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12/30/20
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Portico I and II, an 89.2k sf, Class A office complex in Chandler, AZ, was traded in a $21.68 mil ($243/sf) transaction. The two-building, multi-tenant property was acquired by Southern California-based YMC Arizona Properties LLC.
Portico I and II consists of two high-image buildings prominently located on approximately 6.2 acres at 2121 and 2195 West Chandler Blvd. The buildings, which were developed in phases in 2009 and 2015, were nearly 95% leased combined at time of sale.
Both buildings feature modern common areas and tenant improvements, and abundant parking. Tenants and visitors of the property enjoy superb freeway access from the Loop 101 Fwy and the 202 Loop Fwy, both approximately one mile away.
Eric Wichterman and Mike Coover with Cushman & Wakefield in Phoenix represented the seller, Chandler Portico LLC, a company formed and sponsored for the past seven years by Irgens Partners LLC. Adam Tolson and Colton Trauter with Lee & Associates provided acquisition and leasing advisory to Irgens. The buyer was repped by Erik Marsh of Kidder Mathews.
“This offering presented an opportunity to acquire a Class A office development with robust occupancy and stable cash flow in Chandler, a major innovation and tech hub and one of the most sought-after markets in the greater Phoenix area,” said Wichterman. “The project provides high-quality office space to small and midsized tenants, who have far fewer options in Chandler than large tenants.”
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