CHANDLER, ARIZ. — US Capital Development, along with an undisclosed joint venture partner, has completed the sale of Chandler Airpark 202, a Class A industrial project in Chandler, to an undisclosed leading global private equity firm. Terms of the transaction were not released.
Located at 1640-1700 Northrop Blvd., Chandler Airpark 202 features 402,487 square feet spread across four buildings that were all delivered in 2023. Three of the buildings are 100 percent leased to two tenants, bringing the total project occupancy to 57.3 percent. Current tenants include MEI Rigging and Crafting, occupying buildings A and B, and Wedgewood Pharmacy, occupying building C.
Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the seller in the deal. Cushman & Wakefield’s Andy Markham, Mike Haenel and Phil Haenel negotiated the existing leases prior to sale. The team has been retained by the buyer to handle leasing efforts for the property, which has a 172,000-square-foot building available.