Offices in Phoenix’s Chandler Suburb Sell for $21.7 Million

Article originally posted on CoStar on January 13, 2021

The sale of Portico Place was among the largest in Chandler last year. (CoStar)

A Southern California investment group paid $21.7 million for a two-building office property in Chandler, Arizona, one of the highest sums paid last year for an office property in the Phoenix suburb where the pandemic caused deal activity to tumble.

Yonezawa-Miller Company, a real estate development firm based in Diamond Bar, California, bought Portico Place at 2121 and 2195 W. Chandler Blvd. from Milwaukee, Wisconsin-based real estate company Irgens Partners last month.

Yonezawa-Miller paid $238.31 per square foot for the 89,182-square-foot property, an amount that is near the average of $237 a square foot for the Chandler area, according to CoStar.

The transaction was the second-largest office sale by total price of 2020, following last month’s $58.5 million sale of an office building at The Park at San Tan mixed-use development in Chandler, according to CoStar.

Although investors were bullish on Chandler before the pandemic started, and buyer competition for properties has kept office prices rising for several years in the area, deal activity has tumbled since the pandemic started in March, and nearly all of the sales over the past few quarters have been for smaller properties priced under $2 million, according to CoStar Market Analytics.

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