Rockefeller Group Continues Valley Assault...Pays $30 Million for 155 Acres in Gilbert

Business Real Estate Weekly & The P&Z Report
Jan 25, 2007

Gilbert – A division of The Rockefeller Group in New York City paid $30 million to purchase just under 155 acres located at the northeast corner of Warner and Recker roads in Gilbert. The seller was Beebe Family Partners L.P. in Gilbert (William J. Irwin, member). The sale was brokered through Paul Sieczkowski, Phil Breidenbach and Rob Martensen of Colliers International in Phoenix. Rockefeller Group Development Corp. (Jonathan D. Green, CEO), a subsidiary of The Rockefeller Group, intends to use the land to develop a mixed-use project that could total 1.5 million sq. ft. Tom McCormick of Rockefeller Group Development says the company plans to develop the project in phases. Butler Design Group in Phoenix is working on design plans. The future employment center could have office, industrial, retail and residential uses. Representatives of Rockefeller Group Development will meet with Gilbert officials to determine the best use for the acreage. Construction is likely to start in early 2009. The Colliers agents have the marketing assignment. The site is about two miles northeast of a 44.72-acre parcel Rockefeller Group Development just purchased. As reported by BREW last week, Rockefeller Group Development paid just under $13.35 million to buy that tract, located along the south side of Germann Road about one mile east of Gilbert Road in Gilbert. The company plans to use the land to develop roughly 400,000 sq. ft. of office space in multiple buildings. Rockefeller Group Development has been among the most active investors in East Valley real estate. Last month, BREW reported the company paying just under $26 million to buy a 22.4-acre parcel at the southeast corner of Chandler Boulevard and the 101 Loop in Chandler that was formerly occupied by Gould Electronics Inc. The property is entitled for almost 500,000 sq. ft. of office and retail buildings. Existing plans for the complex includes 468,000 sq. ft. of office space in two, six-story structures, each totaling 234,000 sq. ft. There are also two pads that are targeted for sit-down restaurant buildings of 8,000 sq. ft. and a 6.7-acre hotel site. Rockefeller has not decided what it will develop on the site. In May 2007, BREW reported The Rockefeller Group’s plans to develop almost 250,000 sq. ft. of office condominiums and flex space within Chandler Corporate Center North. The 24.28-acre site, comprised of six lots, is located just north of Chandler Boulevard and along the west side of McClintock Drive. In August, BREW reported The Rockefeller Group paying $21.445 million to acquire a 75+ acre parcel at the northwest corner of Gilbert and Queen Creek roads in Chandler. That property is targeted for a 800,000-square-foot office-industrial project. Rockefeller Group Development owns, develops and manages commercial real estate properties in New York, New Jersey, Florida, Illinois, California and Arizona. The Rockefeller Group is a wholly-owned subsidiary of Mitsubishi Estate Co. Ltd., one of the world’s largest real estate investment and development companies. Learn more from McCormick at (949) 468-1800. Talk to the Colliers agents at (602) 222-5000.