Mass Equities Sells 2 Class A Phoenix Office Buildings – What is a Ground Lease?

, Mass Equities Sells 2 Class A Phoenix Office Buildings – What is a Ground Lease?, Robert Khodadadian

Chandler Corporate Center I

Mass Equities has completed its $22 million sale of Chandler Corporate Center I and II., two Class A mid-rise office buildings totaling 136,728 square feet located at 585 and 500 N Juniper Dr. respectively in Chandler, Ariz. Cushman & Wakefield represented the property on behalf of the seller to buyer Zeitlin Capital, which had acquired the assets over a single transaction. The purchase is subject to a combined $14 million loan provided by Wells Fargo Bank, according to CommercialEdge information.

Chandler Corporate Center’s specifications

Chandler Corporate Center I and II were constructed in 2008 and 2009 and were the first buildings constructed in the Chandler Corporate Center master plan, which spans six buildings totaling 488,659 square feet, built over 75 acres. VanTrust Real Estate finished construction on the second phase in 2021, having broken ground on its first building in 2017.

Chandler Corporate Center II

Chandler Corporate Center I spans 68,208 square feet, over two stories, according to CommercialEdge. The property was constructed to LEED-Certified Silver specifications, and is 71 percent leased to several local tenants including Carrington Mortgage Services, Arizona Priority Care and WellSky, the same data shows.

Chandler Corporate Center II spans 68,520 square feet, built to similar specifications as the first. The building is 85 percent leased to four tenants.

Situated in Phoenix’s Chandler submarket, the buildings are located within two miles of the Loop 101 and 202 Freeways, providing quick highway access to many of metro Phoenix’s surrounding areas. Within this radius, tenants have access to over 4 million square feet of retail space, in addition to myriad dining and hospitality options. Downtown is 13 miles away.

The Cushman & Wakefield team representing the seller was led by Executive Managing Directors Chris Toci and Jerry Roberts, as well as Managing Director Pat Boyle.

Phoenix’s office hurdles

Despite a lagging construction pipeline of 840,000 square feet and ongoing office sector struggles, Phoenix retains some relative stability in its market, experiencing $2.8 billion in sales year-to-date, data from a January 2023 CommercialEdge report shows. In recent years, the city has benefitted from its strong demographic fundamentals, relative affordability and the relocation of numerous high-profile employers to the area.

A recent office headline around the Valley of the Sun is United Realty’s purchase of an 85,979-square-foot office building, also in Chandler.

The post Mass Equities Sells 2 Class A Phoenix Office Buildings appeared first on Commercial Property Executive.

 Deals, News, Office, Phoenix, West, Cushman & Wakefield, Mass Equities, Zeitlin Capital 

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