Hollywood developer pays $17.4M for The Steelyard - SanTan Sun News SanTan Sun News

Hollywood developer pays $17.4M for The Steelyard

May 13th, 2022 SanTan Sun News
Hollywood developer pays $17.4M for The Steelyard

By SanTan Sun News Staff

A Hollywood real estate developer has bought The Steelyard commercial center in southeast Chandler for $17.4 million.

Jason Illoulian, who owns Norman Cienega Property Group LLC and Faring, both in West Hollywood, purchased the 4 acre site at Gilbert and Chandler Heights Road, Chandler, last month from Simon Commercial Real Estate, according to the Valley real estate tracker vizzda.com.

Built in 2020, The Steelyard comprises three single-story buildings with a total 26,404 square feet of retail space. The sale price broke down to $657 per square foot, vizzda said.

Named after a steel operation that existed at the site before it was sold, former owner Capital Asset Management looked at the development has meeting a long-term need for more retail and restaurant venues in the area.

Jason Hersker, executive vice president of Capital Asset Management, last year told the SanTan Sun News that the immediate area had over 700 single-family lots are in various stages of development and sell offs.

“These homeowners need their amenities and this was a retail trade area that was significantly underserved with retail options,” he said.

Illoulian on Faring’s website discusses his development philosophy, explaining he “believes in engaging with the community at the outset of a project.”

“We work to understand the local context, the pain points for neighbors and determine how our projects can help address those issues,” he said.

“We have shown how working hand-in-hand with our neighbors from the start adds real value to our projects,” he said. “We know good design takes time. Partners like working with Faring because we’re patiently focused on a high-quality outcome and invest in the materials, specialists and time to achieve our goal.”

Since The Steelyard is so new and was expected to be fully leased last year, Iloulian probably won’t have all that much to worry about in terms of redevelopment.

With such a broad architectural portfolio, Faring “is defined by our commitment to detail and quality,” Illoulian said. “We are investing in neighborhoods and creating buildings which are still going to be relevant in 50 years.”