By Business Real Estate Weekly
A tenant-in-common investment group from the Pacific Northwest has entered the Valley real estate market with the $50.179 million purchase ($158.78 per foot) of a distribution facility in Chandler that is occupied by Federal Express.
The 316,034-square-foot project, which was completed late last year, is located west of the northwest corner of Queen Creek and Gilbert roads. The facility, which FedEx occupies through a long term lease, has an address of 2650 E. Queen Creek Road.
The three TIC buyers are companies led by Rood Investments LLC in Vancouver, Wa. (Gary Rood, principal). The seller was SunCap Phoenix LLC, a company formed by SunCap Property Group in Charlotte, N.C. (Flint McNaughton, pres.).