United Realty Buys Phoenix Office Asset

Norte at Chandler. Image courtesy of Cushman & Wakefield

United Realty M.T.A. has purchased an 85,979-square-foot office building in Chandler, Ariz., in metro Phoenix, for $17.2 million.

Alidade Capital was the seller, according to CommercialEdge data. The company had acquired the asset for $15.3 million in 2019 from Rockefeller Group, the same source shows. The 2019 sale was part of a $26.3 million portfolio transaction, also comprising 100,243 square feet of industrial space at Chandler Crossroads – Building 1.

Completed in 2016, Norte at Chandler encompasses a single-story building with steel frame construction and masonry exterior. The property includes 515 parking spaces.

Cushman & Wakefield brokered the transaction. A team comprising Alexandra Loye, Mike Coover, Eric Wichterman and Steve Lindley represented the seller.

Tenants at the Class A property include Enterprise Holdings, as well as a large semiconductor company. The building was 70 percent leased at the time of the transaction. Wichterman said in prepared remarks that several tenant prospects showed interest in leasing the free space during the sale.

Norte at Chandler is located at 4100 W. Galveston St. The building sits on a 7.9-acre site, having easy access to Interstate 10, Loop 202 and Loop 101.