Joaquin Charles de Monet's real estate investment firm, Palisades Capital Realty Advisors, has purchased the Chandler Corporate Center I in Chandler, Arizona for $13.914 million, breaking the $200-per-square-foot mark for suburban office space. The 67,561-square-foot Class A office property was sold by Chandler HFP, LLC, an affiliated entity of Held Properties, a California real estate development firm, with representation from JLL Senior Managing Director Dennis Desmond. Held bought same building in 2012 for $9.9 million, or just under $147 per foot, according to a Phoenix Business Journal article. JLL will retain the leasing assignment at the property and assume the property management responsibility under the new ownership.
"This building came out of the ground in 2008 and has outperformed the Phoenix and Chandler markets ever since," said Jones Lang LaSalle's Dennis Desmond in a press release. "This includes through the toughest office market recession we've ever experienced. That is evidence of the strength of the Chandler market and was a tremendous draw for investors looking for stable acquisition properties located in high-growth markets."
According to JLL research, in the four years from 2009 to 2012, Chandler was responsible for 66% of Greater Phoenix's total office space absorption. At year-end 2013, Chandler Corporate Center I was only 8.5% vacant, compared to an overall Chandler submarket office vacancy rate of 13.9% and an overall Phoenix office market vacancy rate of 23.9%.
Located at 585 N. Juniper Drive, Chandler Corporate Center I is a two-story building with a 6.63/1,000 parking ratio, modern office construction and benefiting from the area's highly educated labor pool.
For more news and information visit Blumberg Capital Partners.
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