Portland-based real estate company Schnitzer Properties recently acquired a flex-industrial space for more than $78 million in Gilbert, Arizona.

Schnitzer Properties closed the $78.3 million deal for the Warner Commerce Center, a 388,000-square-foot complex that includes four buildings. The modern industrial campus was completed in 2023 and was 83% leased at the time of the sale. The property features 32′ clear heights, full concrete truck courts, ESFR sprinklers and ample dock-high and grade-level loading.

Stein Koss and Tom Louer with Lee and Associates are handling leasing at the complex. Cushman & Wakefield represented the seller in the transaction. The 75-year-old family-owned company acquired its first Phoenix-area property in 1963. Prior to the acquisition, Schnitzer Properties owned and operated over 2.5 million square feet of commercial real estate holdings in Arizona. The company also has a large multi-phased industrial project planned in Chandler that will include three 40-acre parcels.