Joint venture partners, Conor Commercial Real Estate, a member of The McShane Companies, and Globe Corporation, are pleased to announce the acquisition of a 16-acre land parcel for the development of AZ|60 – a new two-building, 225,600 square foot industrial project. Available for-sale or lease, the speculative facilities will offer modern design and flexible configurations to meet the growing demand within Gilbert’s booming industrial sector. The venture will break ground in October with occupancy slated for April 2016.
AZ|60 is located within Fiesta Tech Center on the northeast corner of Desert Lane and Colorado Street, near the intersection of Arizona Avenue and Baseline Road in the Town of Gilbert, Arizona. Located 20 miles from downtown Phoenix, the site offers substantial transportation cost savings to industrial users with its close proximity to U.S. Route 60 just one mile away and the Loop 101 three miles away. The site is also within a three-mile radius to nearly 13 million square feet of retail. Nearby corporate neighbors include Orbital ATK, Textron, Ferguson and Costco.
The development will be comprised of two Class A industrial facilities – Building 1 offering 104,900 square feet and Building 2 at 120,700 square feet. When completed, the rear-loaded industrial buildings will accommodate tenants ranging from 18,720 square feet up to approximately 225,000 square feet. State-of-the-art functionality will include 30’ clear height, grade level and dock-high loading, 180’ building depths, 52’ x 60’ column spacing, ESFR sprinkler systems and 3,000 amps, 277/480 volts per building. Generous on-site parking and truck maneuverability will also be included.
Steve Larsen and Bill Honsaker of JLL’s Phoenix office represented the joint venture in the land acquisition and will serve as exclusive marketing agents for AZ|60. George Haugen with Haugen Commercial represented the property seller, Earnhardt Properties, LP.
“We are delighted to be partnering with Globe Corporation in the development of AZ|60,” remarked Sven Tustin, Vice President of Conor Commercial Real Estate. “Given the positive market fundamentals in the Gilbert area, we are confident that the development will fulfill the current demand for contemporary industrial space within this established business park, and that users will benefit from its easy access to transportation corridors and numerous retail amenities.”
“We are extremely pleased with how the entitlement process has gone with the Town of Gilbert. The staff has been very responsive and we are excited to extend our joint venture activities with Conor Commercial into the growing community,” said Mike Olsen of Globe Corporation.
Globe Corporation has been an active joint venture partner with McShane/Conor for over a decade within the Phoenix Metro and greater Chicago areas.
JLL’s Larsen added, “Industrial users, and high tech entities in particular, have shown tremendous interest in Gilbert, but they now face a more limited inventory of modern, available space options. This project will help to change that.”
McShane Construction Company and Ware Malcomb have been selected to provide the design/build services for the industrial project.
For additional information about AZ|60, please contact:
About Conor Commercial Real Estate
Conor Commercial Real Estate is the integrated real estate development and investment arm of The McShane Companies headquartered in suburban Chicago, Illinois with regional offices located in Dallas, Houston, Phoenix and Irvine. Conor Commercial Real Estate is active on a local, regional and national basis in the development of master-planned industrial and office parks, medical office developments, speculative industrial and office properties and build-to-suit projects for lease or purchase. For more information on Conor Commercial Real Estate, visit the firm’s web site at www.conorcommercial.com.
About Globe Corporation
Founded in 1901, Globe Corporation is a diversified investment holding company engaged in real estate investment, development and property management. Globe’s real estate portfolio totals over 2.5 million square feet of property located almost entirely in Illinois and Arizona. Globe has also developed or co-developed an equal amount of property over the past two decades. Globe Corporation is wholly owned by the Getz family and is currently managed by fourth generation family members with offices in Scottsdale, Arizona and Deerfield, Illinois.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $56.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated