Development breaks ground on Phase I in April
Phoenix, February 5, 2019 – EastGroup Properties, Inc. (NYSE: EGP) purchased 23.6 acres of land near Germann and Gilbert roads in Gilbert, Arizona, for $6,411,286. The real estate investment trust plans a four-building, two-phase industrial park called Gilbert Crossroads Business Park on the property and will break ground in April.
“This was a unique transaction involving rezoning and division of a larger parcel,” said Paul Sieczkowski, senior executive vice president with Colliers International in Arizona. “The original 42 acres was divided, with the back portion being rezoned for multifamily and this frontage acreage rezoned for industrial. The rezoning stipulated immediate development and EastGroup is poised to break ground in early second quarter.”
Sieczkowski, Rob Martensen and Phil Breidenbach of Colliers in Arizona negotiated the land sale. EastGroup Properties, Inc., purchased the land from the Rockefeller Group.
The parcel is located just east of the southeast corner of Germann and Gilbert roads. The first phase of the project will be construction of a 58,000-square-foot building and an 82,000-square foot structure. Both buildings are speculative development and available for lease. Rob Martensen, Paul Sieczkowski and Justin Sieczkowski serve as exclusive leasing agents for the new project.
Gilbert Crossroads Business Park is situated approximately three-quarters of a mile from a full-diamond interchange at the Loop 202 freeway and Gilbert Road. A new full-diamond interchange is planned less than a mile from the property at the Loop 202 freeway and Lindsay Road. The rapidly growing area is located within proximity to more than 1.2 million square feet of retail amenities and is surrounded by residential neighborhoods occupied by highly educated workers.
EastGroup Properties, Inc., is a self-administered equity real estate investment trust focused on development, acquisition and operation of industrial properties in major Sunbelt markets throughout the United States. The company’s portfolio currently includes approximately 41.3 million square feet.
The Rockefeller Group is a leading developer, owner and investor in real estate that is best known for pioneering large-scale urban mixed-use development. Formed in 1928, the company has developed premier properties worldwide.
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.
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Colliers International in Arizona has served clients locally and globally for more than 35 years.