Cassidy Turley, a leading commercial real estate services provider in the U.S., announced the sale of Continuum, a ±152-acre master planned business park to San-Diego based Southwest Value Partners (“SVP”), Managing Principals Mark Schlossberg and Cary Mack. SVP purchased the project in Chandler, Arizona for $51.75 million. The seller was Capital Commercial Investments, Inc. (Austin).
Executive Managing Director Jeff Wentworth with Cassidy Turley brokered the sale transaction. The Cassidy Turley team of Jeff Wentworth, Mike Beall, Sean Spellman and Chris Walker has been awarded the assignment by SVP to secure tenants and users for the Continuum.
Continuum is Chandler’s premiere office and technology business park and includes a ±463,658-square-foot office building at 2501 South Price Road in Chandler, and ±81-acres of additional land. Also located in the park, but not included in the sale, is Cyrus One Data Center campus. Continuum is located in the Price Corridor, approximately 1 mile south of the Loop 101 and Loop 202 interchange.
“Continuum is one of the preeminent business parks in Arizona and its location is in the heart of the most active office submarket in metro Phoenix”, said Justin Merritt, Senior Investment Professional with SVP. “We look forwarding to working with the City of Chandler and putting our energy towards driving new development and employers to the project. Continuum provides our firm with a tremendous opportunity to grow our real estate portfolio by taking advantage of the market recovery in the Phoenix Metropolitan Area. This includes implementing a build-to-suit strategy to develop office buildings on the remaining vacant land parcels.” SVP also owns an additional 38-acre parcel that is immediately adjacent to the Continuum business park that will effectively expand the size of the business park to nearly 190-acres. “As a result of our expanded ownership, we can develop buildings ranging from 30,000 to 500,000 square feet,” said Merritt
“This submarket has seen a profusion of build-to-suit activity recently, with Garmin, General Motors, Shutterfly, GoDaddy and Amkor Technologies,” Mr. Wentworth explained. “There is not a more active market in Phoenix right now and the quality of labor, housing and amenities is driving the demand.”
The City of Chandler has incentivized development at Continuum with a rapid response approval process for new buildings including a 24-hour turn around on design.
The existing office building at Continuum was built in 1986 by Motorola and was renovated in 2012 by Capital Commercial. The building is currently 48 percent leased with two tenants, Express Messenger Service (OnTrac) in ±60,000 square feet and Nationstar Mortgage in ±163,000 square feet, leaving ±230,000 square feet of available space for prospective tenants. “The building’s unique design with an on-site cafeteria, large floor plates and high volume ceilings provides office users with the exact environment that today’s office tenants desire to attract the best employees” said Wentworth.