Phoenix, Arizona – CBRE announced the sale of Chandler Business Center, a 129,840 square-foot creative office, flex-tech and retail space, located in Chandler, Ariz. New York-based Fullerton Properties acquired the multi-tenant property from Los Angeles-based Montana Avenue Capital for $13.26 million.
CBRE’s Glenn Smigiel, Bob Young, Steve Brabant, Rick Abraham, Mark Krison and Jackie Orcutt represented the seller, Montana Avenue Capital, in the transaction.
“With Chandler Business Center, we were able to leverage the property’s long-term appeal and location in one of the highest-growth areas in metro Phoenix,” said CBRE’s Smigiel. “The property requires very little remedial work, allowing the buyer to immediately lease up the remaining space to a variety of tenants including flex office, creative office and retail users.”
Located at 6150 and 6170 W. Chandler Blvd., Chandler Business Center is a value-add, two building mixed-use complex that is currently 54 percent leased. Built in 2002, the property was designed by Butler Design Group in collaboration with Trammell Crow Company and Clarion Partners. Tenants include New Heights Church, Advance Auto Parts, Newark Corporation and Children’s Cancer Network.
The property is situated within one of Chandler’s five designated employment centers, giving users preferred access to additional land for future growth. The property also benefits from proximity to several retailers, restaurants and hotels as well as easy access to the I-10 and Loop 202 freeways.
Founded in 2010, Fullerton Properties is a private real estate firm with a focus on high value-add investment properties throughout the U.S. In addition to Chandler Business Center, the firm has ownership over several properties in Tucson, Ariz.