{"id":1004641005,"date":"2023-01-24T03:47:52","date_gmt":"2023-01-24T11:47:52","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004641005"},"modified":"2023-04-24T06:09:45","modified_gmt":"2023-04-24T14:09:45","slug":"mass-equities-sells-2-class-a-phoenix-office-buildings","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/mass-equities-sells-2-class-a-phoenix-office-buildings\/","title":{"rendered":"Mass Equities Sells 2 Class A Phoenix Office Buildings"},"content":{"rendered":"
\"Chandler<\/a>

Chandler Corporate Center I. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

Mass Equities<\/strong> has completed its $22 million sale of Chandler Corporate Center I and II, two Class A mid-rise office buildings totaling 136,728 square feet located at 585 and 500 N. Juniper Drive in Chandler, Ariz. Zeitlin Capital<\/strong>, which had acquired the assets over a single transaction, financed the purchase with a $14 million loan provided by Wells Fargo Bank<\/strong>, according to CommercialEdge information. Cushman & Wakefield<\/strong> represented the seller.<\/p>\n

Chandler Corporate Center I and II came online in 2008 and 2009, respectively, as the first buildings in the 75-acre Chandler Corporate Center, which spans six buildings totaling 488,659 square feet.<\/p>\n

\"Chandler<\/a>

Chandler Corporate Center II. Image courtesy of CommercialEdge<\/em><\/p><\/div>\n

Chandler Corporate Center I spans 68,208 square feet, over two stories, according to CommercialEdge. The property was constructed to LEED Silver specifications and was 71 percent leased at the time of sale.<\/p>\n

Chandler Corporate Center II spans 68,520 square feet, built to similar specifications as the first. The building was 85 percent leased to four tenants.<\/p>\n

The assets are within 2 miles of Loop 101 and 202, providing quick highway access to many of metro Phoenix\u2019s surrounding areas. Tenants have access to more than 4 million square feet of retail space, in addition to myriad dining and hospitality options. Downtown is 13 miles away.<\/p>\n

The Cushman & Wakefield team representing the seller was led by Executive Managing Directors Chris Toci and Jerry Roberts, alongside Managing Director Pat Boyle.<\/p>\n

Phoenix’s office hurdles<\/h2>\n

Despite a lagging construction pipeline of 840,000 square feet and ongoing office sector struggles, Phoenix retains some relative stability, experiencing $2.8 billion in sales in 2022, a CommercialEdge report<\/a> shows. In recent years, the city has benefitted from its strong demographic fundamentals, relative affordability and the relocation of numerous high-profile employers<\/a> to the area.<\/p>\n

A recent office headline around the Valley of the Sun is United Realty\u2019s purchase<\/a> of an 85,979-square-foot office building, also in Chandler. The asset is part of the same campus as Chandler Corporate Center I and II.<\/p>\n","protected":false},"excerpt":{"rendered":"

The assets are part of a 75-acre campus. <\/p>\n","protected":false},"author":3012,"featured_media":1004658814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,21747,1601,15],"tags":[32799,37667,51832],"class_list":["post-1004641005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-office","category-phoenix","category-west","tag-cushman-wakefield","tag-mass-equities","tag-zeitlin-capital"],"acf":[],"yoast_head":"\nMass Equities Sells 2 Class A Phoenix Office Buildings - CPE<\/title>\n<meta name=\"description\" content=\"Mass Equities has sold two Phoenix-area office buildings to Zeitlin Capital. 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