Thursday, January 24, 2013

Canadian Investor Acquires Major Chandler Office Building for $15m

VIZZDA—December 31st, 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 29th, 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.

Paul Dionne
Director of Analytics

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