Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHANDLER, AZ-Countrywide Financial has taken over 80,000 sf of shell office space at Chandler Commons in an all-cash, $7.8-million purchase with an option to buy an extra 10 acres for expansion.

“This company has experienced explosive growth in the last couple of years and felt they needed a presence in Arizona,” Pete Wentis, with CB Richard Ellis Inc. in Phoenix tells GlobeSt.com. “They wanted a nice, clean campus environment close to amenities and our Chandler office park offered all of those.”

Built in 2001, the two-building, class A office complex is located on 26 acres at 2555 W. Chandler Blvd., near Chandler’s Fashion Center Mall and the Loop 101. Wentis said the nearby retail shops and restaurants along with easy freeway access and a strong employee base were factors in the Calabasas, CA, financial institution’s decision to purchase the property.

As part of the deal, Countrywide also secured an 18-month option to purchase an additional 10 acres that would allow the firm to build an additional 150,000 sf of office space, bringing its Chandler facilities up to 225,000 sf, Wentis said. Countrywide, which is expected to employ about 400 people at the new facility, is scheduled to move into the space in August. It will use the Chandler location to expand its processing, underwriting and servicing operations from California and Texas, with some space dedicated to disaster recovery.

Countrywide was assisted in the purchase by Jim Travers of Travers Realty in Los Angeles and Karsten Peterson, previously with the Phoenix office of Insignia/ESG. Wentis, along with Brad Anderson, Luke Walker and Kevin Cosca, all with CB Richard Ellis’ Phoenix office, represented the building’s owner, Lowe Enterprises of Brentwood, CA, and TIAA-CREF in New York City.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.