Conor Commercial, Globe Corp. Sell AZ|60 for $27 Million

Article originally posted on CoStar on March 14, 2019

One of the distribution buildings at the 92 percent leased AZ|60 industrial park in Gilbert. Photo: Cushman & Wakefield

Local developer Conor Commercial Real Estate and Globe Corporation sold two Class A distribution buildings totaling 225,600 square feet in Gilbert, Arizona, to a private investor. AZ|60 sold for $27 million, or about $120 per square foot.

The single-story structures at 1343 N. Colorado St. comprise a combined total of 62 loading docks, seven drive-in bays, 52- by 60-foot column spacing and 30-foot clear ceiling heights. Developed by McShane Development Co. in 2016, the 4-Star buildings span 16 acres less than 15 miles from Phoenix Sky Harbor International Airport.

Will Strong at Cushman & Wakefield represented the sellers in the transaction.

Steve Larsen and Bill Honsaker with Jones Lang LaSalle retained their leasing duties at the 92 percent occupied AZ|60.

“Industrial capital markets continues to be aggressive, as we had tremendous interest from a variety of buyer types for this asset,” Strong said in a statement.

Please refer to CoStar COMP #4698317 for additional information regarding this transaction.