EastGroup Properties, Inc. has purchased 23.6 acres of land near Germann and Gilbert roads for $6,411,286.00. 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,” says 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 International 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.