EastGroup Purchases 23.6 Acres in Arizona, Plans Industrial Park
GILBERT, ARIZ. — EastGroup Properties has acquired a 23.6-acre land site, located near Germann and Gilbert roads in Gilbert, from the Rockefeller Group for $6.4 million. The REIT plans to develop Gilbert Crossroads Business Park, a two-phase industrial park at the site.
Slated to break ground in April, the first phase of the project will include the construction of a 58,000-square-foot building and an 82,000-square-foot facility. Both buildings are speculative development and available for lease.
Paul Sieczkowski, Rob Martensen and Phil Breidenbach of Colliers International in Arizona negotiated the land sale. Colliers is also serving as exclusive leasing agent for the new project.