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Investor group buys Chandler Center Commons, plans campus upgrades
Platinum Advisors and developer Blake Carroll acquired the 12-acre Chandler office campus for $30.5 million. The property is 95% occupied, and the new owners plan repairs and upgrades while pursuing office-condominium sales.
A 10-building office campus in Chandler has changed hands for $30.5 million, with the new owners planning upgrades and opportunities to sell individual buildings and suites to businesses and investors.
Platinum Advisors LLC and real estate developer Blake Carroll acquired Chandler Center Commons, a roughly 12-acre property at 5500-5590 W. Chandler Blvd. The campus was built in 2008 and is about 95% occupied, according to information released by the buyers.
Its 10 single-story buildings range from approximately 7,000 to 20,000 square feet. The campus is divided into 36 office condominium suites.
Platinum Advisors partner Jim Riggs said the company intends to modernize the property and create ownership options for businesses and investors. Planned work includes replacing some air-conditioning units, repairing exterior stucco, repainting buildings, resurfacing and restriping parking areas, and refreshing landscaping and common spaces. The company also expects to identify additional repairs during the ownership transition.
The property is near Intel’s Chandler employment campus and within 2.5 miles of Interstate 10, Loop 101 and Loop 202. The buyers cited the area’s concentration of technology, semiconductor, financial-services, health care and professional-services companies as supporting demand for office space.
Platinum Advisors says it has completed more than 50 office-condominium projects across four states, totaling over 3 million square feet.