Portland-Based Schnitzer Properties Acquires Arizona Industrial Asset for $78M
Portland-based real estate firm Schnitzer Properties has acquired Warner Commerce Center, a newly developed flex-industrial complex located in Gilbert, Arizona, for $78.3 million.
The industrial campus, completed in 2023, spans 388,000 square feet across four buildings and was 83% leased at the time of sale. Key features of the state-of-the-art property include 32-foot clear heights, full concrete truck courts, ESFR sprinklers, and a combination of dock-high and grade-level loading options.
Leasing for the property is being managed by Stein Koss and Tom Louer of Lee and Associates. Cushman & Wakefield represented the seller in the transaction.
Schnitzer Properties, a 75-year-old, family-owned company, made its first real estate acquisition in the Phoenix metro area in 1963. Prior to this deal, the firm owned and operated more than 2.5 million square feet of commercial real estate throughout Arizona. Schnitzer also has plans underway for a significant multi-phase industrial development in Chandler, Arizona, which will include three 40-acre parcels.
