EastGroup purchases $6.4 million parcel in Gilbert for industrial park

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.

Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

Colliers International in Arizona has served clients locally and globally for more than 35 years.


Related Experts
expert photo

Paul Sieczkowski

Senior Executive Vice-President

Phoenix

As a senior executive vice president with Colliers International, I have been negotiating industrial real estate transactions in the Phoenix area since 1986. I specialize in the sale and lease of industrial facilities; land sales to users and developers; build-to-suit facilities for sale or lease; and the sale of single and multi-tenant industrial facilities (investment properties).

A native Arizonan, I have extensive local market knowledge. Having experienced many market fluctuations in my more than 30 years in the industry, I have a thorough understanding of current conditions and future trends. I recognize that timing is a key factor in real estate decision making and profitability.

I am committed to maintaining excellent relationships with both landlords and users. As a strong negotiator, I am focused on maximizing value for my clients and take pride in their success. Throughout my career, I have successfully negotiated more than 1,000 sale/lease transactions on behalf of my clients.

View expert
expert photo

Rob Martensen

Executive Vice President

Phoenix

As an executive vice president with Colliers International, I have specialized in the metro Phoenix industrial market for 22 years. My industrial expertise includes single- and multi-tenant building sales and leasing, land sales, build-to-suits, ground-up speculative developments, and landlord and tenant representation.

I am an expert in analyzing market conditions, with a precise knowledge of current lease rates and values. Leveraging my knowledge of current and future market trends with Colliers’ exceptional research capabilities, I ensure clients are able to make smart, profitable and informed real estate decisions.

Whether working with developers, landlords or tenants, I understand each client’s business challenges and develop tactical recommendations and real estate solutions focused on accelerating their success. Transactions are aligned with my clients’ business objectives to meet or exceed their financial goals. My organizational skills ensure transactions close in a timely manner.

Recognized as a top-producing industrial broker and industry leader, I have been involved in over 600 transactions, including industrial and land sales, leasing and build-to-suits.

As an active member of Colliers and my community, I serve as president of the Arizona Chapter of SIOR, am a member of the Leadership Council for Colliers in Greater Phoenix, and am on the board of Colliers AZ Cares—a charitable foundation. I am involved with and support Brokers for Kids, Anytown Arizona and Colliers’ Holiday Adopt-a-Family.

When not brokering industrial real estate, I am a semi-professional off-road race car driver and have won the prestigious Baja 1000 off-road race in Baja, Mexico.

Before joining Colliers in 1997, I worked in the residential real estate market.

View expert
expert photo

Phil Breidenbach

Executive Vice President

Phoenix

As an executive vice president with Colliers International, I specialize in commercial office properties, representing both landlords and tenants. I focus on “life of the asset” landlord agency, tenant advocacy, corporate solutions, acquisitions and dispositions. I have specialized in commercial real estate since joining Colliers in 1984.

Core competencies include:

  • Building and office space lease marketing
  • Tenant advocacy
  • Office building sales
  • Office land acquisition
  • Strategic real estate plan development and implementation
  • Site selection

I partner with Kathy Foster, MCR.w, senior vice president; and Kyle York, associate. Our team structure allows representation of both landlords and tenants, with a diverse base of knowledge and expertise that leads to successful and tailored real estate solutions. We build on the strengths of our team members with a synergy not often found in today’s commercial real estate environment. We pride ourselves on developing relationships that continue far beyond a single successful transaction.

View expert