading with 100% concrete truck courts, gated and secured truck courts, ample car parking, and multiple points of ingress and egress.
In 2018, ViaWest completed the initial phase of the site by completing a 106,000 square foot build-to-suit for PODs. ViaWest remains very active on the development front with approximately 3mm square feet of industrial product in various stages of development in Arizona, Colorado, Salt Lake, and Southern California.
