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June 24, 2024
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Investor Wraps Up the Year with $7.7 Mil AZ Office Buy


In a recent AZ office trade, Chandler Office Center, a 57.3k sf property in Chandler, sold for $7.76 mil, or $135/sf.

Located at 1331, 1347 and 1351 N. Alma School Rd, Chandler Office Center is a three-building property. The complex, which has undergone recent renovations, is 84% occupied, including by such tenants as Orthopedic Specialists of North America, Arizona’s Children Association and Vocational Development Group LLC.

Steve Berghoff and Mary Larsen of Menlo Group represented the buyer, 1351 Piedmont LLC. CBRE’s Bob Young, Glenn Smigiel, Rick Abraham and Jamie Swirtz represented the seller.

“We had strong interest from numerous buyers,” said Young. “Chandler Office Center fits neatly into an under-represented gap in this market. Most of the surrounding office properties are either Class A properties that command very high rents or properties at the other end of the spectrum. Chandler Office Center sits in between, offering tenants affordability with great amenities.”

Chandler has been evolving into an attractive business center due to lower city sales and corporate income taxes and a low state regulatory environment. The immediate area surrounding Chandler Office Center is experiencing an infusion of new concepts and investment capital. An urgent care facility currently under construction and a new ground-up surgicenter in the approval stages will both be located immediately adjacent to the property.

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