Canadian Investor Acquires Major Chandler Office Building for $15m

VIZZDA—December 31^st, 2012 — Ayaz Velji of Redstone Enterprises—an investor and developer based in British Columbia, Canada—has purchased the Opus Chandler Airport Center 2 office building from Jon Demorest of the Picerne Group for $15m or $162.01 per ft². Redstone paid cash for the property.

The 92,584 ft² 2-story office building was built by The Opus Group in 2007 as the second phase of a 180,108 ft² office development on 14 acres West of the Southwest corner of Cooper Road and the Loop 202. This building sits on a 7.22 acre parcel zoned PAD and conveys with 450 parking spaces.

The Picerne Group acquired the property from the developer on September 29^th, 2009 for $5.4m or $58.32 per ft². While the amount tendered in that transaction is unavailable, Picerne secured $7.95m new debt with California Bank & Trust. The $15m sales price represents a 79% annualized rate of return for the property.

By:

Paul Dionne

Director of Analytics

Vizzda