Buildings 9, 10 and 11 have reached 93% occupancy at Gilbert, Arizona industrial park
GILBERT, ARIZONA, January 30, 2023 – On behalf of developers GID and SunCap Property Group, Graycor Construction Company has completed construction on Gilbert Spectrum Buildings 9, 10 and 11, three brand new Class A buildings within the 64-acre Gilbert Spectrum industrial park, located at McQueen and Elliot roads in Gilbert, Arizona.
Being leased by Ken McQueen and Chris McClurg of Lee & Associates Arizona, the buildings have already reached 93 percent occupancy.
The 100,000-square-foot Building 9 has been fully leased to multinational aerospace and defense technology company Northrop Grumman. The lease continues to expand Northrop Grumman’s footprint within Gilbert Spectrum, where it operates a state-of-the-art satellite manufacturing facility. The company expanded this operation in early 2022, moving into the award-winning, 120,000-square-foot Gilbert Spectrum 5, for which Graycor completed the shell building and tenant improvement.
The 142,200-square-foot Building 10 has been fully leased to full-service local and long-distance moving company, S&M Moving Systems.
Banner Industries has leased 27,097 square feet and Varsity Brands has leased 18,047 square feet in the 66,400-square-foot Building 11, leaving approximately 21,000 square feet available. Banner Industries specializes in high purity and industrial flow component distribution for the semiconductor, solar, energy, life sciences, biotech, pharmaceutical and vacuum markets. Varsity Brands is an American apparel company primarily focused on academic apparel and memorabilia.
“Gilbert Spectrum has proven its ability to support tenants ranging from one of the world’s most tech-savvy aerospace entities to highly valued regional and local businesses,” said Mike Orr, senior vice president with SunCap Property Group. “It is an ecosystem of logistics, manufacturing, warehouse and distribution operators, located within a collection of buildings that can flex as this market’s needs evolve.”
“Graycor has served as the general contractor for each of the Gilbert Spectrum buildings, and it has been our pleasure to watch them become notable destinations within the East Valley industrial market,” said Rusty Martin, Graycor Construction Company’s Southwest Division General Manager. “Today’s tenants require modern space and locations that maximize their efficiency. These new Gilbert Spectrum buildings – and all of the buildings at this park – were carefully developed by SunCap to check those boxes.”
Collectively, the new Gilbert Spectrum buildings offer 28’ to 32’ clear height, a mix of dock-high and drive-in doors, generous power and ESFR sprinklers. They share a 190’ loading court.
“Our pre-leasing success at Gilbert Spectrum has exceeded ownership’s expectations, with these buildings achieving 93 percent occupancy at shell completion and now down to the last 21,000 square feet of vacancy, with two users pursuing that space,” said McQueen. “We continue to actively field inquiries from prospective tenants on our last planned building in this project, all looking for the contemporary image and functional attributes offered at Gilbert Spectrum. This leasing activity is indicative of the strength of the Southeast Valley industrial market, which is currently at 3 percent vacancy and on pace for a second consecutive year of record-breaking absorption.”
Graycor serves as the design-build general contractor. Balmer Architectural Group is the project architect.
At build-out, the Gilbert Spectrum industrial park will include up to 850,000 square feet of office, flex industrial and technology-related space. The park is minutes from Interstate 10, the Loop 101 and the U.S. 60, is a short drive to Sky Harbor International Airport and Phoenix-Mesa Gateway Airport, and is within a 30-minute commute of approximately 1 million skilled laborers.
In addition to its existing and under-construction buildings, Gilbert Spectrum has one pad remaining for build-to-suit industrial development.