W.P. Carey, global net-lease REIT and sponsor to non-traded REITs, announced today that it has acquired a new property in Chandler, Arizona. The property, located at 2700 W Frye Road, is a Class-A office building leased to QBE Holdings. The total acquisition price was approximately $43 million.
Managing Director of W.P. Carey and Co-Head of Global Investments, Gino Sabatini commented, “This acquisition represented an opportunity to secure a well-located new Class-A office facility leased to a credit tenant on a site that also offers the possibility for additional development. Located in the Price Road Corridor, one of the most desirable areas of the Phoenix submarket, the investment provides attractive current cash flow.”
The three-story, 183,000 square foot property is located near the Chandler Mall and goes by the name of Corporate Centre. The building is currently the West Coast regional headquarters of QBE, which is the holding company for the North American subsidiaries of QBE Insurance Group Limited, an Australia-based public global insurer.