A Portland-based real estate company recently acquired a flex-industrial space for more than $78 million in Gilbert.
Schnitzer Properties — a prominent family-owned company that has been operating for 75 years with offices in Seattle, Sacramento, San Diego, Las Vegas, Salt Lake City, San Francisco, Phoenix and Tucson — closed the $78.3 million deal Dec. 19 for the Warner Commerce Center, according to a Dec. 22 announcement. The 388,000-square-foot complex includes four buildings at 4290, 4320, 4230 and 4160 E. Warner Road.
Jordan Schnitzer, president and CEO of Schnitzer Properties, valued the Gilbert site because it was “fairly new” and had nine existing tenants, he told the Business Journal. Current tenants include Anthropologie Home, Dykman Electrical, Salt River Project and Fat Fender Garage. The industrial space was finished in 2023 and was 83% leased at the time of the sale.
