A newly completed logistics facility in Gilbert that serves as a regional distribution center for Frito-Lay, a division of PepsiCo, has sold for $26.8 million, according to a news release.

The 60,500-square-foot property, developed by Scottsdale-based ATLAS Capital Partners, sits on just more than eight acres at 3797 S. Silverado Court. It offers immediate access to Loop 202 via Gilbert and Lindsay roads.

The buyer, Simone Charitable Foundation, was represented by Colliers.

“Gilbert continues to attract some of the most sophisticated industrial users in the country,” Brian Ackerman, executive vice president with Colliers, said in the release. “This acquisition reflects our client’s focus on long-term, high-quality real estate backed by strong credit tenants.”

Chris Walton, founder and CEO of ATLAS, said in the release that the company saw an opportunity to create a low-coverage industrial facility tailored for outdoor storage.

“This project embodies the distinctive, creative opportunities we target and the inherent versatility our platform delivers,” Walton said.

The facility, delivered in late 2024, was designed as a build-to-suit for PepsiCo Global Real Estate and is leased on a long-term basis. Features include a 161-foot building depth, a 130-foot truck court and more than two acres of secured concrete yard for trailer parking and fleet storage.

The site offers visibility from Loop 202 and access to Gilbert and Lindsay Road interchanges.

The property is in one of metro Phoenix’s most land-constrained industrial submarkets, near major employers such as Intel’s Chandler campus and a growing base of technology and supply-chain companies.

ATLAS, founded in 2020, has developed and acquired more than $450 million in projects, including this facility. The sale underscores investor demand for high-quality, mission-critical industrial assets in the region, according to the release.