Disposal of Mixed-Use Development in Downtown Chandler
Cushman & Wakefield has facilitated the sale of Overstreet, a fully leased, Class A mixed-use office/retail development in downtown Chandler, Greater Phoenix, Arizona for for US $12.3 million.
Newly constructed in 2018, the property consists of 31,804 square feet comprising of two separate ground-level retail spaces with a contiguous second floor of office spanning across an interior street between the retail. The asset was acquired by Oversteet Project, LLC, a Nevada limited liability company.
Located at 140 North Arizona Ave, Overstreet Chandler consists of approximately 58 per cent office and 42 per cent retail space. The property features cutting edge architecture and interior improvements and also includes a large digital media billboard that wraps the corner of the neighboring building. A ±350-stall, five-story public parking garage provides on site parking.
The property is leased to a high-quality, synergistic tenancy including a breakfast hot spot, Mexican food, burgers, tea, ice cream and an industry leader in healthcare reimbursement on the second floor.
The seller was DT Chandler, LLC an Arizona limited liability company formed by LGE Design Build and Valley investors Mike Anderson and Bret Anderson. Eric Wichterman, Mike Coover, Scott Boardman and Chris Hollenbeck of Cushman & Wakefield Phoenix represented the seller in the disposition and Steve Beck of CoBe Real Estate represented the buyer.
Cushman & Wakefield executive managing director, Eric Wichterman, describes Overstreet as a “rare mixed-use property situated in one of the most sought-after markets in the greater Phoenix area”.
He adds, “The project is ideally positioned at a hard-corner location along Arizona Avenue, the area’s main thoroughfare, with access from three roadways in the center of Downtown Chandler, an eclectic ‘urban’ environment containing hip restaurants, shops and entertainment venues.”
“Unique to the property is that in addition to the restaurants’ large outdoor patio areas, there is also additional outdoor seating for patrons, tenants or guests throughout the property’s spacious common areas for a safer environment during COVID-19.”