CBRE announced the sale of One Chandler Corporate Center, a 117,394-square-foot Class A office building, located at 350 N. McClintock Dr. in Chandler, Ariz. The single-tenant building is fully leased by Allstate Insurance.
Barry Gabel, Chris Marchildon and Will Mast of CBRE represented the seller, Van Trust Real Estate, LLC, a full-service real estate development company, in the transaction. The property was acquired by Phoenix, Ariz.-based Strategic Office Partners, which is owned by TPG Real Estate Partners.
“Chandler continues to be one of the metro’s strongest submarkets for corporate tenants, and this sale is evidence of the area’s long-term growth potential as users look to suburban submarkets for high-quality new construction, amenity-rich environments and access to well-educated labor forces,” said CBRE’s Gabel.
One Chandler is a two-story, newly constructed office building located near McClintock Drive and Chandler Boulevard. The state-of-the-art property features premier tenant improvements, expansive 14-foot ceilings, highly visible tenant signage and abundant employee parking. Allstate Insurance has occupied the building since 2019.
Located northwest of the Loop 101 and Loop 202 freeway interchange, the property is situated near Chandler’s Price Road Corridor, a technology, research and financial services hub featuring several Fortune 500 companies. The property is also surrounded by more than 2 million square feet of retail, hotel and restaurant amenities and is in proximity to Chandler Fashion Center, an enclosed 1.94 million-square-foot shopping mall.
Since 2006, the Chandler submarket has achieved consecutive positive year-end absorption, totaling more than 2.9 million square feet.