Business Real Estate Weekly by Rose Law Group
Gilbert – A venture formed by SunCap Property Group in Charlotte, N.C. (Flint McNaughton, pres.) plans to develop a business park in Gilbert that could have several hundred thousand sq. ft. of office and industrial buildings. The 63.4-acre tract, which is known as Gilbert Spectrum Business Park, is located at the southwest corner of McQueen and Elliot roads. SunCap Gilbert LLC paid $12 million ($4.35 per foot) to buy the land, which is two miles south and east of the Loop 101 and US 60. The seller in the cash sale was LNR CPI Gilbert Spectrum LLC, a company owned by Starwood Property Trust in Greenwich, Conn. (NYSE:STWD) and Starwood Capital Group in Newport Beach, Calif. The deal was brokered through Mark Krison and Luke Krison of CBRE in Phoenix. SunCap Property group is a privately-held real estate development, investment and advisory firm. Continued
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