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Jun. 17, 2013

Hanover to Develop Upscale M-F Project in Tempe; Griffin Pays $32M for Chandler Flex Building

By Amalia Otet, Associate Editor

The Hanover Co. has acquired a three-acre parcel in the Centerpoint on Mill, where it plans to build high-end housing in the Downtown Tempe development.

The deal includes $7 million for the land, and another $4.47 million that the Houston-based company will use to build a parking structure to replace the 271 public spaces on the site, according to Cassidy Turley.
Brent Moser, Mike Sutton and Brooks Griffith with Cassidy Turley Arizona’s Land Group represented the seller, DMB.

Hanover plans to break ground later this year on a six-story, 341-unit luxury apartment community; the opening is scheduled for 21 months later. In addition to the apartments, the development will include a nine-level parking structure.

Wallace Garcia Wilson Architects, Inc. of Houston is the project architect and Hanover will serve as general contractor.

In other suburban transaction news, Griffin Capital Essential Asset REIT, Inc. has purchased a 231,400-square-foot, Class A, flex R&D facility located in Chandler for approximately $32.5 million. The REIT’s sponsor, Los Angeles-based Griffin Capital Corp., manages a $1 billion, 13-state portfolio comprising more than 8.5 million square feet.

The Chandler property (at right) is fully leased to Phoenix-based Avnet, Inc., a global distributor of electronic components and customized technology solutions. Avnet has occupied the building since its construction as a build-to-suit property in 2008.

The seller, a group of 21 tenant-in-common investors, was represented by Team Toci of Cushman & Wakefield Inc.

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