Cushman & Wakefield announced today that Chandler Tech Center, located at 7400-7408 W. Detroit Street in Chandler, sold to Phoenix-based Presson Corporation for $7.1 million.
Senior Managing Directors Bob Buckley, Tracy Cartledge and Steve Lindley and Associate Ben Geelan with Cushman & Wakefield represented the seller in the transaction, Buchanan Street Partners of Newport Beach, Calif.
Chandler Tech Center is a five-building, multi-tenant industrial complex totaling 120,522 square feet Encompassing nine acres fronting Interstate 10, the property features varying building and suite sizes, as well as modern interior layouts, efficient loading areas and convenient drive-up surface parking.
“Chandler Tech provided the ability to enhance value through both the immediate lease-up of available space and increasing rents in an improving market,” said Buckley. “With the ideal combination of in-place income and upside, this was an outstanding opportunity to acquire a multi-tenant business park in one of Phoenix’s most desirable submarkets.”
Located in one the strongest markets in the Phoenix metro area, Chandler is known for its young, well-educated and affluent population which attracts strong high technology, telecommunications and financial services employers.
“The property’s high visibility fronting Interstate 10 allows Chandler Tech to appeal to a wide range of tenants including showroom type users, office users, manufacturers, light distributors and local service companies,” added Buckley.