{"id":1004540358,"date":"2021-06-17T04:08:30","date_gmt":"2021-06-17T12:08:30","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004540358"},"modified":"2022-12-08T17:15:07","modified_gmt":"2022-12-09T01:15:07","slug":"eqt-exeter-buys-campus-in-arizonas-silicon-desert","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-campus-in-arizonas-silicon-desert\/","title":{"rendered":"EQT Exeter Buys Campus in Arizona\u2019s Silicon Desert"},"content":{"rendered":"
\"1900<\/a>

1900 S. Price Road. Image courtesy of CBRE<\/p><\/div>\n

EQT Exeter Property Group has acquired a three-building office and industrial property in the Price Road Corridor in Chandler, Ariz. CBRE represented the seller, Digital Realty Trust.<\/p>\n

\n

READ ALSO<\/strong>: The Case Behind the Experiential Office Space: Phoenix in Focus<\/a><\/p>\n

\n

The 241,676-square-foot property consists of 1890 and 1900 S. Price Road and 3200 W. Germann Road, in a 5-square-mile area of Chandler often referred to as the \u201cSilicon Desert.\u201d The campus comprises a 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. <\/p>\n

The deal\u2019s dollar value was not disclosed, and EQT Exeter did not reply to Commercial Property Executive<\/em>\u2019s request for additional information.<\/p>\n

Originally a build-to-suit for semiconductor packaging provider Amkor Technology, the property is now vacant, and EQ Exeter Property Group reportedly plans to reposition it.<\/p>\n

The location offers easy access to the Loop 101 and Loop 202 Freeway interchange and is close to the Chandler Fashion Center and other amenities.<\/p>\n

The three Class A properties were built on the 17.9-acre site in 1996 and last traded in January 2013, when Digital Realty Trust bought the campus for $24 million, according to information provided to Commercial Property Executive<\/em> by CommercialEdge.<\/p>\n

CBRE\u2019s Barry Gabel, Chris Marchildon and Will Mast represented Digital Realty.<\/p>\n

Marchildon commented in a prepared statement that fully vacant value-add office and flex opportunities of this size and quality are very rare in metro Phoenix. He added: \u201cThis former corporate headquarters campus offers \u2026 an opportunity for the buyer to transform it for future office leasing at a significantly lower cost than a ground-up development.\u201d<\/p>\n

Problematic subleases<\/h2>\n

The Phoenix metro office market is plagued by net occupancy losses and rising sublease space, though Class A space did see positive absorption in the first quarter, according to a new report from JLL. In response, JLL says, \u201cLandlords have opted to adjust concessions rather than asking rates.\u201d<\/p>\n

Overall vacancy stands at 19.5 percent, with sublease vacancy totaling about 1.9 million square feet, against a total inventory of 96.0 million square feet.<\/p>\n

In the Chandler submarket, Class A space totals 3.7 million square feet, with a total vacancy of 18.0 percent. Development activity has been modest: Just 120,000 square feet has been delivered this year, and only a further 300,000 square feet is under development, also according to JLL.<\/p>\n

Last October, Exeter Property Group acquired a 1.2-million-square-foot industrial property<\/a> in Newville, Pa., for $85 million.<\/p>\n

Back in June 2019, Exeter had purchased a 123,754-square-foot warehouse<\/a> in Phoenix\u2019 Southwest Valley submarket.<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The new ownership plans to reposition the onetime corporate headquarters in Chandler, Ariz.<\/p>\n","protected":false},"author":882,"featured_media":1004540368,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,21747,1601,15],"tags":[32789,36123,32796],"class_list":["post-1004540358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-office","category-phoenix","category-west","tag-cbre","tag-digital-realty-trust-inc","tag-jll"],"acf":[],"yoast_head":"\nEQT Exeter Buys Campus in Arizona\u2019s Silicon Desert - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-campus-in-arizonas-silicon-desert\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EQT Exeter Buys Campus in Arizona\u2019s Silicon Desert\" \/>\n<meta property=\"og:description\" content=\"The new ownership plans to reposition the onetime corporate headquarters in Chandler, Ariz.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-campus-in-arizonas-silicon-desert\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-17T12:08:30+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T01:15:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/1900-S.-Price-Road.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-campus-in-arizonas-silicon-desert\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-campus-in-arizonas-silicon-desert\/\",\"name\":\"EQT Exeter Buys Campus in Arizona\u2019s Silicon Desert - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-campus-in-arizonas-silicon-desert\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-campus-in-arizonas-silicon-desert\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/1900-S.-Price-Road.jpg\",\"datePublished\":\"2021-06-17T12:08:30+00:00\",\"dateModified\":\"2022-12-09T01:15:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-campus-in-arizonas-silicon-desert\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-campus-in-arizonas-silicon-desert\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/eqt-exeter-buys-campus-in-arizonas-silicon-desert\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/1900-S.-Price-Road.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/06\/1900-S.-Price-Road.jpg\",\"width\":800,\"height\":620,\"caption\":\"1900 S. 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