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| Dennis Desmond |
PHOENIX, AZ – Capital markets experts in the Phoenix office
of JLL have completed the $13.914 million sale of Chandler Corporate Center
I, a 67,561-square-foot Class A office property in Chandler, Arizona. The
sale price breaks the $200-per-square-foot mark for suburban office space—a
significant indicator according to JLL.
JLL Senior Managing Director Dennis Desmond
represented the property seller, Chandler HFP, LLC, an affiliated entity of
Held Properties, a California real estate development firm.
Palisades Capital Realty Advisors is the property buyer. JLL
Managing Director Dave Seeger serves as the project’s exclusive leasing
broker and partnered with Desmond to market the property for sale.
“This building came out of the ground in 2008 and has
outperformed the Phoenix and Chandler markets ever since,” said Desmond. “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.”
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| Dave Seeger |
According to JLL research, in the four years from 2009 to
2012, Chandler was responsible for 66 percent of Greater Phoenix’s total office
space absorption.
At year-end 2013, Chandler Corporate Center I was only 8.5
percent vacant, compared to an overall Chandler submarket office vacancy rate
of 13.9 percent and an overall Phoenix office market vacancy rate of 23.9
percent.
“When it comes to the velocity of our recovery, Chandler is
definitely one of our market’s bright stars,” said Seeger.
Chandler Corporate Center I is located at 585 N. Juniper
Drive in Chandler, northwest of Chandler Boulevard and McClintock Drive, and
with direct access to the Loop 101 and Loop 202 freeways, and the burgeoning
Price Road technology corridor.
The two-story building totals 67,561 square
feet with a 6.63/1,000 parking ratio, modern office construction and benefiting
from the area’s highly educated labor pool.
JLL will retain the leasing assignment at the property and
assume the property management responsibility.
For more news, videos and research resources on JLL, please
visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
For a complete copy of the company’s news release, please
contact:
Stacey Hershauer
focusAZ
Marketing & Public Relations
(480) 600-0195
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