It’s nice when a building is still a year from completion and is already leased out. A build-to-suit project headed up by Atlas Capital Partners and OakPoint has confirmed Frito-Lay has signed for 10 years. Commercial Edge reports additionally, the duo has landed a five-year, fixed-rate, $12 million construction loan for the 60,500-square-foot industrial development in Gilbert. Core Bank provided the loan. JLL Capital Markets represented the developer in the deal.
In 2022, the joint venture acquired the land for $4 million. The tenant is expected to occupy the building by the end of 2024.
Developed on an 8.2-acre site, the warehouse will rise at the intersection of Germann Road and Silverado Court in the Southeast Valley, roughly 3 miles form Chandler Municipal Airport and 10 miles from Phoenix-Mesa Gateway Airport.