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7/03/14
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Palisades Capital Realty Advisors recently acquired Chandler Corporate Center I, a 67.6k sf, Class A office property in Chandler, AZ, for $13.9 mil ($206/sf). Located at 585 N. Juniper Dr, northwest of Chandler Blvd and McClintock Dr, Chandler Corporate Center I was sold by Chandler HFP, LLC, an affiliated entity of Held Properties.
Chandler Corporate Center I was constructed in 2008 and is well situated with direct access to the Loop 101 and Loop 202 freeways, and the burgeoning Price Road technology corridor. The two-story building has a 6.63/1,000 parking ratio, modern office construction and benefiting from the area’s highly educated labor pool.
JLL Senior Managing Director Dennis Desmond represented the property seller in the transaction. JLL Managing Director Dave Seeger serves as the project’s exclusive leasing broker and partnered with Desmond to market the property for sale.
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.
JLL will retain the leasing assignment at the property and assume the property management responsibility.
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