Ryan Companies US, Inc., a national commercial real estate solutions provider, and Alidade Capital, LLC have formed a joint venture and have announced the financial closing and beginning of construction for Chandler Freeways Business Park.

Located southeast of the Loop 202 and I-10 interchange, the project is the conversion of a former office building into an industrial one and the construction of a new industrial building next to it, according to a news release.

The former office building on-site was built by Ryan in 2004. It will become an 87,600-square-foot single-story Class-A industrial building.

A second 102,875-square-foot “Class-A” industrial building will also be constructed, the release states. Once completed, the project will offer users immediate access to freeways and will expand the labor pool in the area.

“As the Phoenix market is faced with a surplus of challenged office buildings, our team is excited for the opportunity to transform this site into a state-of-the art industrial complex that will attract top-tier businesses and talent to the area,” said John Paul Mulhern, director of real estate development, Ryan Companies. “This project is suited for a variety of end users, thanks to its prime infill location offering exceptional access to both the East and West Valley.”

The business park is located fewer than two miles from three freeway interchanges and is close to several restaurants, hotels and major retail options that are located minutes from the project.

Nearby corporate tenants include Avnet, Honeywell, Northrop Grumman and Nikola, the release states.

The project will have property features that include full concrete truck courts, reinforced speed bays, speculative office suites, a total of 26 dock-high doors, 301 vehicle parking stalls, warehouse lighting and the capacity for high electrical power.

The park is being developed and built by Ryan. Butler Design Group is the architect. Mark Krison, Luke Krison and Armand Doost from CBRE have been selected to market and lease the project.

“In this premier space, industrial users will have direct freeway access to in-market partners as well as into southern Arizona, other western states and Mexico,” said Greater Phoenix Economic Council President and CEO Chris Camacho.

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