Portico Place

Details

Chandler, Arizona
41,000 SF

 

Responsibility

  • Acquisition & Ownership
  • Development
  • 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
  • Market demand for small-to mid-size business users drove investment success

Irgens acquired Portico Place, a 41,000 square foot, two-story, multi-tenant Class A office building in Chandler, Arizona, one of Phoenix’s most active commercial sub-markets. At the time of acquisition, Portico Place was 65% leased to various highly regarded national and regional credit tenants. After a capital investment to common areas and dedicated leasing efforts, Portico Place became 100% occupied.


Recognizing high barriers of entry for new ground-up developments in the Greater Chandler submarket, Irgens negotiated the adjacent pad site to be included in the acquisition for a future two-story 48,000 square foot commercial office development. Irgens recognized the market demand for smaller tenant business requirements and these users drove the launch of a second 48,000 square feet of space.