Portico Place I and II, a two-building office property located at 2121 and 2195 West Chandler Boulevard in Chandler, Arizona, has been purchased by YMC Arizona Properties, LLC, a private investment group based in Los Angeles, California, for $21,680,000. The buyer was represented in the transaction by Kidder Mathews investment broker Erik Marsh. The seller was Irgens, a real estate firm based in Milwaukee, Wisconsin.
Portico Place I and II is an 89,182 square foot suburban office property located in the South East Valley where overall office space rental rates have remained steady, and in some cases, increased in the last year. Lease rates are in the high $20 to low $30 range per square foot.
This sale marks the largest multi-tenant office transaction in the South East Valley of Phoenix MSA, showing strong office space fundamentals in this region.
“During the work from home environment, there is still a strong market for office investments in the Phoenix metro area,” said Marsh. “Kidder Mathews is pleased to have represented YMC Arizona Properties in this successful acquisition. They will do well with this investment, given the location and strong office fundamentals. Historically, Portico Place I and II has had good occupancy and a good tenant mix,” he said.
