Fully occupied Gilbert build-to-suit project trades for $9.94 million
Long-term credit tenant solidifies JLL sale transaction for Wentworth Property Company
PHOENIX, August 1, 2019 – On behalf of Wentworth Property Company LLC, the Phoenix office of JLL has completed a $9.94 million sale of a new build-to-suit office/flex building in the heart of Gilbert, Arizona. The 34,132-square-foot building is fully occupied by Moog Inc. (NYSE: MOG.A and MOG.B), a design and manufacturing company that provides high performance motion control products, solutions and services.
Built by Wentworth Property Company in 2019, the building is located at 2228 W. Guadalupe Rd., on Guadalupe Road just east of Country Club Drive. The project features a build out custom completed for Moog, with specific amenities to support the tenant’s work in the aircraft, industrial, medical and space and defense markets.
Based in New York, Moog is a 50-year-old company recently reporting an annual revenue of approximately $2.5 billion and an employee count of more than 10,970.
JLL Executive Vice Presidents Brian Ackerman and Steve Sayre represented Wentworth Property Company in the transaction. Ian Hackett from Hackett Real Estate Solutions represented the tenant. The buyer is a private trust.
“The Town of Gilbert is a rapidly evolving commercial real estate market with a long list of institutional tenants in a wide range of industries,” said David Dickson, Senior Associate with Wentworth Property Company. “This building was designed to meet that increasingly sophisticated business environment – a strategy that not only attracted Moog as a long-term credit tenant but also aided in the quick and successful sale of the asset to a knowledgeable buyer.”
“This building’s mission-specific construction and its sought-after Gilbert address were important factors in its acquisition,” added Ackerman. “It is an exceptional addition to Wentworth’s development track record and will serve its new owner well with strong projected value growth.”
The 2228 building is located on 2.6 acres and features high-end interior finishes and an open feeling to support office and light industrial activity. The building is minutes from the US 60 Superstition Freeway and in close proximity to a wide range of retail and restaurant amenities and other flex industrial users. Deutsch Architecture Group is the architect.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com