Ryan Companies and Allstate Investments Close on Final Sale at Chandler Airport Commerce Park
Ryan Companies US, Inc., a national developer, designer, builder and property manager offering full-service commercial real estate solutions, along with joint venture partner Allstate Investments, is announcing the final building sale at Chandler Airport Commerce Park. This sale caps off a two-phase, 68-acre light industrial development totaling 538,000 square feet, including a national e-commerce delivery station and the sale of three speculative buildings to Feed The Children, Bestway USA and Viavi Solutions.
Ryan and Allstate Investments purchased the 68-acre parcel in April 2019. Following the development of four buildings, the venture has achieved $128 million in building sales over the last six months. The final industrial spec shell building has sold at a record price in the Phoenix market at $136.50 per square foot.
“Chandler Airport Commerce Park is essentially an investment in the community – it honors the vision of the city to create an employment center with over 1,000 jobs for the people of the East Valley while being a major contributor to Chandler’s economic stability and diversification,” says Carrie DeWees, managing principal, Allstate Investments.
The industrial park was anticipated to take four to six years to fully develop, but the Ryan team managed to develop all 68 acres within 18 months of the original land purchase and found single-building users and tenants for each building.
“When the first phase of the project was delivered, there were few buildings in the Southeast Valley that could accommodate a 100,000-square-foot user and even fewer that could be purchased,” said Josh Tracy, director of development, Ryan Companies. “The park was also thoughtfully designed so that each building could be individually platted on separate lots making it desirable to single-building tenants and owners. We are proud to announce this accomplishment with our partners at Allstate Investments.”
Located at McQueen and Queen Creek Road, Chandler Airport Commerce Park provides access to Loop 202, AZ 87, and I-10. It is also minutes from shops and dining available in Downtown Chandler and is surrounded by millions of square feet of retail amenities.