PHOENIX—CBRE announces the sale of Continuum Business & Technology Park located at 2501 S. Price Rd. in Chandler. The business park, which currently consists of a 463,300-square-foot, class A office building on 152 acres, commanded a sale price of $51.75 million.
Luke Walker and Dave Carder with CBRE's Phoenix office and Kevin Miller with Capital Commercial Investments negotiated the sale. The seller was Austin, Texas- based Capital Commercial Investments, Inc. The buyer was Southwest Value Partners of Scottsdale. Executive managing director Jeff Wentworth with Cassidy Turley brokered the sale transaction. The Cassidy Turley team of Jeff Wentworth, Mike Beall, Sean Spellman and Chris Walker has been awarded the assignment by SVP to secure tenants and users for Continuum.
"Continuum, located in the heart of Chandler's Price Corridor, is well positioned to be a major jobs generator," Chandler Mayor Jay Tibshraeny tells GlobeSt.com. "The park represents Chandler's long-term vision of protecting our employment corridors for quality jobs and a strong sense of place for our corporate and tech companies. We feel this move is merely an extension of our work toward Chandler's continuous development into the innovation and technology hub of the Southwest."
CBRE's Carder believes the sale of Continuum validates the vision, investment and hard work shared by Capital Commercial Investments and the City of Chandler. "The successful public-private partnership allowed the former Motorola campus to be completely redeveloped into a world-class business park, attracting several new companies while bringing net new jobs to the City of Chandler. We congratulate everyone involved in the success of bringing Continuum to this exciting milestone," says Carder.
Continuum currently features an existing, redeveloped, two-story 463,000-square-foot, class A office building. The building was entirely renovated with a new three-story atrium lobby, curtain wall glass, upgraded HVAC systems and state-of-the-art electrical and fiber infrastructure. These renovations were completed in January of 2013.
"Continuum is one of a kind and has risen to become the quintessential business park in the entire Southwest and will continue to be a tremendous employment driver for the City of Chandler in many years to come," says CBRE's Walker.
Additionally, the redevelopment of the former Motorola campus included the construction of major infrastructure and horizontal improvements across the 152-acre property, including new landscaping, roads, sidewalks, lakes, water features and public gathering spaces. The City of Chandler was an integral partner in the redevelopment process and made joint investments in the park infrastructure and horizontal improvements.
In June of 2013, Continuum Business & Technology Park signed its first major tenant, Nationstar Mortgage. Nationstar, one of the nation's leading mortgage servicers and lenders, initially placed 1,200 new jobs in 164,000 square feet of space with an option to expand.
Shortly after landing Nationstar, Continuum secured its second major tenant with the signing of a lease with OnTrac. The locally based overnight delivery service moved its headquarters from Phoenix to Chandler and into 65,000 square feet of space that was customized for the tenant. OnTrac employs approximately 300 people with aggressive plans for growth; the company's president has been quoted saying OnTrac plans to bring 850 jobs to Chandler over the term of the lease.
Continuum also includes a 10,000-square-foot University of Arizona learning center, where the higher-education institution is able to meet the educational needs of Chandler's high-tech workforce by offering programs, classes and research, as well as recruiting other educational institutions.
Continuum currently has 81 acres of developable land remaining, and businesses and developers have opportunities for ground-up development in the form of build-to-suit and spec building options. Depending on densities and product type, between 2 million and 3 million square feet can be developed moving forward.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
