CHANDLER, AZ-Irgens has added the 41,000-square-foot Portico Place office building to its portfolio, buying the building from Armstrong Development Partners Inc. The transaction also brought an adjacent parcel in which a 48,000-sqare-foot office building can be built.

The two-story office building is at 2121 W. Chandler Blvd. and is currently 65% occupied. Leasing assignment for the remaining shell space has been awarded to Adam Tolson and Steve Kohls at Lee & Associates. Tolson and Kohls, along with Lee & Associates' Mike McQuaid, Mike Garlick and Steve Whitehead, also brokered the sales transaction for the property.

“With its premier location in one of the Valley's most active business corridors, Portico Place presents a high-profile opportunity for office tenants in the southeast valley,” says Jason Meszaros, Vice President and Arizona Market Manager for Irgens in a press release.

The office building is part of a 14-acre, mixed-use development that includes retail and a hotel. Meszaros says improvement plans are in place for the development's second phase, which would include the 48,000-square-foot building. “With the development work that has already been completed, the land site is positioned for a corporate office or medical office build-to-suit opportunity with speed to market in mind,” he adds.