The $83 million sale of Akimel Gateway in Chandler to EastGroup Properties, Inc. is complete. CBRE National Partners’ Rusty Kennedy and Joe Cesta, along with Cooper Fratt, John Werstler, Tanner Ferrandi and Mike Parker, represented Trammel Crow Company and CBRE IM in the deal.
“Akimel Gateway presents a compelling investment opportunity for EastGroup, featuring impeccably designed and constructed buildings by TCC that align perfectly with the current leasing demand in greater Phoenix’s strongest industrial market,” said Kennedy, executive vice president at CBRE. “Despite the broader challenges some submarkets in Phoenix are facing, demand for buildings that can accommodate light industrial in the city’s heart remains strong.”
Situated at 17500 South 40th Street, the Class A industrial park totals 519,112 sq. ft. and sits on 38.8 acres. The four buildings are strategically located alongside the Loop 202 freeway frontage with immediate access to the diamond interchange at 40th Street and Loop 202.
Built in 2022, each of the state-of-the-art buildings are fully occupied and features 139 dock-high doors, 24-to-32-foot clear height, 2,500 to 3,000 amps power and excellent drive-around capabilities with multiple points of ingress and egress.
Phoenix continues to rank among the nation’s top projected rent growth markets with 20% projected over the next five years, according to CBRE Econometric Advisors. CBRE research reports that the Phoenix industrial market registered 2.6 million sq. ft. of net absorption in Q3 2024. The metro recorded 8.2 million sq. ft. gross absorption as large-scale tenant move-ins and renewals were signed across the market.
