Chandler Industrial Asset Changes Hands
- May 11, 2017
NGKF has arranged the sale of a 17,149-square-foot Class A industrial building in Chandler, Ariz. DeMichele Group, a privately owned provider of software and equipment for the fenestration industry, purchased Chandler Airpark’s Building B for $2.2 million. NGKF’s Executive Managing Director Jerry Jacobs and Associate Joe Vale represented the buyer.
“Our growing business required an expansion of space, from 9,000 square feet to 17,149 square feet,” Brian Hefner, owner & president of DeMichele Group, said in prepared remarks.
Located at 2100 South Douglas Drive, the property, developed by Silagi Development & Management, sits on a 6.12 land parcel. The park consists of six industrial buildings on standalone legal parcels with loading docks. Building B features 20-foot-clear height, 886 square feet of office space and 47 parking stalls. Additional features include outside storage yards, truck loading and excellent signage opportunities. The park is located near the Chandler Airport and is close to retail, entertainment and service amenities via Loop 202.
“Opportunities for space have become scarce over the last two years. Prices have gone up and concessions from landlords have tightened. There are limited options for industrial space buyers in this market, so the $130 per square foot purchase is a win-win for both DeMichele Group, which plans to occupy the space by June, and the seller,” Jacobs said in a prepared statement.
According to data provider Yardi Matrix, the park is subject to a $6.5 million construction loan originated by East West Bank.
Rendering courtesy of Silagi Development & Management