PHOENIX, Arizona – Hines, the international real estate firm, announced today that its award-winning Offices at Chandler Viridian has recently signed a new long-term lease for Oaktree Funding Corp.

Oaktree Funding Corp., a rapidly growing wholesale mortgage lender based in California, is significantly expanding its space and operational capacity from a smaller office in Chandler, AZ.  Oaktree Funding Corp. expects to occupy its new space in Q2 2020.

“Oaktree Funding Corp. is proud to call the Offices at Chandler Viridian our new home,” said Kristopher Martin, executive vice president with Oaktree Funding Corp. “The convenience of the location near Loop 101 and Loop 202 and the available amenities such as retail and a hotel made the Offices at Chandler Viridian the ideal decision for us. We have experienced unprecedented growth over the last couple of years and our long-term commitment to this space  will allow us the room to facilitate our exponential growth for many years to come.”

Stantec—a global engineering, architecture and consulting firm—which currently occupies 22% of the Offices at Chandler Viridian, is expanding its space to occupy 25% of the building. Other tenants include Workuity, a coworking firm, and ClearChoice, a  dental implant company. The nearby Chandler Viridian PRIMEGATE’s retail offerings include Panera Bread, Sicilian Butcher, Thirsty Lion and Charles Schwab.

“Hines has made a significant long-term investment at Chandler Viridian. More than the quality of the building, it is the tenants that make the Offices at Chandler Viridian truly special,” said Chris Anderson, senior managing director and Arizona leader for Hines. “Hines is thrilled to welcome Oaktree Funding Corp. to our tenant family and we plan to serve as a solid partner as their business grows.”

The Offices at Chandler Viridian, which opened in January 2019, is the tallest multi-tenant office building in Chandler. The six-story, Class A office building with 252,418 square feet of leasable space is located at the intersection of Loop 101 and Loop 202 near the Chandler Fashion Center. The building features a large, open floorplan with 10-foot tall ceilings, a lounge and a large courtyard. Hines developed the project in a joint venture agreement with New York Life Real Estate Investors, on behalf of its institutional client.

The office building is the capstone to the Chandler Viridian mixed-use project. In 2014, Hines razed Elevation Chandler, an unfinished structure and local eyesore at the site, and launched the mixed-use project. The Offices at Chandler Viridian is integrated into the Chandler Viridian master plan development, a 25-acre mixed-use project which also includes the 140-room Cambria hotel & suites, 330-unit Broadstone Fashion Center luxury apartments, sophisticated retail offerings at Chandler Viridian PRIMEGATE and a pedestrian promenade to the Chandler Fashion Center mall. Also featured in the master plan is a dog park, ¾-mile jogging trail connecting all of the properties, and a large public plaza with high-speed Internet and Wi-Fi – all to enhance the pedestrian experience.

Chandler Viridian won Mixed-Use Project of the Year and Speculative Office of the Year at the 2019 Best of NAIOP Arizona Awards.  Chandler Viridian also won Commercial Property Executive Magazine’s 2018 Distinguished Achievement Silver Award for Repositioning/Redevelopment.

The Cushman & Wakefield team of Jerry Roberts and Pat Boyle represented Hines in the Oaktree lease.

PHOENIX, AZ – Lee & Associates Arizona represented both buyer and seller of Westech Business Center, 122,505-square-foot industrial building on 9.02 acres in Chandler, Arizona. The purchase price was not disclosed.

The development was a joint venture between Petsas Commercial and Hillwood with construction financing was provided by Enterprise Bank & Trust. Butler Design Group served as project architect, and Willmeng Construction was the general contractor. The flexible design incorporated state of the art features not typically found in the Southeast submarket, such as a fenced and secured all concrete 185’ truck court with 44 trailer parking spaces.

Bill Petsas stated “the building was designed to be best in class for last mile distribution, manufacturing, or a corporate headquarters.” The building perfectly met the needs of the buyer, who is a highly specialized logistics provider to the electronics industry.

The Koss | Louer Team represented the seller, Westech Petsas USIF2CF, LLC and Steve Farrell represented the buyer, Bullfrog, LLC.

TUCSON, ARIZONA — The Rio Nuevo Board unanimously approved an investment in one of the biggest projects in the history of the District.

The Bautista, a $72.5 million, mixed-use development near West Cushing Street and South Linda Avenue, will include 16,500-square-feet of retail space, 253 residential units and a restaurant.

The central plaza of the development will allow visitors to walk to the Santa Cruz River, which now flows year-round. Other water features will harken back to canals associated with 18th-century farms that were in the area.

After a request from Adam Weinstein, president and CEO of The Gadsden Company, the board agreed to provide a $2.8 million investment as part of a Government Property Lease Excise Tax (GPLET). The deal includes $1.8 million in cash from Rio Nuevo and $1 million in sales tax rebates. This financing allows Gadsden to meet a Dec. 31 deadline to qualify for Opportunity Zone funds used for tax-incentive developments.

“Work on the Bautista is scheduled to begin in the second quarter of 2020 and construction is anticipated to take 22 months,” said Adam Weinstein, president and CEO of The Gadsden Company.