Downtown, south Chandler office buildings change owners - SanTan Sun News SanTan Sun News

Downtown, south Chandler office buildings change owners

April 11th, 2022 SanTan Sun News
Downtown, south Chandler office buildings change owners
Business
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By SanTan Sun News Staff

Three recent real estate sales in Chandler totaling more than $100 million resulted in new owners taking over a downtown office building.

Developer George Oliver sold The Alexander at 25 S. Arizona Place in Chandler to Asana Partners for $45.5 million – more than twice the $16.3 million he paid for the 112,000-square-foot building in October 2019, according to the Valley real estate tracker, vizzda.com.

Meanwhile, EVOXAZ Chandler Airpark LLC  paid $45,5 million to acquire Kitchell Airpark on Cessna Drive in Chandler. Built last year, the complex includes two industrial buildings with a total square footage of just over 1,480,000 square feet on 9.2 acres of land, according to vizzda.

In a third unrelated transaction recently, Dobson Town Place, a 44,000 square-foot single-story medical and professional office in south Chandler, sold for $10,300,000 or $232 per square foot. James “J.T.” Taylor of ORION Investment Real Estate represented seller, Off Five LLC, in the transaction with buyer Stratton Road Realty, which is expanding its footprint in Valley.

According to a release from ORION, Irvine, California-based Stratton Road Realty sees Dobson Town Place “as a strategic acquisition” because of its proximity to Intel’s Ocotillo campus and the new  Banner Ocotillo Medical Center in Chandler. Stratton Road Realty LLC in Dobson Town Place was developed in 2007-08 and the property is 100% occupied, leased to a mix of medical, professional office, and retail tenants.

“This property was highly sought after due to its high demographic location in south Chandler, its tenant mix and quality of construction” said Taylor.

Meanwhile, Charleston, North Carolina-based Asana Partners paid about $424 per foot to acquire The Alexander, a 5-story building built in 1988 on two acres that includes a 120,000-square-foot parking garage.

Oliver’s massive renovation of The Alexander – and his subsequent renovation of the adjacent The Johnathan – was marked by a health-centered vision that prioritized amenities aimed at fostering tenants’ physical and mental well-being.

It includes a wellness center, coffee-juice bar, lounge-styled outdoor areas with games, a yoga studio, spa-inspired showers and even a tranquil garden.

The company’s related John Oliver Design also upgraded the building’s main HVAC systems and elevators to optimize air quality and functionality.

Asana Partners is a vertically integrated real estate investment company and private equity fund manager that boast of long experience in “preserving and redeveloping existing buildings, mitigating portfolio-wide energy and water consumption, employing wind, solar, and waste management programs, developing LEED-certified buildings, and increasing the number of LEED-trained associates. “

It says on its website it manages and owns more than $2 billion in neighborhood mixed-use and  retail redevelopments and developments across the United States.

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