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California Developer Buys 39 Acres in Chandler

CHANDLER, AZ-Add 39 more acres to this southeast suburb's growing roster of mixed office and industrial developments. ACalifornia buyer has picked up 39 acres for $7 million withplans to develop up to 500,000 sf of product in thenext year and a half.

By Lee Simmons | Updated on June 28, 2004

CHANDLER, AZ-The city’s reputation as an alternative destination for office and industrial users gets another shot in the arm with a $7-million purchase of 39 acres on the northwest corner of Ellis Street and Pecos Road. The future business park will eventually host some 500,000 sf of product.”We have to get buildings drawn, get a road in there and get approved. I would say that plans are moving forward,” Mark Krison, a SVP at CB Richard Ellis, tells GlobeSt.com. “New construction wouldn’t take place for at least 12 months.”Newport Beach, CA-based Mark IV Capital closed the all-cash deal with seller Gateway Park LLC, a division of El Dorado Holdings of Phoenix. The land was not actively marketed, says Krison, when the buyer offered a price and subsequently entered a 45-day escrow. The deal represents Mark IV Capital’s first Phoenix-area venture.Proximity to both Loop 101 and 202 was key in the transaction, as both offer solid exposure to the future park. The site also sits less than a mile away from the new Chandler Fashion Center. Accommodating up to 500,000 sf of office and industrial product, the site will be built out over five years. All product will be for lease, says Krison. The buyer’s on-hand discretionary money and ability to close quickly helped seal the deal for the seller, he adds.With groundbreaking not expected for at least the next 12 months, Krison anticipates a seven-month buildout of the park’s first offerings. The acreage had formerly been used as farmland prior to freeway construction, which cut off plumbing to the site. Krison, Bob Crum and David Carder of CB Richard Ellis represented the buyer; Paul Matthews of El Dorado Holdings represented the seller.

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