Building 3 will add 119,222 square feet to metro Phoenix’s limited new construction office market

GILBERT, ARIZONA, July 19, 2023 – Owner and developer SunCap Property Group is adding to its portfolio at Gilbert Spectrum with construction of a Class A, 119,222-square-foot “Building 3.” SunCap has selected Graycor Construction Company as the design-build contractor for the building, which will continue the evolution of the developer’s 64-acre industrial park in Gilbert, Arizona.

Construction on Building 3 is scheduled to begin this month, with delivery in fourth quarter 2024. When complete, Building 3 will span 9.8 acres at McQueen and Elliot roads, just west of Gilbert Spectrum Building 5. Also built by Graycor, the 120,294-square-foot Building 5 was completed in 2020 and is occupied by global aerospace and defense company Northrop Grumman as part of its state-of-the-art satellite manufacturing campus.

Building 3 continues our cohesive approach to the Gilbert Spectrum master plan, where we have delivered six buildings and more than 625,828 square feet of industrial and office space since 2016. Each delivery has been welcomed with strong leasing activity, underscoring the demand for Class A commercial space in this premier location.

Mike Orr
Senior Vice President | SunCap Property Group

Last year, SunCap and Graycor also delivered Gilbert Spectrum Buildings 9, 10 and 11, which total 309,547 square feet of Class A industrial space and are leased to tenants including Northrop Grumman, S&M Moving Systems, Barner Industries and Varsity Brands.

Graycor has a 100-year history rooted in relationships. Our relationship with SunCap is a great example of this. We are excited to start work on Building 3 and pleased to continue to help bring this business park to the market.

Rusty Martin
Southwest Division General Manager | Graycor Construction Compan

Features of Gilbert Spectrum Building 3 include generous window lines with 1” high-performance glass, modern workspaces, LED lighting, an outdoor employee amenity area, generous 5/1,000 parking and interconnectivity to the entire business park through a planned pedestrian system.

In addition to its existing and under-construction buildings, Gilbert Spectrum has one lot remaining for build-to-suit industrial development.

Balmer Architectural Group is the building’s architect. Ken McQueen, Chris McClurg and Blake Peters of Lee & Associates Arizona are the exclusive leasing brokers.

At build-out, the Gilbert Spectrum business park will include up to 850,000 square feet of office, flex industrial and technology-related buildings. All buildings are highly accessible to the U.S. 60, Loop 101 and Loop 202 freeways, approximately 20 minutes from both Sky Harbor International Airport and Phoenix-Mesa Gateway Airport, and within a 30-minute commute of approximately 1 million skilled workers.

About Graycor Inc.
Graycor Inc. is a leader in managing building and interiors construction projects throughout North America. In Arizona, Graycor combines more than 35 years of local subcontractor and partner relationships with the company’s more than 100 years of national experience in the cold storage, corporate, cultural/educational, food processing, living and lodging, logistics and distribution, manufacturing and retail markets. The combination maximizes Graycor’s national presence to bring Arizona clients optimal service and product delivery. For more information, visit www.graycor.com.

About SunCap Property Group
SunCap Property Group (“SunCap”) is a privately held, national commercial real estate development, investment, and advisory firm. SunCap specializes in the development of single tenant, build-to-suit and mixed-use projects across North America. Other core services include providing corporate real estate advisory services for our clients and acquisition of institutional-grade real estate in key markets. SunCap has successfully completed over $4 billion in build-to-suit projects for its clients. SunCap is based in Charlotte, NC and has offices in Denver, CO, Charleston, SC and Pittsburgh, PA. For more information, visit www.suncappg.com.

About Lee & Associates
Lee & Associates specializes in providing exceptional brokerage services to the industrial, office, retail, multifamily, investment and land sectors of the Phoenix, Arizona commercial real estate market. The Phoenix office was established in 1991 and is now recognized as one of the most successful brokerage firms in Arizona. Every principal broker is an owner of the Phoenix office, which means each broker is personally driven to support the success of the company by delivering excellent results for their clients. Each of the North American offices, along with our European partnership with London-based Gerald Eve, has a strong local ownership combined with a powerful international platform from the Lee & Associates network. Visit www.leearizona.com to learn more.

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Media Contact:
Stacey Hershauer
480.600.0195
stacey@focusaz.com