Big office transactions have been few and far between in this tumultuous, pandemic-filled 2020, but a Chandler office property recently fetched a large price. DPC Development purchased the mixed-use business center, The Park at San Tan in Chandler, for $65 million.
The Park at San Tan is located on the west side of the Loop 101 at Ray Road, just a mile from Chandler Fashion Center. It features a 5-story office tower with a 4-level parking structure with 608 spaces. The office building is 218,596 square feet and there are three retail buildings in the center, totaling 20,139 SF.
The $65 million deal was the second largest office transaction of 2020, based on data from the commercial real estate tracking site Vizzda.com. That total is well behind the top sale of 2020, the $187 million sale of the Grand2, which more than doubled the $90 million that the Grand1 building fetched in December of 2019.
DPC Development is based in Denver, Colo. and is expanding its portfolio in the Greater Phoenix market. DPC also owns the office property, 3200 North Central, in Phoenix and an industrial facility, HUB 317, near Phoenix Sky Harbor International Airport.
Massachusetts-based TA Realty was the seller of the property.
