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July 6, 2020
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Held Properties Closes $23 Mil Creative Office Buy in Chandler, AZ


San Tan Tech Center, a 129.2k sf, high-tech bioscience and creative office building in Chandler, AZ, was acquired by Held Properties Inc for $22.75 mil, or $176/sf. Located at 145 S. 79th St, the asset was sold by ViaWest Group, who purchased the property for $9.6 mil in 2014, prior to making significant renovations.

Originally built in 1981 for Intel, San Tan Tech Center was recently transformed by ViaWest to enhance both the aesthetics and functionality of the asset, making it a desirable solution for today’s modern high-tech tenants. GrubHub, Amkor, HealthTell, and Arvato Digital Services are among the notable tenants evidencing the success of the renovation.

San Tan Tech Center is located between McClintock Dr and 79th St, less than one quarter mile south of Chandler Blvd and one half mile north of the loop 202 Fwy. The property offers many amenities, including easy access to numerous regional shopping centers, hotels and dining options. San Tan Tech Center is adjacent to the privately owned, public use Stellar Airpark. Additionally, Phoenix Sky Harbor International Airport is within 15 minutes of the property and two reliever airports – Chandler Municipal Airport and Phoenix-Mesa Gateway Airport – are within 7 and 10 miles each, respectively.

Christopher Toci and Chad Littell of Cushman & Wakefield’s Phoenix office, along with Mark Gustin, Karsten Petersen and Dave Seeger of JLL in Phoenix, brokered the sale of the property. This is Held Property’s third Arizona-based acquisition and the second deal they have completed with ViaWest Group.

“This asset had the trifecta of attributes attractive to investors. The combination of stable income from great tenants, high-residual value space, and potential future development opportunity generated considerable investor interest,” commented Toci.

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