CBRE announced the sale of a three-building office and industrial property at the Price Road Corridor in Chandler, Ariz. to EQ Exeter Property Group.
CBRE’s Barry Gabel, Chris Marchildon and Will Mast represented the seller, Digital Realty Trust.
Located at 1890 & 1900 South Price Road and 3200 West Germann Road, the 241,676 square-foot property is positioned within the Price Road Corridor, a five-square-mile area of Chandler often referred to as the “Silicon Desert.”
This submarket has been the only one across metro Phoenix to report positive absorption for 15 consecutive years and lead the Phoenix office market last year with 230,000 square feet of positive net absorption, according to CBRE research.
Originally a build-to-suit for Amkor Technology, the property features one two-story 41,590 square-foot office building, a three-story 76,398 square-foot office building, and a 123,688 square-foot industrial building. EQ Exeter Property Group plans to reposition the existing buildings.
The property offers easy access to the Loop 101 & Loop 202 Freeway interchange and is in proximity to the Chandler Fashion Center and a multitude of amenities.
“There are very few, 100-percent-vacant, value-add office and flex industrial investment opportunities of this size and quality available across Metro Phoenix,” said Marchildon. “This former corporate headquarters campus offers a premier location, and an opportunity for the buyer to transform it for future office leasing at a significantly lower cost than a ground-up development.”
A recent survey of commercial real estate investors ranked Phoenix as a top-10 target among Americas metros. The Sun Belt market jumped five spots to #4 in CBRE’s 2021 Americas Investor Intentions Survey.