DPMG Galveston LLC, a private Phoenix-based company, completed the $2,050,000 purchase of 6.5 acres in Chandler. Located at the southwest corner of Galveston Street and McClintock Drive, the parcel was purchased from Truwest Credit Union. DPMG will develop its third investment in Chandler on the site, an 87,000-square-foot mixed-use industrial project.
“This long-term client is very keen on Greater Phoenix, and especially the Chandler submarket with its excellent job growth, extensive amenities and convenient location,” says Greg Hopley, executive vice president at Colliers International in Arizona. “DPMG is planning to develop a high quality commercial project that will accommodate a unique single user or variety of tenants that are interested in joining great companies already located within this business community.”
Chandler Corporate Center is a business area that features facilities occupied by Garmin, Davita RX, Creative Leather, MTD and AllState. Greg Hopley and Dillon Hopley of Colliers International marketed the property and negotiated the transaction.
This commercial land totaling 6.5 AC or 263,550+/- SF sold at approximately $2,050,000 or $7.75 PSF. The buyer favored the West Chandler location and close access to the 101 and 202 freeways. DPMG’s previous two developments in Chandler are located just across the street from this site. The buyer will hold the investment long term and was attracted to the lack of product in the area and volume of interested tenants.
DPMG plans to construct Chandler Corporate Industrial Center II during the next 12-18 months with completion expected in mid- to late-2021. The contemporary design of the project offers flexibility for office and/or industrial use. Greg Hopley and Dillon Hopley serve as exclusive leasing agents for the new project.