Arizona, U.S.A. - A 152-acre business park in Chandler’s Price Corridor has been purchased for $51.75 million by Southwest Value Partners, the San Diego-based real-estate investment company co-founded by Robert Sarver.
The Continuum Business & Technology Park, originally developed by Motorola in 1986, is currently home to a 463,658-square-foot office building that is 50 percent leased to Nationstar Mortgage and OnTrac, an express messenger service.
Texas-based Capital Commercial Investment is the seller of the property, at 2501 S. Price Road.
The company renovated the building in 2012, with features including a new three-story atrium lobby.
The Cyrus One Data Center campus is in the office park but not included in the sale.
As much as 3 million square feet of additional commercial space could be developed on 81 acres at Continuum.
Chandler is giving incentives to development there, including a fast approval process and a 24-hour turnaround on design applications.
“Continuum is one of the pre-eminent business parks in Arizona, and its location is in the heart of the most active office submarket in metro Phoenix,” said Justin Merritt of Southwest Value.
A 38-acre parcel next to Continuum is already owned by Southwest Value.
The company is planning buildings ranging in size from 30,000 to 500,000 square feet on the property.
“This submarket has seen a profusion of build-to-suit activity recently, with Garmin, General Motors, Shutterfly, GoDaddy and Amkor Technologies,” said Jeff Wentworth, executive managing director of Cassidy Turley.
Wentworth brokered the sale with Luke Walker and Dave Carder of CBRE’s Phoenix office and Kevin Miller with Capital Commercial Investments.
Southwest Value owns several Arizona projects, including the Westin La Paloma in Tucson and Merrill Ranch in Pinal County.