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5/29/12
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The principals of Los Angeles-based real estate firm Held Properties Inc have formed Chandler HFP LLC, which has completed the acquisition of the Chandler Corporate Center, a 70.6k sf commercial office building in Chandler, AZ, for $9.9 mil ($140/sf). This transaction marks the first acquisition in Arizona for the 65-year-old firm and the third purchase that a Held affiliate has completed in the past 12 months.
The two-story building, which is situated on a seven-acre site located at 585 North Juniper Dr, is fully leased to three tenants: GPS technology company Garmin International Inc; global travel specialist STA Travel; and the corporate offices of MediServe, which provides software solutions to the rehabilitation and respiratory care communities.
Commenting on the firm’s future plans, Robert D. Held, President and Chief Executive Officer of Held Properties, stated that "It is our intent to seek additional properties in Arizona and California, as we continue to build our real estate portfolio."
Cushman & Wakefield of Arizona represented both the buyer and the seller, Corporate Center LLC. They will also assume property management responsibilities on the buyer's behalf.
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