PepsiCo build-to-suit distribution center in high-demand area acquired by charitable trust

Article originally posted on CoStar on November 13, 2025

Simone Charitable Foundation, a Scottsdale-based philanthropic organization with assets totaling approximately $109.4 million, acquired a newly built distribution center in Gilbert, Arizona, from Atlas Capital Partners for $26.8 million, or approximately $443 per square foot.

The 60,500-square-foot logistics facility at 3797 S. Silverado Court was completed in 2024 as a build-to-suit for PepsiCo Global Real Estate. The property serves as a regional distribution center for the company’s Frito-Lay division, under a long-term lease extending to 2034.

The facility offers immediate access to Loop 202 via both Gilbert and Lindsay roads and is located in one of metropolitan Phoenix’s most land-constrained industrial areas.

In a statement announcing the sale, Brian Ackerman, executive vice president with Colliers, who represented the buyer, said, “Gilbert continues to attract some of the most sophisticated industrial users in the country. The combination of location, building quality, and tenancy made this a highly compelling investment.”

“When we identified this overlooked site, we immediately saw the opportunity to create a low-coverage industrial facility tailored for an occupier needing outdoor storage,” said Chris Walton, founder and CEO of Atlas.

Brian Ackerman of Colliers represented the buyer. The Will Strong team with Cushman & Wakefield represented the seller.