Portico Place II

Details

Chandler, Arizona
48,173 SF

 

Responsibility

  • At-Risk Development
  • Construction Management
  • Leasing
  • Property Management

 

Value Added

Purchase Date: February | 2013
Purchase Price: $5.79 million
Equity: $3.5 million
Sale Price: $21.6 million
Sale Date: December | 2020

  • Value add acquisition/redevelopment
  • Market demand for small-to mid-size business users drove investment success

In October 2014, Irgens broken ground on Portico Place II, a 48,173 square foot, two-story, Class A multi-tenant office building, the second phase of office development within the 14-acre mixed-use Portico Place project. The new office building addresses the growing demand for modern, contemporary office space in the rapidly growing southeast Valley submarket. At the time, Portico Place II was the first spec office building under 50,000 square feet built in the Valley in nearly six years.


Irgens secured Portico Place lending to underwrite as 50% preleased development based on 100% adjacent occupancy. Phased work and close coordination during construction minimized impact to ongoing services. In the end, the project obtained spec development financing, came in under budget and was at 80% occupancy when construction was completed. Investors benefited due to lower project cost and expedited lease occupancy.