Chandler Company Middle I
Mass Equities has accomplished its $22 million sale of Chandler Company Middle I and II., two Class A mid-rise workplace buildings totaling 136,728 sq. toes positioned at 585 and 500 N Juniper Dr. respectively in Chandler, Ariz. Cushman & Wakefield represented the property on behalf of the vendor to purchaser Zeitlin Capital, which had acquired the property over a single transaction. The acquisition is topic to a mixed $14 million mortgage supplied by Wells Fargo Financial institution, in accordance with CommercialEdge data.
Chandler Company Middle I and II have been constructed in 2008 and 2009 and have been the primary buildings constructed within the Chandler Company Middle grasp plan, which spans six buildings totaling 488,659 sq. toes, constructed over 75 acres. VanTrust Actual Property completed development on the second part in 2021, having damaged floor on its first constructing in 2017.
Chandler Company Middle II
Chandler Company Middle I spans 68,208 sq. toes, over two tales, in accordance with CommercialEdge. The property was constructed to LEED-Licensed Silver specs, and is 71 p.c leased to a number of native tenants together with Carrington Mortgage Companies, Arizona Precedence Care and WellSky, the identical information exhibits.
Chandler Company Middle II spans 68,520 sq. toes, constructed to related specs as the primary. The constructing is 85 p.c leased to 4 tenants.
Located in Phoenix’s Chandler submarket, the buildings are positioned inside two miles of the Loop 101 and 202 Freeways, offering fast freeway entry to a lot of metro Phoenix’s surrounding areas. Inside this radius, tenants have entry to over 4 million sq. toes of retail area, along with myriad eating and hospitality choices. Downtown is 13 miles away.
The Cushman & Wakefield crew representing the vendor was led by Government Managing Administrators Chris Toci and Jerry Roberts, in addition to Managing Director Pat Boyle.
Phoenix’s workplace hurdles
Regardless of a lagging development pipeline of 840,000 sq. toes and ongoing workplace sector struggles, Phoenix retains some relative stability in its market, experiencing $2.8 billion in gross sales year-to-date, information from a January 2023 CommercialEdge report exhibits. Lately, the town has benefitted from its sturdy demographic fundamentals, relative affordability and the relocation of quite a few high-profile employers to the world.
A current workplace headline across the Valley of the Solar is United Realty’s buy of an 85,979-square-foot workplace constructing, additionally in Chandler.
