Irgens Acquires Portico Place, a 41,000 SF Office Building in Chandler, Arizona

02.20.2013

41,000 SF Multi-Tenant Office Building Includes Adjacent Pad Site for Development of a 48,000 SF Commercial/Medical Office Building

 

Irgens has acquired Portico Place, a 41,000 SF, two-story, multi-tenant office building located at 2121 West Chandler Boulevard, along with an adjacent land parcel planned for a two-story 48,000 SF office building in Chandler, Arizona. Sale price and terms of the transaction were not disclosed.

 

“With its premier location in one of the Valley’s most active business corridors, Portico Place presents a high-profile opportunity for office tenants in the southeast valley,” said Jason Meszaros, Vice President and Arizona Market Manager for Irgens.

 

Portico Place is currently 65% leased. Leasing assignment for the remaining shell space has been awarded to Adam Tolson and Steve Kohls at Lee & Associates.

 

“Improvements are in place for Phase II of the development, with plans for a 45,000 SF commercial office or medical office building,” Meszaros added. “With the development work that has already been completed, the land site is positioned for a corporate office or medical office build-to-suit opportunity with speed to market in mind.”

 

The site is located on Chandler Boulevard, just west of a major intersection at Dobson Road, providing a highly visible and accessible location. The property enjoys a retail-type presence, with many desirable amenities within a 1-mile radius. It is also located near the premier regional shopping center, the Chandler Fashion Square Mall. In addition to being less than one mile from the Chandler Regional Hospital, the project is in close proximity to major employers such as Intel, Microchip, Bank of America and Orbital Science.

 

Portico Place features a diverse mix of high-quality medical, financial and other current tenants, including General Services Administration, Blue Cross and Blue Shield of Arizona, NCS Pearson, Miller Financial Group, Quatra Associates, Armstrong Development Properties, Dungy Orthopedic Center and Trinity Capital Investment.

 

Transaction Summary

  • Buyer: Irgens
  • Seller:  Armstrong Development
  • Broker: Lee & Associates | Adam Tolson, Steve Kohls, Mike McQuaid, Mike Garlick, Steve Whitehead

 

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