Chandler City Center
- 104,534 square foot, five-story office building.
- Acquired in December 2015 at 95% leased with a 60% anchor tenant at 15% below market rent.
- Located in the heart of downtown Chandler, AZ, a dynamic ‘live, work, play’ environment and one of the most sought-after locations in the Phoenix metro area.
- Business plan to drive rental rate increases by completing capital improvements to bring the building up to par with the burgeoning surrounds of Downtown Chandler.
- Implemented a capital improvement program to replace the roof, modernize elevators, and construct ‘spec’ tenant suites.
- Negotiated an extension/contraction with the anchor tenant to increase their base rent by 26% and reduce their space by a third, while simultaneously converting their sublease tenant to a direct building tenant.
- Sold property October 2019.