Canadian Investor Buys Chandler Building for $15 Million

Chandler Airport Ctr II 280A Canadian investor has snatched up a 90,911-square-foot office building adjacent to the Chandler Municipal Airport for $15 million, according to a statement Thursday from CBRE Inc. in Phoenix.

Chandler Airport Center II, located on the southwest corner of Loop 202 and Chandler Road, is the second-phase building of the development that was built in 2008 by now-defunct Opus West Corp. The two-story Class A structure was sold at 91 percent occupancy with tenants such as Marvell Semiconductor, Ascend Learning, Academy Mortgage and Soilworks, the statement said.

The buyer was Redstone Chandler II LLC, an Arizona entity formed last month by Ayaz Velji of Surrey, British Columbia and Redstone Holdings Inc. of Carson City, Nev., according to its business filing with the Arizona Corporation Commission.

The seller was the Picerne Group, a commercial real estate company near San Clemente, Calif.

“The area’s real estate market has benefited from the flow of cross-border capital, specifically from Canada,” Jim Fijan, a broker at CBRE who represented Picerne. “With a healthy supply of well-priced, quality assets in metro Phoenix, I would suspect the trend will continue into the new year.”

According to a recent article in Business Real Estate Weekly of Arizona, the Chandler building was one of two Valley acquisitions by Velji that month.

Redstone Baseline LLC, also an Arizona entity formed by Velji and Redstone Holdings last month, paid almost $14 million for the Raven Corporate Center, an approximately 86,800-square-foot office project near 32nd Street and Baseline Road, the BREW article said.

The BREW article also said the two transactions were Velji’s first in the Valley.

Kristena Hansen, Reporter- Phoenix Business Journal, Jan 31, 2013

Paste your AdWords Remarketing code here