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12/14/12
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ViaWest Group recently acquired two commercial office buildings and five office condominium buildings totaling 139.8k sf of space within the “Chandler Midway Corporate Center” located at Chandler Blvd and Kyrene Rd in Chandler, AZ. The combined purchase price of the short-sale acquisition, situated near Intel’s north Chandler corporate campuses, exceeds $10 mil.
The two Class A, two-story office buildings are each 55.9k sf in size and were built in 2007 and 2008. The building at 5710 W. Chandler is approximately 70% occupied with a single tenant, while the building at 5670 W. Chandler is completely vacant and ideal for a corporate headquarters or multi-tenant use.
The five office condo buildings total 28k sf and comprise 21 condo units ranging from 1.1k sf to 10k sf of contiguous space. These condos are currently unfinished, allowing prospective tenants maximum customization. The corporate center boasts a total of 40 condominium units.
Scott Baumgarten, Mark Stratz, and Tyler Wilson of Cassidy/Turley represented ViaWest in the deal. Kevin Cosca and Pete Wentis of CBRE repped the seller, McMahon Development Group.
“With easy access to I-10, the Loop 101 and the Loop 202 Freeways, the Chandler Midway Corporate Center is located in an ideal commercial hub. Additionally, the newer product and surrounding retail and service centers add value to not only our asset, but to our tenants’ businesses as well.” noted Steven Schwarz, Co-Founder and Principal of ViaWest Group.
The company intends to sell the office condos and lease up the vacant space in the larger office buildings to hold for investment. ViaWest will serve as the property and asset manager on the office buildings. The company continues to seek new acquisition opportunities throughout the Southwestern United States.
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