By: Paul Dionne | Vizzda.com
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.
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