Texas Real Estate Investment Firm Buys Former Motorola Campus in Arizona

Posted By Mike Padgett

July 27, 2009

PRESS RELEASES

PHOENIX, Ariz. – Capital Commercial Investments Inc. of Austin, Texas, has acquired the former Motorola campus, a two-story corporate office and research and development facility at 2501 S. Price Road in Chandler.

The 512,000-square-foot building sits on 152 acres between Germann and Queen Creek roads. The property’s acquisition coincides with the City of Chandler’s announcement positioning the Price Corridor as its Innovation Center – an emerging core of leading-edge companies and innovative workers from around the world.

Luke Walker of CB Richard Ellis‘ Phoenix office represented CCI. The seller, Motorola Inc., headquartered in Schaumburg, Ill., was represented by Jeff Adkinson of Jones Lang LaSalle in Los Angeles, Calif. Details of the multi-million-dollar transaction were not disclosed.

“The City of Chandler has been a valuable ally in our acquisition of the Motorola campus,” said Karl James, managing director of CCI. “Its pro-business environment, along with its ability to promote growth through innovation and solid planning, greatly influenced our decision to purchase this site.”

CCI is exploring the creation of a world-class destination for advances in science and technology. The company believes the Price Corridor and the City of Chandler are a natural fit for the types of companies, universities and organizations this center could attract. Walker, along with CBRE’s David Carder and Nick DiPaolo, will work with CCI to determine the next course of action for the site.

“Despite the current economic climate, we have tremendous tenant activity from expanding industries, such as renewable energy, semi-conductor and nanotechnology, as well as a few corporate and regional headquarters for advanced business services,” Walker said.

The building has a dedicated electrical substation, ample water supply, multiple fiber redundancies and an ultra pure nitrogen line, which can accommodate a vast array of industries and are unmatched by any other property of its size in the state.

Walker added: “Chandler’s young, highly-educated workforce and affordable housing have also proven to be attractive to many corporate real estate decision makers.”

Chandler’s Price Corridor is home to a number of high-tech companies, including Intel, Orbital Sciences, Amkor Technology and Iridium.

“We’re excited that CCI chose to purchase this important piece of property, and look forward to its development,” said Chandler Mayor Boyd Dunn. “As the Price Corridor continues to develop, we envision this property as a cornerstone for the innovation and scientific advances we expect to see in Chandler.”

Price Corridor extends six miles along the southwestern part of Arizona Avenue, a major north-south street in the East Valley. The Corridor’s commercial real estate mix includes Class ‘A’ office, executive office suites, light industrial parks, mixed-use projects and corporate and technology campus settings.

Average household income within the Corridor is $92,215.  A portion of Chandler’s Enterprise Zone is located within the Corridor.

Price Corridor meets the criteria of innovative companies and their employees with an educated, creative workforce of more than 2 million people within a 30-minute drive. The Corridor also offers outstanding schools, amenities and lifestyle choices. The high level income of Corridor residents – eight intersections within the Corridor boast six-figure incomes – makes it attractive to high-end restaurants and retailers.

“The workforce and infrastructure in Price Corridor make it very competitive, especially as Arizona targets the solar industry,” said Barry Broome, president and CEO, Greater Phoenix Economic Council (GPEC). “The similarities between the needs of solar manufacturing and high-tech manufacturing companies make the Price Corridor a natural fit for future innovation and growth.”

For more information, call CB Richard Ellis in Phoenix, 602-735-5555.

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Jul 27th, 2009

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