PHOENIX—Palisades Private Capital Fund 1, a $50 million fund created by Palisades Mexico Partners, has acquired Chandler Corporate Center, a two-story, 67,561-square-foot class A office asset in Chandler for $13.9 million.

PMP is a joint venture of Joaquin de Monet, founder and managing principal of Palisades Capital Realty Advisors, LLC, an investment management and advisory firm, and Sergio Argelles, president and CEO of Monterrey, Mexico-based FINSA.

“Chandler Corporate Center is a well-located, attractive office building with sustainable features that provide the tenants with economical operations and a comfortable, healthy work environment,” says Argelles, a Mexican real estate mogul who transformed his family-owned company into a real estate development firm in Mexico. “The asset offers our investors a stabilized, secure and growing cash flow, with the opportunity for significant rent increases as the market continues to improve.”