Platinum Advisors, LLC, in a joint venture with real estate developer, Blake Carroll of RBC Dev Co, has acquired Chandler Center Commons, a 10-building office campus located at 5500–5590 W. Chandler Blvd. in Chandler for $30.5 million.
The approximately 120,516-square-foot property occupies 11.94 acres along one of Chandler’s most established business corridors. Constructed in 2008, the campus consists of 10 freestanding, single-story buildings ranging from approximately 7,000 to 20,000 square feet and containing 36 individual office condominium suites. The project is 95% occupied.
The joint venture plans to enhance the property’s existing condominium structure while offering individual buildings and suites for sale to investors, businesses, medical practices and other owner-users. The strategy will provide current tenant’s with the opportunity to own high-quality office space in a market where comparable owner-user inventory is limited.
“Chandler Center Commons is exceptionally well suited for our office condominium strategy,” said Jim Riggs of Platinum Advisors. “The property offers individually configured buildings and suites, strong access, established tenancy and a premier Chandler location. Our goal is to make meaningful improvements to the campus and create ownership opportunities for investors and businesses that want greater control over their real estate.”
Platinum Advisors brings extensive office condominium development and sales experience to the partnership. Its principals were early pioneers of the office condominium model in Arizona and have completed over 50 office condo projects in four states totaling more than three million square feet. The team’s experience includes acquiring, developing, repositioning and selling office condominiums as well other infill redevelopment projects.
“Platinum Advisors has been at the forefront of Arizona’s office condominium market for decades,” said Blake Carroll. “Their experience with this specialized product type, combined with our shared vision for Chandler Center Commons, gives us a strong platform to reposition the property and serve both investors and owner-users.”
As part of its ownership plan, the joint venture expects to undertake a comprehensive capital-improvement program designed to modernize the property, improve operating reliability and enhance the overall appearance of the campus.
“These improvements are intended to enhance the experience for current tenants while strengthening the long-term value and marketability of each building and suite,” Riggs said. “We see a significant opportunity to elevate the property and establish it as one of Chandler’s premier office ownership communities.”
Chandler Center Commons is located directly adjacent to Intel’s major Chandler employment campus and near Intel’s expanding Ocotillo operations. Intel is Chandler’s largest employer and has made substantial long-term investments in semiconductor manufacturing and technology infrastructure throughout the area.
The property is also less than 2.5 miles from Interstate 10, Loop 101 and Loop 202, providing convenient access throughout the Southeast Valley and greater Phoenix metropolitan area. Chandler Fashion Center, numerous restaurants, hotels and retail amenities are located nearby, while Chandler Municipal Airport is less than five miles from the campus.
The surrounding Chandler employment corridor is home to a growing concentration of technology, semiconductor, financial services, healthcare and professional-service companies. These fundamentals, together with the area’s highly educated workforce and continued population growth, support demand for office space serving both investors and business owners.
The joint venture has commenced marketing to select buildings for sale with three buildings under contract. CBRE and LevRose are representing the new ownership group, with CBRE responsible for leasing. Interested parties can purchase entire buildings or select suites to hold for investment. Tonianne Strohkirch, VP of Real Estate for Platinum Advisors, is overseeing the day-to-day execution of the investment strategy.
