The Akimel Gateway industrial park in Chandler, totaling 519,112 square feet and situated on 38.8 acres, has been sold by Trammell Crow Company (TCC) and CBRE IM for $83 million to EastGroup Properties. The sale was facilitated by a team from CBRE National Partners led by Rusty Kennedy and Joe Cesta, with assistance from Cooper Fratt, John Werstler,Tanner Ferrandi,and Mike Parker.
Located at 17500 South 40th Street alongside the Loop 202 freeway frontage with easy access to the diamond interchange at 40th Street and Loop 202,the Class A industrial park consists of four buildings that were built in2012and are currently fully occupied.
According to recent reports from CBRE,the Phoenix area is projected to be one of the top markets for rent growth over the next five years with an estimated increase of20%. In Q3of2024 alone,the Phoenix industrial market saw net absorption reach2.6 millionsquare feet while gross absorption totaled8.2 million square feet as large-scale tenants signed new leases or renewed existing ones throughout themarket.
