(Disclosure: Rose Law Group represents ATLAS Capital Partners.)
By AZ Big Media
Scottsdale-based ATLAS Capital Partners (ATLAS) has announced the $26.8 million sale, or $443 per-building-square-foot, of a Gilbert, Arizona industrial project. The property, which serves as a model for the company’s growing portfolio of best-in-class, low-coverage developments, closed at a 5.28% CAP, achieving the lowest CAP rate and highest price-per-square-foot this year for a Phoenix industrial building sale.
The 60,500-square-foot building sits on 8.16 acres at 3797 S. Silverado Court in Gilbert, Arizona. It fronts the Loop 202 Santan Freeway just north of Germann Road, and is minutes from Chandler Municipal Airport.
The single-tenant building is fully leased to Frito-Lay, a division of PepsiCo.
ATLAS purchased the Gilbert land site in 2022 and initiated a low-coverage development plan to accommodate the property’s unique shape. The approach quickly attracted the attention of Frito-Lay, leading to a long-term, full-building build-to-suit lease achieving a market-high rental rate.
