PHOENIX, ARIZ. – CBRE has brokered the sale of Chandler Airport Center I, a 90,911-square-foot office building located at 1850 E. Northrop Blvd. in Chandler, Ariz. The property was 100 percent leased at the time of sale.
Barry Gabel, Chris Marchildon and Will Mast with CBRE Capital Markets, Institutional Properties in Phoenix, represented the seller, Founder’s Properties, LLC of Minnetonka, Minn. Exeter Property Group of Conshohocken, Penn. acquired the property.
“Chandler Airport Center I is strategically positioned in the Chandler submarket, which has consistently outperformed the overall metropolitan Phoenix market with 12 consecutive years of positive net absorption,” said CBRE’s Gabel. “The property provided the buyer with the unique opportunity to harvest the stable, in-place cash flow and also garner immediate upside through lease renewals and rental rate appreciation in one of the strongest submarkets across the Valley.”
Chandler Airport Center I is leased to a diverse tenant mix, including CDW (NASDAQ:CDW) and the Mayo Clinic (S&P: AA), who occupy over 60 percent of the rentable area. Built in 2008, the property features large, flexible floor plates and a parking ratio of six parking spots to every 1,000 square feet of office space. The property benefits from its location one-half mile from Chandler Municipal Airport and accessibility to the Loop 201 Freeway. Chandler Fashion Center, the Southeast Valley’s premier shopping destination with an upscale collection of more than two-million square feet and over 185 stores, and the up and coming downtown Gilbert areas, are both within a short 10-minute drive of the Property.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.