Alturas Capital Partners Acquires Arizona Flex-Office Buildings
Written by Diana Hays | December 21, 2020
Chandler, AZ - December 21, 2020
Alturas Capital Partners has added Airport Center, two flex-office buildings, to the Alturas Real Estate Fund portfolio. The 94,545 square foot flex-tec/office complex is 100% occupied and is situated on 11.10 acres at 2150 E. Germann Road and 2200 E. Germann Road in Chandler, AZ.
Chandler is seen as the ultimate “live-work-play” environment and a central hub for the growing tech industry in metropolitan Phoenix. The asset is located near the Chandler Municipal Airport which provides long-term tenant appeal and flexibility.
Recently, the area has seen a substantial amount of tenant activity. From 2019 to 2020 over 1.3 million square feet of new tenants have been added to the market. Chandler is one of the fastest growing areas of the country and is projected to grow another 2.33% annually between 2020 and 2025. This is over three times the national average.
Key tenants include: Perdoceo Education Corporation, Pitt Fitness and Offerpad.
While certainly a challenging time to be acquiring real estate, we are grateful for the partners that allow us to take advantage of opportunities like this despite the headwinds the world is facing. Tenant partners that are steadfast in their commitments, investor partners that have a long-term perspective and understand contrarian, value investing, and broker partners that are tireless in their pursuit of new opportunities. We are grateful for these partners and team members that put their trust in us.
Bob Young and his team at CBRE represented the seller and facilitated the transaction.