April 16th, 2014 — A 47.911-acre parcel of vacant agricultural land at the northwest corner of Gilbert and Queen Creek Roads was sold for $12,522,123 or $6 per square foot. The seller, The Rockefeller Group, acquired the property as part of a larger tract totaling 76.9628 acres in August of 2006 for $21,445,024 or $6.40 per square foot. Rockefeller had planned to develop the site into Chandler Crossroads, an 866,000-square-foot business park. The parcel was split into the subject property and a 24.52-acre piece retained by Rockefeller pursuant to an April 11th survey.
The buyer, SunCap Property Group, paid $60,000 in cash per the Affidavit of Property Value and secured an additional $37,162,875 in new construction financing from PNC Bank. SunCap has delivered many built-to-suit developments at the behest of FedEx, as well as several that are currently under construction. While the company also develops Office, medical, retail and industrial buildings, this is their first project in Phoenix. A ground lease between SunCap as lessor and FedEx as lessee is in place pursuant to a February 7th, 2014 agreement.