10-building office campus in Chandler sells for $30.5 million

A 10-building office campus, which spans about 12 acres, sold for $30.5 million in Chandler.

Platinum Advisors, LLC, with real estate developer Blake Carroll, acquired Chandler Center Commons, which is located at 5500-5590 West Chandler Boulevard.

The project was constructed in 2008 and is 95% occupied. The 10 single-story buildings range from about 7,000 to 20,000 square feet with 36 individual office condominium suites.

“Chandler Center Commons is exceptionally well suited for our office condominium strategy,” Jim Riggs of Platinum Advisors said in a news release. “The property offers individually configured buildings and suites, strong access, established tenancy and a premier Chandler location. Our goal is to make meaningful improvements to the campus and create ownership opportunities for investors and businesses that want greater control over their real estate.”

The improvement plan is designed to modernize the property, improve its reliability and enhance its overall experience. The planned improvements are as follows:

• Replacing certain air conditioning units
• Exterior painting and stucco repairs
• New seal coating and striping in parking areas
• Upgrade landscape and refresh common areas
• Other building and site improvements found during ownership transition

“These improvements are intended to enhance the experience for current tenants while strengthening the long-term value and marketability of each building and suite,” Riggs said. “We see a significant opportunity to elevate the property and establish it as one of Chandler’s premier office ownership communities.”

Platinum Advisors has completed over 50 office condo projects in four states, which have totaled more than three million square feet. The team is experienced in acquiring, developing, repositioning and selling office condominiums, the release said.

The project is located next to Intel’s major Chandler employment campus, which is the city’s largest employer and has made substantial long-term investments in semiconductor manufacturing and technology infrastructure.

Chandler Center Commons is less than 2.5 miles from Interstate 10, Loop 101 and Loop 202, creating easy access to the Southeast Valley and Phoenix metropolitan area.

The growing concentration of technology, semiconductor, financial services, healthcare and professional-service companies supports demand for the project, the release said.

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