Ben Tashakorian and Stuart Fagan, investment specialists in Marcus & Millichap's San Diego office, had the exclusive listing to market the property on behalf of the seller, 5121 Glendale Associates. The buyer, Pacific Property Group, was secured and represented by Ben Tashakorian and Stuart Fagan. Don Morrow, broker, assisted in closing this transaction.

Tierra Del Sol is located at 1606 East Bell Road in Phoenix. The multi-tenant strip center is currently 75% occupied and has a very diverse tenant mix and has historically operated at near-stabilized levels. The transaction includes four separate properties that encompass 3.83 acres of land on a signalized intersection.

PHOENIX—CBRE has been awarded the marketing assignment for the 240,000-square-foot office portion of Chandler Viridian, the $150 million, mixed-used project to be developed by Hines. The multi-faceted development project will be located on the former Elevation Chandler site near Chandler Fashion Center. Construction on the project is slated to begin 1Q 2015 and will include multifamily and hospitality components in addition to the premier, class A office product.

The Offices at Chandler Viridian will benefit from an excellent infill location in the heart of Chandler's major employment and tech-hub. In addition to the strong corporate employment located to the southwest in the Price Road Corridor, the property will also boast proximity to numerous restaurant, retail and entertainment options within blocks of the project in addition to amenities that will be on-site upon Viridian's completion.

The state-of-the-art project is expected to draw the interest of major companies looking to locate or expand in metropolitan Phoenix, and will be a welcome addition to a submarket currently suffering from a dearth of available office product, particularly large blocks of quality contiguous, space. At the end of Q2 2014, the Chandler submarket led the Valley office market with a vacancy rate of 10.1%, compared to a 22% vacancy Valley-wide. Additionally, class A space in Chandler recorded a vacancy rate of only 3.9% at mid-year, compared to 16.9 for the entire metro area.

At build out, the 25.6-acre Chandler Viridian will feature 335 apartments units in a four-story building, 240,000 square feet of office space in a six-story building, a 10-story, 150,000-square-foot hotel with 180 rooms and two pads for retail/restaurants. The pedestrian friendly project will feature gardens, promenades, courtyards and plazas that would be interconnected with 1.5 miles of paths and trails. The commercial components of office, hotel and retail will be developed on the northern portion of the tract and the multi-family residential units would be situated in the southern part of the site along the west side of the 101 Loop/Price Road Freeway and just north of the 202 Loop/San Tan Freeway.