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May 27, 2024
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Silver Creek Development Acquires Arizona Office Property in $34 Mil Transaction


In an AZ office buy, Phoenix-based Silver Creek Development acquired Ascend at Chandler Airport Center, a 130.6k sf, Class A office building in Chandler, for $34.2 mil ($262/sf). The single-tenant investment is 100% leased on a long-term basis and serves as the corporate technology headquarters for a leading technology services company.

Located at 1811 E Northrop Blvd, Ascend at Chandler Airport Center is a two-story building situated on nearly 11 acres in the Phoenix Metro area. The property was originally developed in 2016 but soon after underwent significant best-in-class tenant improvements that commenced in 2018. The property has been the recipient of numerous awards, including the NAIOP (National Association of Industrial and Office Properties) Best of 2020 award for Office Tenant Improvement Project of the Year (More than 40k sf) and the AZ Big Media, 2020 RED Award for Office Interiors Project of the Year.

Additional property highlights also include large, open floor plates, impressive ceiling heights, and a more than 6/1000 parking ratio. The location is also conveniently near the SR 202 freeway, the Chandler Municipal Airport and proximate to the Phoenix Sky Harbor International Airport. The property is also near an abundance of amenities including major shopping, retail, dining and other services destinations.

Cushman & Wakefield’s Chris Toci and Chad Littell represented the buyer and the seller, Irgens, in the deal. C&W’s Greg Mayer provided leasing advisory.

“This modern property features a number of special design elements and on-site amenities created for employee happiness and well-being, including a state-of-the-art indoor town hall meeting space equipped with a large video wall, a fitness facility and cafeteria, a living wall with over 1,000 plants, outdoor seating and patio space, and more. These building features allow for a superior product relative to the competition within the Greater Phoenix market,” remarked Charles Essig of Silver Creek Development.

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