CBRE has completed the sale of Continuum Business & Technology Park located at 2501 S. Price Rd. in Chandler, Ariz. The business park, which currently consists of a ±463,300-square-foot, class A office building on 152 acres, commanded a sale price of $51.75 million.
Luke Walker and Dave Carder with CBRE’s Phoenix office and Kevin Miller with Capital Commercial Investments negotiated the sale. The seller was Austin, Texas- based Capital Commercial Investments, Inc. The buyer was Southwest Value Partners of Scottsdale, AZ.
“Continuum is one of a kind and has risen to become the quintessential business park in the entire Southwest and will continue to be a tremendous employment driver for the City of Chandler in many years to come,” said CBRE’s Walker.
“The sale of Continuum validates the vision, investment and hard work shared by Capital Commercial Investments and the City of Chandler. The successful public-private partnership allowed the former Motorola campus to be completely redeveloped into a world-class business park, attracting several new companies while bringing net new jobs to the City of Chandler. We congratulate everyone involved in the success of bringing Continuum to this exciting milestone,” said CBRE’s Carder.
Continuum currently features an existing, redeveloped, two-story ±463,000-square-foot, class A office building. The building was entirely renovated with a new three-story atrium lobby, curtain wall glass, upgraded HVAC systems and state-of-the-art electrical and fiber infrastructure. These renovations were completed in January of 2013.
Additionally, the redevelopment of the former Motorola campus included the construction of major infrastructure and horizontal improvements across the 152-acre property, including new landscaping, roads, sidewalks, lakes, water features and public gathering spaces. The City of Chandler was an integral partner in the redevelopment process and made joint investments in the park infrastructure and horizontal improvements.
In June of 2013, Continuum Business & Technology Park signed its first major tenant, Nationstar Mortgage. Nationstar, one of the nation’s leading mortgage servicers and lenders, initially placed 1,200 new jobs in 164,000 square feet of space with an option to expand.
Shortly after landing Nationstar, Continuum secured its second major tenant with the signing of a lease with OnTrac, also represented by CBRE’s Carder. The locally based overnight delivery service moved its headquarters from Phoenix to Chandler and into 65,000 square feet of space that was customized for the tenant. OnTrac employs around 300 employees with aggressive plans for growth; the company’s president has been quoted saying OnTrac plans to bring 850 jobs to Chandler over the term of the lease.
Continuum also includes a 10,000-square-foot University of Arizona learning center, where the higher-education institution is able to meet the educational needs of Chandler’s high-tech workforce by offering programs, classes and research, as well as recruiting other educational institutions.
Continuum currently has 81 acres of developable land remaining and businesses and developers have opportunities for unique ground-up development in the form of build-to-suit and spec building options. Depending on densities and product type (industrial vs office), between 2 million and 3 million square feet can be developed moving forward.