Former Motorola campus in Chandler sells for nearly $52 million








The first man gets the oyster, the second man gets the shell.
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Feb 24, 2014, 2:59pm MST Kristena Hansen Reporter-Phoenix Business Journal

A 152-acre chunk of Motorola’s former Chandler campus was sold today for $51.75 million.

The site, known as Continuum, is the second-largest parcel under single ownership in the Price Road corridor, one the largest technology hubs in the Phoenix area. Intel Corp.’s 640-acre Chandler campus is the largest.

Houston-based CyrusOne’s 1 million-square-foot data center, is located on 57 acres that technically are part of the Continuum property, but that parcel was not included in the sale because it is owned outright by CyrusOne.

The Continuum property has long been slated for a massive office and technology business park that would generate thousands of jobs. The buyer, San Diego-based Southwest Value Partners, plans to carry that vision forward, according to Cassidy Turley’s Phoenix office, which helped broker the deal.

Currently, the only building on those 152 acres is Motorola’s old 463,700-square-foot facility near the northeast corner of Queen Creek and Price roads. More than half of that facility is empty right now. The only tenants are Nationstar Mortgage and Express Messenger Service.

Justin Merritt, a senior investment professional with SVP, told me Continuum could be up 1.5 million square feet at build-out and house between 6,000 and 9,000 workers, up from a capacity of about 1,500 now.

SVP also owns a 38-acre adjacent parcel that it plans to bring into the development.

“Realistically, it’s a three- to five-year build-out,” or at least that’s the goal, Merritt said.

He said it would be too hard to put a price tag to the development, since it will be a combination of build-to-suits and land deals to companies that want to build their facilities. However, the cost was estimated at $750 million when the development was under Austin-based Capital Commercial Investments Inc., the seller.  Motorola moved out in late 2008 and then sold the business park the following year to Capital Commercial for $18.5 million.

Capital Commercial renovated the building and invested $5 million toward infrastructure. The city of Chandler invested an additional $10 million in infrastructure — grassy areas, lakes, roads, water, etc., completed almost a year ago.

“When Motorola left the facility in 2008, the city really envisioned that property as being big driver of Chandler’s technology future,” said Christine Mackay, Chandler’s economic development director.




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