PHOENIX—Palisades Private Capital Fund 1, a $50 million fund created by Palisades Mexico Partners, has acquired Chandler Corporate Center, a two-story, 67,561-square-foot class A office asset in Chandler for $13.9 million.
PMP is a joint venture of Joaquin de Monet, founder and managing principal of Palisades Capital Realty Advisors, LLC, an investment management and advisory firm, and Sergio Argelles, president and CEO of Monterrey, Mexico-based FINSA.
“Chandler Corporate Center is a well-located, attractive office building with sustainable features that provide the tenants with economical operations and a comfortable, healthy work environment,” says Argelles, a Mexican real estate mogul who transformed his family-owned company into a real estate development firm in Mexico. “The asset offers our investors a stabilized, secure and growing cash flow, with the opportunity for significant rent increases as the market continues to improve.”
Situated on 7.24 acres at 585 North Juniper Drive northwest of Chandler Boulevard and McClintock Drive, this LEED-certified building, which was built in 2008, is PMP’s first investment in the Arizona market. The property provides tenants, including MediServe Information Systems, STA Travel and Garmin International, Inc., ample open and canopied, surface parking spaces with a 6.63:1000 parking ratio.
“Growth in the region’s high-tech sector has boosted job growth, beginning in the last quarter of 2013,” explains de Monet. “This upturn in Chandler’s economy is increasing demand for office space and this acquisition is in the right place at the right time, offering an opportunity to invest in the right cycle of the market.”
JLL handled the transaction for both the seller, Held Properties, Inc., and PMP.