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1/13/21
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Alturas Capital Partners closed on an investment, paying $16.6 mil for Allred Airport Center, a two-building, 94.5k sf ($175/sf) flex-tech/office complex in Chandler. The asset was sold by Douglas Allred Company.
Located at 2150 and 2250 East Germann Rd, Allred Airport Center is in the high-growth area of Chandler. Each building has a flexible design and clear heights of over 25 feet, allowing for various tenant configurations. The complex is in proximity to numerous restaurants, hotels and Vestar’s Crossroads Towne Center, a 1.2 msf lifestyle center. It has immediate access to the Loop 202 Freeway and the Chandler Municipal Airport.
Mark Krison, Glenn Smigiel, Bob Young, Rick Abraham and Luke Krison of CBRE in Phoenix represented the seller in the transaction. At the time of sale, the property was fully leased to a diverse tenant mix, including Perdoceo Education Corporation, Offerpad and PITTFitness.
“Investors were impressed with Allred Airport Center’s long-term potential due to the property’s solid tenancy, flexible design, prime location, abundance of parking, and proximity to an abundant and diverse labor force,” said Smigiel.
High-growth Chandler attracts a variety of tenants due to its access to infrastructure and large, educated labor pool. In the last two years, the area has seen more than 1.3 msf of newly leased office space, creating over 6,400 new jobs.
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