The Rockefeller Group (RGI) today announced the sale of Chandler Corporate Center III, an 81,770 s.f. flex/office building in Chandler, AZ. The building was the second office building completed by The Rockefeller Group at Chandler Corporate Center. Colliers International in Greater Phoenix negotiated the sale.
Chandler Corporate Center III was developed by The Rockefeller Group at the Chandler Corporate Center Campus in 2014 and is 92 percent occupied. In June 2015, DaVita Rx, the first and largest full-service pharmacy created for the unique needs of kidney patients, leased 75,291 square feet in the building.
“The Rockefeller Group bought 24 acres of land in Chandler Corporate Center and has now developed more than 240,000 square feet of Class-A office space on a speculative basis because we believed the Chandler market was primed for office growth,” said Mark Singerman, Regional Director at The Rockefeller Group’s Phoenix office. “Developing Chandler Corporate Center III, specifically, has proven to be extremely successful as evidenced both by the attraction of a large tenant like DaVita and an institutional investor who sees the value of the location and building.”
Mindy Korth, Executive Vice President of Colliers, along with Executive Vice President Phil Breidenbach and Vice President Kirk Kuller, were the exclusive marketing agents for the sale.
“This provided a great opportunity for this institutional investor to expand its portfolio with an extremely stable, newly constructed asset that offers excellent appreciation prospects,” said Korth. “DaVita Rx provides institutional-quality, long-term tenancy that will provide stable cash flow. In addition, the Chandler submarket has demonstrated very strong real estate fundamentals, as well as overall economic growth that added to the appeal of this acquisition.”
Collier agents Phil Breidenbach, Paul Sieczkowski and Rob Martensen serve as exclusive leasing agents for the building and are currently marketing The Rockefeller Group’s recently completed Chandler Corporate Center IV, an 86,000 square foot speculative flex office building.
“Since we completed Chandler Corporate Center IV in May, the amount of interest from brokers representing major Class-A tenants has been strong,” said Singerman. “What people are most impressed by is the flexibility of the building, that a tenant can use the building for multiple purposes such as office as well as light shipping and receiving.”
Chandler Corporate Center IV is located on 9 acres with exposure to McClintock Drive and includes 6/1,000sf parking, optional grade level and dock high truck doors with 18 foot clear ceiling height. The flex office concept allows companies to have a majority of their space with offices while allowing for shipping and receiving or light assembly as well.