The two-building, multi-tenant property was acquired by Southern California-based YMC Arizona Properties, LLC for $21.68 million. The buildings, which were developed in phases in 2009 and 2015, were nearly 95% leased combined at time of sale.
Eric Wichterman and Mike Coover with Cushman & Wakefield in Phoenix represented the seller, Chandler Portico, LLC, a company formed and sponsored for the past seven years by Irgens Partners, LLC. Adam Tolson and Colton Trauter with Lee & Associates provided Acquisition and Leasing Advisory to Irgens. The buyer was represented by Erik Marsh of Kidder Mathews.
“This offering presented an opportunity to acquire a class A office development with robust occupancy and stable cash flow in Chandler, a major innovation and tech hub and one of the most sought-after markets in the greater Phoenix area,” said Eric Wichterman. “The project provides high-quality office space to small and midsized tenants, who have far fewer options in Chandler than large tenants.”
Mike Coover added, “The Southeast Valley has attracted the majority of office net absorption in Metro Phoenix over the past decade. Sophisticated industries have focused on Chandler because of its nationally renowned demographics. These include biotechnology/life sciences, clean technology, renewable energy, aerospace, advanced manufacturing and advanced services.”
Portico I and II consists of two high-image buildings prominently located on approximately 6.2 acres at 2121 & 2195 West Chandler Blvd. Both buildings feature modern common areas and tenant improvements, and abundant parking. Tenants and visitors of the property enjoy superb freeway access from the Loop 101 Freeway and the 202 Loop Freeway, both approximately one mile away.