LOS ANGELES, May 29, 2012 (GLOBE NEWSWIRE) -- Los Angeles-based real estate firm Held Properties, Inc. today announced that its principals have formed Chandler HFP, LLC which has completed the acquisition of the Chandler Corporate Center, a 70,573-square-foot commercial office building in Chandler, Arizona for $9.9 million. This transaction marks the first acquisition in Arizona for the 65-year-old firm and the third purchase that a Held affiliate has completed in the past 12 months.
The two-story building, which is situated on a seven-acre site located at 585 North Juniper Drive, is fully leased, to three tenants: GPS technology company Garmin International, Inc.; global travel specialist STA Travel; and the corporate offices of MediServe, which provides software solutions to the rehabilitation and respiratory care communities.
"We are delighted to have acquired a quality building with three outstanding tenants and to be entering the Arizona Class A commercial market, where we believe the commercial market is on the upswing," said Robert D. Held, President and Chief Executive Officer of Held Properties. "It is our intent to seek additional properties in Arizona and California, as we continue to build our real estate portfolio."
Cushman & Wakefield of Arizona represented both the buyer and the seller, Corporate Center LLC. They will also assume property management responsibilities on the buyer's behalf.
About Held Properties
Founded in 1946, the Held name has been associated with the development, ownership and operation of distinctive commercial and medical office buildings. The hallmarks of Held Properties' developments are prime locations, enduring designs and unparalleled tenant services. These qualities are the outgrowth of the Held development philosophy: creating long-term investments that stand the test of time and respond to the changing needs of the marketplace. Held Properties is actively seeking additional property acquisitions in California and Arizona.