Office & Industrial Portfolio Sells – Located in Hub of Technology Employers
Phoenix, Arizona – A fund manager and Registered Investment Advisor, has purchased a three-project portfolio situated in Chandler. The Michigan-based investor has purchased the office and industrial properties – Chandler Corporate Center IV, Chandler Crossroads and land at Chandler Crossroads.
“Both buildings offer an outstanding investment opportunity for the buyer to complete the leasing with high quality tenants that Chandler is well known to attract,” says Mindy Korth, executive vice president of Colliers International in Arizona. “As rental rates increase and supply decreases, these properties will experience excellent upside in cash flow and property value.”
Korth, together with Phil Breidenbach, Paul Sieczkowski and Rob Martensen of Colliers International handled the sales transaction on behalf of the seller and directly sourced the buyer. Breidenbach, Sieczkowski and Martensen also served as exclusive leasing agents for the properties.
“These assets are all situated within the growing technology and innovation hub of Chandler,” says Korth. “The Chandler-South Tempe/Ahwatukee office submarkets have produced 22 percent of the net office absorption in Greater Phoenix since 2012, which demonstrates the strength of this dynamic suburban market.”
Chandler Corporate Center IV, located at 4100 W. Galveston St. contains 85,797-square-feet of Class A office space. Built in 2016, the single-level building is located within the 75-acre Chandler Corporate Center North corporate business park. Colliers International raised the occupancy rate of this asset from 50 percent to 70 percent during the marketing of the project for sale.
Chandler Crossroads, located at 2900 S. Gilbert Rd., contains 100,243-square-feet of light industrial/warehouse space. Situated within the Chandler Airpark, this project is near the Chandler Municipal Airport and within the growing research and technology focal point of the East Valley. Colliers International brought occupancy of the project from 50 percent to 66 percent during the sales marketing process.
Located at Gilbert and Queen Creek roads, the 8.65-acre land at Chandler Crossroads is within the Chandler Airpark submarket. Notable national and regional developers are creating projects within the Chandler Airpark, satisfying demand from discerning employers who are expanding and relocating to this area. Tech companies are attracted to this area because of its quality amenities and skilled workforce. The existing office and industrial buildings in the area boast 88 percent occupancy.