An affiliate of Morgan Stanley Real Estate Investing has acquired a Honeywell Aerospace-occupied building in Chandler for $59 million, according to reporting from the Phoenix Business Journal. The property is located within Amplify Chandler, an industrial park where Honeywell Aerospace has maintained a presence since 2020.
The seller, Phoenix Rising Investments, previously purchased the building in 2019. At the time, the asset was a largely empty back-office facility. Honeywell Aerospace relocated into the building in April 2020 under a long-term lease and has since transformed the property into a specialized advanced manufacturing site.
JLL brokers Ben Geelan and Greer Oliver represented Phoenix Rising Investments in the transaction. Their assignment included marketing the building with Honeywell Aerospace in place as a credit tenant, supported by significant recent capital investment and a remaining long-term lease term.
Morgan Stanley Real Estate Investing was drawn to the site for several reasons cited by the Phoenix Business Journal, including its infill location in Chandler, proximity to an established manufacturing base, robust power infrastructure and the presence of creditworthy tenants. These attributes align the property with institutional investor demand for modern industrial assets serving advanced manufacturing users.
Since taking occupancy, Honeywell has invested roughly $150 million in renovations and expansions at the building. Those improvements converted the asset from an empty back-office property into a facility equipped for advanced manufacturing operations. A 40,000-square-foot expansion was completed last year, with Willmeng Construction Inc. serving as general contractor and Cawley Architects leading design.
The ongoing improvements by Honeywell Aerospace underscore the building’s role as a strategic production site rather than a simple office or warehouse conversion. Honeywell’s long-term commitment to the location is further supported by the fact that the company has at least nine years remaining on its Chandler lease, providing durable cash flow visibility for the new owner.
With institutional capital now in control of the asset and a global aerospace tenant continuing to invest heavily in the property, the traded building at Amplify Chandler illustrates how upgraded, infrastructure-rich industrial sites continue to attract investor interest. The combination of infill positioning, specialized manufacturing capabilities and a long lease to Honeywell Aerospace positions the property as a stabilized industrial investment in the Chandler market.
