Graycor Inc.

Graycor Completes Three Class A Industrial Buildings at 64-Acre Gilbert Spectrum | Buildings 9, 10 and 11 have reached 93% occupancy at Gilbert, Arizona industrial park

GILBERT, ARIZONA, January 31, 2023 – On behalf of developers GID and SunCap Property Group, Graycor Construction Company has completed construction on Gilbert Spectrum Buildings 9, 10 and 11, three brand new Class A buildings within the 64-acre Gilbert Spectrum industrial park, located at McQueen and Elliot roads in Gilbert, Arizona.

Being leased by Ken McQueen and Chris McClurg of Lee & Associates Arizona, the buildings have already reached 93 percent occupancy.

The 100,000-square-foot Building 9 has been fully leased to multinational aerospace and defense technology company Northrop Grumman. The lease continues to expand Northrop Grumman’s footprint within Gilbert Spectrum, where it operates a state-of-the-art satellite manufacturing facility. The company expanded this operation in early 2022, moving into the award-winning, 120,000-square-foot Gilbert Spectrum 5, for which Graycor completed the shell building and tenant improvement.

The 142,200-square-foot Building 10 has been fully leased to full-service local and long-distance moving company, S&M Moving Systems.

Banner Industries has leased 27,097 square feet and Varsity Brands has leased 18,047 square feet in the 66,400-square-foot Building 11, leaving approximately 21,000 square feet available. Banner Industries specializes in high purity and industrial flow component distribution for the semiconductor, solar, energy, life sciences, biotech, pharmaceutical and vacuum markets. Varsity Brands is an American apparel company primarily focused on academic apparel and memorabilia.

“Gilbert Spectrum has proven its ability to support tenants ranging from one of the world’s most tech-savvy aerospace entities to highly valued regional and local businesses,” said Mike Orr, senior vice president with SunCap Property Group. “It is an ecosystem of logistics, manufacturing, warehouse and distribution operators, located within a collection of buildings that can flex as this market’s needs evolve.”

“Graycor has served as the general contractor for each of the Gilbert Spectrum buildings, and it has been our pleasure to watch them become notable destinations within the East Valley industrial market,” said Rusty Martin, Graycor Construction Company’s Southwest Division General Manager. “Today’s tenants require modern space and locations that maximize their efficiency. These new Gilbert Spectrum buildings – and all of the buildings at this park – were carefully developed by SunCap to check those boxes.”

Collectively, the new Gilbert Spectrum buildings offer 28’ to 32’ clear height, a mix of dock-high and drive-in doors, generous power and ESFR sprinklers. They share a 190’ loading court.

“Our pre-leasing success at Gilbert Spectrum has exceeded ownership’s expectations, with these buildings achieving 93 percent occupancy at shell completion and now down to the last 21,000 square feet of vacancy, with two users pursuing that space,” said McQueen. “We continue to actively field inquiries from prospective tenants on our last planned building in this project, all looking for the contemporary image and functional attributes offered at Gilbert Spectrum. This leasing activity is indicative of the strength of the Southeast Valley industrial market, which is currently at 3 percent vacancy and on pace for a second consecutive year of record-breaking absorption.”

Graycor serves as the design-build general contractor. Balmer Architectural Group is the project architect.

At build-out, the Gilbert Spectrum industrial park will include up to 850,000 square feet of office, flex industrial and technology-related space. The park is minutes from Interstate 10, the Loop 101 and the U.S. 60, is a short drive to Sky Harbor International Airport and Phoenix-Mesa Gateway Airport, and is within a 30-minute commute of approximately 1 million skilled laborers.

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

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

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

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 to learn more.


Media Contact:
Stacey Hershauer