Continuum Sells for $51.8M in Phoenix
SVP Purchases Business Tech Park, 81 Acres for Development
February 27, 2014
San Diego-based Southwest Value Partners (SVP) Enterprise LLC acquired the Continuum Business & Technology Park at 2501 S. Price Rd. in Chandler, AZ from Capital Commercial Investments, Inc. for $51.75 million.
The 152-acre, master-planned business park includes a 463,658-square-foot office building and 81 acres of additional development land located in the Price Corridor, south of the Loop 101 and 202 Interchange. The existing building was constructed in 1986 by Motorola, and was renovated in 2012 by Capital Commercial. It is currently 48 percent leased to two tenants, Express Messenger Service (OnTrac) and Nationstar Mortgage, leaving roughly 230,000 square feet available.
"Continuum is one of the preeminent business parks in Arizona and its location is in the heart of the most active office submarket in metro Phoenix," said Justin Merritt, senior investment professional with SVP. "We look forwarding to working with the City of Chandler and putting our energy towards driving new development and employers to the project."
The City of Chandler has incentivized development at Continuum by promising a rapid-response approval process for new buildings, including a 24-hour turn around on design submissions. The buyer plans to implement a build-to-suit strategy for development of the remaining vacant land in the park. Additionally, SVP owns an adjacent 38-acre parcel that effectively expands the development potential there to nearly 190 acres.
Jeff Wentworth with Cassidy Turley represented the Austin, TX-based seller. Wentworth, Mike Beall, Sean Spellman, and Chris Walker have been retained by SVP to secure tenants and new users for its park.
Please see CoStar COMPS #2965910 for additional information on this transaction.