OnTrac Moves HQ to Chandler; Whitestone REIT Grabs Phoenix Community Center for $23M
By Amalia Otet, Associate Editor
OnTrac plans to move its corporate headquarters from Phoenix to Chandler to accommodate its need for room to grow. The package delivery service will occupy 65,000 square feet of office space at 2501 S. Price Road in the Price Corridor beginning Oct. 1.
“We’ve begun construction and will spend in excess of $5 million on the relocation of our corporate headquarters,” said Rob Humphrey, president of the 23-year old company. OnTrac’s new facility is expected to bring about 850 new jobs to the area over the course of an 11-year lease. OnTrac serves California and the major metropolitan areas of seven other western states: Arizona, Colorado, Idaho, Nevada, Oregon, Utah and Washington.
The Price Corridor is home to major employers in aerospace, life sciences, technology and advanced business services.
In retail transaction news, Whitestone REIT has completed the off-market purchase of Anthem Marketplace, an 113,293-square-foot Class A community center in Phoenix. The $23.3 million deal includes an adjacent land pad that permits the addition of 15,000 square feet of leasable space.
Located at Anthem Parkway and Gavilan Peak Parkway, the center serves the Anthem and Tramonto master-planned communities in North Phoenix. It has direct access to I-17.
Anthem Marketplace is anchored by Safeway and features a diverse tenant base of restaurants, establishments, personal care services and retailers. Its in-place net operating income is approximately $1.8 million, or 8% of the purchase price, according to Whitestone.
The Houston-based REIT now owns 15 community centers in greater Phoenix totaling 1.5 million square feet of gross leasable area. Recent acquisitions include Mercado at Scottsdale Ranch, an 118,730- square-foot property in central Scottsdale; The Shops at Pecos Ranch, a 78,767-square-foot, fully leased community center in Chandler; Fountain Square, a 118,209 square foot property in Phoenix; and Village Square at Dana Park, a 310,979-square-foot center in Mesa.
Photo credits: Whitestone REIT via Business WireTags: Acquisitions/Dispositions, Brokers, leasing, Local, National, Office, Phoenix, Phoenix Lead Story, Regional