Vizzda – MAY 30TH, 2013 – Griffin Capital Essential Asset REIT, Inc has acquired the Avnet Integration headquarters in Chandler for $31.5M or $137 per square foot. There was a $500K down payment, and the property was secured under a $200M cross-collateralized note with Keybank.
The 229,740 ft2 distribution center is located at 6700 West Morelos Place in Chandler, east of the southeast corner of 56th Street and the Loop 202. The property consists of one building on 13.11 acres zoned with a planned area development overlay. The building consists of 183,061 ft2 first floor that is used for integration and logistics. The 46,679 ft2 second floor is strictly office space. Further information on this building’s features is available through a subscription to Vizzda.
Ryan Companies developed the building built-to-suit in 2007 for Avnet Integration, whose lease commenced on January 10th, 2007. The site was later sold to FORT Property Management on July 25th, 2008 for $35.2M or $153 per square foot. Fort facilitated a tenancy-in-common ownership arrangement by selling off fractional interests from July 28th, 2008 through April 20th, 2010.
By: Daniel Alpers
Director of Planning & Municipal Projects