Phoenix, Arizona – CBRE announced the sale of Chandler Office Center to 1351 Piedmont, LLC, a Delaware limited liability company, for $7.76 million ($135 PSF).

CBRE’s Bob Young, Glenn Smigiel, Rick Abraham and Jamie Swirtz represented the seller. Steve Berghoff and Mary Larsen of Menlo Group represented the buyer.

Chandler Office Center, located at 1331, 1347 & 1351 N. Alma School Road in Chandler, is a threebuilding, 57,302 square-foot property. The property, which has undergone recent renovations, is 84 percent occupied, including by such tenants as Orthopedic Specialists of North America, Arizona’s Children Association and Vocational Development Group, LLC.

“We had strong interest from numerous buyers,” said Young. “Chandler Office Center fits neatly into an under-represented gap in this market. Most of the surrounding office properties are either Class A properties that command very high rents or properties at the other end of the spectrum. Chandler Office Center sits in between, offering tenants affordability with great amenities.”

Chandler has been evolving into an attractive business center due to lower city sales and corporate income taxes and a low state regulatory environment. The immediate area surrounding Chandler Office Center is experiencing an infusion of new concepts and investment capital. An urgent care facility currently under construction and a new ground-up surgicenter in the approval stages will both be located immediately adjacent to the property

Tucson, Arizona – Larsen Baker, through its affiliate Broadway Investment Group, LLC et. al recently acquired the 86,500-square-foot shopping center located at 5355-5455 E Broadway Blvd. in Tucson, Arizona for $14,900,000 ($170 PSF). The purchase includes two future drive thru building locations: a Starbucks Coffee currently under construction, and a future to be named restaurant with construction starting later in the year.

The shopping center will undergo an exterior renovation and rebranding to Broadway Crossing. A new line up of retail tenants will open for business in 2022. Davis Kitchens and Sherwood Cabinets will have their retail showroom grand opening in the former Toys R Us building in January. Cycle Gear, the largest privately held motorcycle accessories retailer in the country, will open their 9,000-square-foot store in 2^nd quarter 2022.

“We are excited to re-introduce this great retail corner to Tucson.” says Melissa Lal, Larsen Baker’s co-owner and President. “With new high energy restaurants, a new slate of retail stores, and a new look, Broadway Crossing will become another great shopping destination at the intersection.”.

The buyer was represented by Larsen Baker/Isaac Figueroa. The seller, SDR Associates, LLP was represented Jon Jump of JVI.

Figueroa should be reached at 520.296.0200 for more information.

To learn more, see RED Comp #9433.

SCOTTSDALE, ARIZONA — CBRE announced the sale of Scottsdale Professional Building, a 76,996-square-foot, Class A office property in Scottsdale, Ariz., to a private investor for $15.9 million.

CBRE’s Barry Gabel and Chris Marchildon represented the seller, Double Anchor Investments. The buyer was represented by Jason Reddington with LevRose Commercial Real Estate.

Scottsdale Professional Building is a three-story, multi-tenant office property located at 14301 N. 87th Street. The building offers frontage and visibility along the Loop 101, with freeway access at Raintree Drive. The building was 62 percent leased at the time of sale to 55 tenants and has maintained an 88 percent average occupancy over 10 years.

Suites at the property feature HVAC units that are individually metered for electricity. The interior courtyard is professionally landscaped with an expansive rock water feature and multiple outdoor seating areas.

“Scottsdale Professional Building is a Class A property that offers its tenants the ability to control their health and wellness in a self-contained, exterior loaded office environment in one of the premier office submarkets across the country,” said CBRE’s Gabel. “The area surrounding the property offers a myriad of retail and restaurant options and is rapidly becoming a strategic infill location with the development of new multifamily and office within proximity to the building.”

The property is situated within the Scottsdale Airpark submarket, which recorded 277,521 sq. ft. of positive net absorption through the third quarter, the most of any other submarket in metro Phoenix area, according to CBRE Research

A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among Americas metros. The Sun Belt market jumped five spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey.